Amendments proposed to the Finance Bill - continued House of Commons

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Mr Chancellor of the Exchequer

59

Page     35,     line     12     [Clause     50],     leave out '6th April 2002' and insert '1st January 2003'.

   

Mr Chancellor of the Exchequer

60

Page     35,     line     20     [Clause     50],     leave out '6th April 2002' and insert '1st January 2003'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

131

Page     40,     line     19     [Clause     56],     after 'be', insert 'multiplied by 2.5 and'.


   

Mr Chancellor of the Exchequer

1

Page     42,     line     14     [Clause     58],     leave out 'an account-holding' and insert 'a fundable'.

   

Mr Chancellor of the Exchequer

2

Page     42,     line     44     [Clause     58],     leave out '97' and insert '108 or 109'.

   

Mr Chancellor of the Exchequer

3

Page     42,     line     46     [Clause     58],     leave out from beginning to end of line 2 on page 43 and insert—

      '(b) regulations under section 1 of the Education and Training (Scotland) Act 2000.'.


   

Mr Chancellor of the Exchequer

4

Page     43,     line     3     [Clause     58],     leave out 'an account-holding' and insert 'a fundable'.

   

Mr Chancellor of the Exchequer

5

Page     43,     line     7     [Clause     58],     leave out '96' and insert '104'.

   

Mr Chancellor of the Exchequer

6

Page     43,     line     8     [Clause     58],     at end insert 'or he is a party to qualifying arrangements.

    (6) In subsection (5) above "qualifying arrangements" means arrangements which qualify under—

      (a) section 105 or 106 of the Learning and Skills Act 2000, or

      (b) section 2 of the Education and Training (Scotland) Act 2000.'.


   

Mr Chancellor of the Exchequer

83

Page     293,     line     28     [Schedule     13],     after 'section', insert ', and the provisions of section 632B below,'.


   

Mr Chancellor of the Exchequer

84

Page     294,     line     10     [Schedule     13],     at end insert—

'Eligibility to make contributions: concurrent membership.632B.—(1) A member who would not, apart from this section, be eligible to make contributions during a year of assessment shall be eligible to make contributions at any time during that year if—

      (a) throughout the year he holds an office or employment to which section 645 applies;

      (b) the condition in any of subsections (6) to (9) of section 632A is satisfied in his case as respects the year;

      (c) he is not, and has not been, a controlling director of a company at any time in the year or in any of the five years of assessment preceding it;

      (d) for at least one of the five years of assessment preceding the year, the aggregate of his grossed-up remuneration from each office and each employment held on 5th April in that preceding year does not exceed the remuneration limit for the relevant year; and

      (e) the total relevant contributions made in the year do not exceed the earnings threshold for the year.

    (2) For the purposes of paragraphs (c) and (d) of subsection (1) above, no account shall be taken of any year of assessment earlier than the year 2000-01.

    (3) For the purposes of paragraph (c) of subsection (1) above, a person is a controlling director of a company at any time if at that time—

      (a) he is a director, as defined by section 612(1); and

      (b) he is within paragraph (b) of section 417(5) in relation to the company.

    (4) For the purposes of paragraph (d) of subsection (1) above—

      (a) "grossed up", in relation to a person's remuneration from an office or employment, means increased by being multiplied by a figure determined in accordance with an order made by the Treasury (or left unchanged, if that figure is unity);

      (b) "remuneration" shall be construed in accordance with an order made by the Treasury;

      (c) "the remuneration limit" for any year of assessment is £30,000;

      (d) "the relevant year" means the year of assessment first mentioned in subsection (1) above.

    The Treasury may by order amend the definition of "the remuneration limit" in paragraph (c) above for any year of assessment by varying the amount there specified.

    (5) For the purposes of paragraph (e) of subsection (1) above and the following provisions of this section, "the total relevant contributions", in the case of a year of assessment, means the aggregate amount of the contributions made in the year—

      (a) by the member in question, and

      (b) by any employer of his,

    under arrangements made by the member under the scheme in question, together with the aggregate amounts of such contributions under other approved personal pension arrangements made by that member.

    (6) If—

      (a) in the case of a member, the total relevant contributions in a year of assessment, apart from this subsection, exceed the earnings threshold for the year, and

      (b) but for that, the member would be eligible to make contributions by virtue of subsection (1) above at any time in that year,

    the repayment required by subsection (2) of section 632A is repayment of the relevant excess contributions only (so that the condition in subsection (1)(e) above becomes satisfied).

    (7) In subsection (6) above "the relevant excess contributions" means—

      (a) to the extent that a contribution is the first which caused the total relevant contributions in the year to exceed the earnings threshold for the year, that contribution; and

      (b) all subsequent contributions in the year.

    (8) The Treasury may by order make provision requiring any person who claims to be eligible to make contributions by virtue of this section to provide to—

      (a) the Board,

      (b) an officer of the Board, or

      (c) the scheme administrator of the personal pension scheme concerned,

    such declarations, certificates or other evidence in support of the claim as may be specified or described, or determined in accordance with, the order.

    (9) A person shall only be eligible to make contributions by virtue of this section in a year of assessment if he complies with any requirements imposed by order under subsection (8) above.".'.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

145

Page     294     [Schedule     13],     leave out lines 15 and 16.

   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

146

Page     294,     line     18     [Schedule     13],     at end add—

    '(3) Subsection (1) shall not prevent the approval of the scheme which contains no requirement to purchase an annuity by a certain age.'.


   

Mr Chancellor of the Exchequer

85

Page     310,     line     24     [Schedule     13],     at end insert—

    'except that, in a case falling within subsection (6) of section 632B of the Taxes Act 1988, the contributions required to be repaid shall be determined in accordance with that subsection (and their repayment shall have the like consequence).'.

   

Mr Chancellor of the Exchequer

86

Page     310,     line     47     [Schedule     13],     leave out 'section 632A' and insert 'sections 632A and 632B'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

144

Page     313,     line     34     [Schedule     14],     at end add 'Where an option does not qualify by reason of an error in the scheme pursuant to which it has been granted, but would otherwise have been capable of being a qualifying option pursuant to paragraphs 9 to 17 inclusive of this Schedule, then that error may be corrected and be deemed to have been always corrected from the date of grant of the option.'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

143

Page     314,     line     24     [Schedule     14],     at end add—

    '(4) In the event of the requirements of this Schedule being found not to be met in relation to an option, whether upon enquiry by the Inland Revenue or following an appeal, there shall be no right of action in tort or contract either in favour of or against the relevant company or any employer company.'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

142

Page     316,     line     2     [Schedule     14],     leave out from beginning to end of line 3 and insert 'At any one time there may not be qualifying options in respect of shares in the relevant company over shares with a total value of more than £1,500,000. For the purposes of this paragraph shares shall be valued according to their market value at the time that the option granted over them is granted.'.


   

Mr Chancellor of the Exchequer

61

Page     321,     line     8     [Schedule     14],     leave out 'at some time in the qualification period relating to the relevant shares'.


   

Mr David Heathcoat-Amory
Mr Richard Ottaway
Mr Howard Flight

141

Page     328,     line     21     [Schedule     14],     at end insert—

    '(4) Where pursuant to any provision of this Schedule an individual becomes liable to income tax then notwithstanding any other provision of the Taxes Act 1988, the tax due shall be paid in five equal instalments as follows—

      (a) the first shall be due and payable when, but for the operation of this sub-paragraph and ignoring the operation of Chapter V of Part V of the Taxes Act 1988 (PAYE), that tax would otherwise have been due and payable ("the first payment date");

      (b) the second shall be due and payable on the first anniversary of the first payment date;

      (c) the third shall be due and payable on the second anniversary of the first payment date;

      (d) the fourth shall be due and payable on the third anniversary of the first payment date; and

      (e) the fifth shall be due and payable on the fourth anniversary of the first payment date.'.

 
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