Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr David Heathcoat-Amory 145 Page 294 [Schedule 13], leave out lines 15 and 16.
Mr David Heathcoat-Amory 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 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 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 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 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
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.".'.
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