Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr Chancellor of the Exchequer 62 Page 332, line 10 [Schedule 14], leave out 'not'.
Mr David Heathcoat-Amory 139 Page 332, line 28 [Schedule 14], leave out 'within 40 days' and insert 'before the first anniversary'.
Mr Chancellor of the Exchequer 63 Page 332, line 36 [Schedule 14], at end insert'This is subject to sub-paragraph (3). (3) Paragraphs 44 to 46 and sub-paragraph (2) of this paragraph do not apply if the amount chargeable under section 135 of the Taxes Act 1988 on the exercise of the option would, in the absence of those provisions, be less than the amount so chargeable by virtue of those provisions.'.
Mr David Heathcoat-Amory 140 Page 333, line 29 [Schedule 14], leave out 'within 40 days' and insert 'before the first anniversary'.
Mr David Heathcoat-Amory 136 Page 47, line 10 [Clause 66], at end insert'(2A) Following subsection (7) add "(7A) Where any individual retires or dies or ceases employment due to ill health, injury or disability, and as a result an asset ceases to be a business asset, then on a subsequent disposal of that asset taper relief shall be applied as if
Mr Chancellor of the Exchequer 97 Page 49, line 8 [Clause 67], at end insert'( ) After paragraph 22 insert
"Qualifying shareholdings in joint venture companies 23.(1) This Schedule has effect subject to the following provisions where a company ('the investing company') has a qualifying shareholding in a joint venture company.(2) For the purposes of this paragraph a company is a 'joint venture company' if, and only if
For the purposes of paragraph (b) above the shareholdings of members of a group of companies shall be treated as held by a single company. (3) For the purposes of this paragraph a company has a 'qualifying shareholding' in a joint venture company if
(4) For the purpose of determining whether the investing company is a trading company
This sub-paragraph does not apply if the investing company is a holding company. (5) For the purpose of determining whether the investing company is a holding company
This sub-paragraph does not apply if the joint venture company is a 51 per cent subsidiary of the investing company. (6) For the purpose of determining whether a group of companies is a trading group
This sub-paragraph does not apply if the joint venture company is a member of the group. (7) In sub-paragraphs (4)(b), (5)(b) and (6)(b) above 'an appropriate proportion' means a proportion corresponding to the percentage of the ordinary share capital of the joint venture company held by the investing company or, as the case may be, by the group member concerned. (8) The following shall be treated as having a relevant connection with each other
(9) The acquisition by the investing company of the qualifying shareholding shall not be treated as a relevant change of activity for the purposes of paragraph 11 above. (10) For the purposes of this paragraph 'ordinary share capital' has the meaning given by section 832(1) of the Taxes Act.".'.
Mr David Heathcoat-Amory 137 Page 49, line 10 [Clause 67], leave out '2000' and insert '1998'.
Mr David Heathcoat-Amory 138 Page 49, line 12 [Clause 67], leave out 'at a time before that date' and insert 'in respect of a disposal prior to 6th April 2000'.
Mr Chancellor of the Exchequer 99 Page 432, line 32 [Schedule 22], at end insert '; and
Mr David Heathcoat-Amory 147 Page 66, line 21 [Clause 92], leave out 'that are' and insert 'who are not trustees of a settlement for the benefit of the persons named in paragraphs (a) and (b) of section 86 of the Inheritance Tax Act 1984 but who are'.
Mr Chancellor of the Exchequer 90 Page 482, line 5 [Schedule 26], leave out ', in subsections (1), (3)(a), (4), (5), (7) and (8), after "sections 86A to 96"' and insert '
Mr David Heathcoat-Amory 148 Page 67, line 26 [Clause 93], after '(a)', insert '"settlement" means any settlement other than for the benefit of the persons named in paragraphs (a) and (b) of section 86 of the Inheritance Tax Act 1984 and'.
Mr David Heathcoat-Amory 149 Page 67, line 45 [Clause 94], after '13', insert 'and "settlement"means any settlement not being for the benefit of the persons named in paragraphs (a) and (b) of section 86 of the Inheritance Tax Act 1984.'.
Mr David Heathcoat-Amory 150 Page 68, line 34 [Clause 94], leave out 'that' and insert 'which is not engaged in a trade or which does not have a 51 per cent. subsidiary (as that term is defined in section 838 of the Taxes Act 1988) which is engaged in a trade, and which'.
Mr David Heathcoat-Amory 151 Page 68, line 34 [Clause 94], at end insert'(3) This section shall not apply if the trustees show in writing or otherwise to the satisfaction of the Board of Inland Revenue either
(4) The jurisdiction of the Special Commissioners on any appeal shall include jurisdiction to review any relevant decision taken by the Board in exercise of their functions under subsection (3) above.'.
Mr Chancellor of the Exchequer 103 Page 513, line 11 [Schedule 30], at end insert
'Restriction of relief for underlying tax 7A.(1) Amend section 799 of the Taxes Act 1988 (computation of underlying tax) as follows.(2) In subsection (1) (underlying tax to be taken into account to be so much of the foreign tax on the relevant profits as is attributable to the proportion represented by the dividend) after "as" insert "(a)" and at the end of the subsection add ", and
and for the purposes of this subsection the maximum relievable rate is the rate of corporation tax in force when the dividend was paid."
(5) This paragraph has effect in relation to any claim for an allowance by way of credit made on or after 31st March 2001 in respect of a dividend paid by a company resident outside the United Kingdom to a company resident in the United Kingdom, unless the dividend was paid before that date. (6) In determining, for the purpose of any such claim made on or after that date, the underlying tax of any such third, fourth or successive company as is mentioned in section 801(2) or (3) of the Taxes Act 1988, this paragraph shall be deemed to have had effect at the time the dividend paid by that company was paid.'.
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