| Previous Section | Index | Home Page |
New Clause 10
Funding of the legal assistance scheme
".--(1) The Authority must pay to the Lord Chancellor such sums at such times as he may, from time to time, determine in respect of the anticipated or actual cost of legal assistance provided in connection with proceedings before the Tribunal under the legal assistance scheme.
(2) In order to enable it to pay any sum which it is obliged to pay under subsection (1), the Authority must make rules requiring the payment to it by authorised persons or any class of authorised person of specified amounts or amounts calculated in a specified way.
(3) Sums received by the Lord Chancellor under subsection (1) must be paid into the Consolidated Fund.
(4) The Lord Chancellor must, out of money provided by Parliament fund the cost of legal assistance provided in connection with proceedings before the Tribunal under the legal assistance scheme.
(5) Subsection (6) applies if, as respects a period determined by the Lord Chancellor, the amount paid to him under subsection (1) as respects that period exceeds the amount he has expended in that period under subsection (4).
(6) The Lord Chancellor must--
(a) repay, out of money provided by Parliament, the excess to the Authority; or
(b) take the excess into account on the next occasion on which he makes a determination under subsection (1).
(7) The Authority must make provision for any sum repaid to it under subsection (6)(a)--
(a) to be distributed among--
(i) the authorised persons on whom a levy was imposed in the period in question as a result of rules made under subsection (2); or
(ii) such of those persons as it may determine;
(b) to be applied in order to reduce any amounts which those persons, or such of them as it may determine, are or will be liable to pay to the Authority, whether under rules made under subsection (2) or otherwise; or
(c) to be partly so distributed and partly so applied.
(8) If the Authority considers that it is not practicable to deal with any part of a sum repaid to it under subsection (6)(a) in accordance with provision made by it as a result of subsection (7), it may, with the consent the Lord Chancellor, apply or dispose of that part of that sum in such manner as it considers appropriate.
(9) "Specified" means specified in the rules.".--[Mr. Betts.]
Brought up, read the First and Second time, and added to the Bill.
Brought up, read the First and Second time, and added to the Bill.
Brought up, and read the First time.
Miss Melanie Johnson:
I beg to move, That the clause be read a Second time.
Mr. Deputy Speaker:
With this it will be convenient to discuss the following: Government new clause 28--Consideration by Competition Commission.
Government new clause 29--Role of the Treasury.
Government new clause 32--Misleading the Director General of Fair Trading.
Amendment No. 30, in clause 2, page 1, line 22, at end insert--
Amendment No. 192, in page 2, line 2, at end insert--
Amendment No. 49, in page 2, line 3, leave out from "must" to end of line 18 and insert "seek to--
Government amendments Nos. 240, 316 and 317.
Amendment No. 231, in clause 132, page 61, line 3, leave out--
".--(1) In the Income and Corporation Taxes Act 1988 ("the 1988 Act"), in section 76 (expenses of management: insurance companies), for subsections (7) and (7A) substitute--
"(7) For the purposes of this section any sums paid by a company by way of a levy shall be treated as part of its expenses of management.
(7A) "Levy" means--
(a) a payment required under rules made under section (Funding of the legal assistance scheme)(2) of the Financial Services and Markets Act 2000 ("the Act of 2000");
(b) a levy imposed under the Financial Services Compensation Scheme;
(c) a payment required under rules made under section 209 of the Act of 2000;
(d) a payment required in accordance with the standard terms fixed under paragraph 18 of Schedule 14 to the Act of 2000."
(2) After section 76 of the 1988 Act insert--
"Levies and repayments under the Financial Services and Markets Act 2000
76A.--(1) In computing the amount of the profits to be charged under Case I of Schedule D arising from a trade carried on by an authorised person (other than an investment company)--
(a) to the extent that it would not be deductible apart from this section, any sum expended by the authorised person in paying a levy may be deducted as an allowable expense;
(b) any payment which is made to the authorised person as a result of a repayment provision is to be treated as a trading receipt.
(2) "Levy" has the meaning given in section 76(7A).
(3) "Repayment provision" means any provision made by virtue of--
(a) section (Funding of the legal assistance scheme)(7) of the Financial Services and Markets Act 2000 ("the Act of 2000");
(b) section 188(1)(e) of the Act of 2000.
(4) "Authorised person" has the same meaning as in the Act of 2000.
Levies and repayments under the Financial Services and Markets Act 2000: investment companies
76B.--(1) For the purposes of section 75 any sums paid by an investment company--
(a) by way of a levy, or
(b) as a result of an award of costs under costs rules,
shall be treated as part of its expenses of management.
(2) If a payment is made to an investment company as a result of a repayment provision, the company shall be charged to tax under Case VI of Schedule D on the amount of that payment.
(3) "Levy" has the meaning given in section 76(7A).
(4) "Costs rules" means--
(a) rules made under section 205 of the Financial Services and Markets Act 2000;
(b) provision relating to costs contained in the standard terms fixed under paragraph 18 of Schedule 14 to that Act.
(5) "Repayment provision" has the meaning given in section 76A(3)." ". --[Mr. Betts.]
".--(1) The Director must keep the regulating provisions and the Authority's practices under review.
(2) If at any time the Director considers that--
(a) a regulating provision or practice has a significant anti-competitive effect, or
(b) two or more regulating provisions or practices taken together, or a particular combination of regulating provisions and practices, have such an effect,
he must make a report to that effect.
(3) If at any time the Director considers that--
(a) a regulating provision or practice does not have any significant anti-competitive effect, or
(b) two or more regulating provisions or practices taken together, or a particular combination of regulating provisions and practices, do not have any such effect,
he may make a report to that effect.
(4) A report under subsection (2) must include details of the anti-competitive effect.
(5) If the Director makes a report under subsection (2) he must--
(a) send a copy of it to the Treasury, the Competition Commission and the Authority; and
(b) publish it in the way appearing to him to be best calculated to bring it to the attention of the public.
(6) If the Director makes a report under subsection (3)--
(a) he must send a copy of it to the Treasury, the Competition Commission and the Authority; and
(b) he may publish it.
(7) Before publishing a report under this section the Director must, so far as practicable, exclude any matter which relates to the private affairs of a particular individual the publication of which, in the opinion of the Director, would or might seriously and prejudicially affect his interests.
(8) Before publishing such a report the Director must, so far as practicable, exclude any matter which relates to the affairs of a particular body the publication of which, in the opinion of the Director, would or might seriously and prejudicially affect its interests.
(9) Subsections (7) and (8) do not apply in relation to copies of a report which the Director is required to send under subsection (5)(a) or (6)(a).
(10) For the purposes of the law of defamation, absolute privilege attaches to any report of the Director under this section.".--[Miss Melanie Johnson.]
4.45 pm
"(bb) the maintenance of a vigorous and effective market in financial services;".
"(e) the maintenance of competition and promotion of United Kingdom competitiveness."
(a) use its resources in the most efficient and economic way;
(b) take into account the responsibilities of those who manage the affairs of authorised persons and ensure that it does not intrude unnecessarily into their management of the commercial affairs of such persons;
(c) impose burdens or restrictions on a person, or on the carrying on of an activity, only if they are proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;
(d) facilitate, and not unnecessarily impede, innovation in connection with regulated activities;
(e) maintain the international competitiveness of the United Kingdom and authorised persons;
(f) impede or distort competition between authorised persons only to the extent that such impediment or distortion is necessary.".
| Next Section
| Index | Home Page |