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Leasehold Reform

Shona McIsaac accordingly presented a Bill to enhance and protect the rights of homeowners in purchasing the freehold of their house; and for connected purposes: And the same was read the First time; and ordered to be read a Second time on Friday 21 July, and to be printed [Bill 163].

DELEGATED LEGISLATION

Mr. Deputy Speaker (Sir Alan Haselhurst): I propose to put together the Questions on the five motions.

Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Standing Committees on Delegated Legislation),

Insider Dealing





Question agreed to.

FINANCE BILL [MONEY]

Queen's recommendation having been signified--

Resolved,


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(a) executed in the period beginning with 22nd March 2000 and ending with the day on which the Finance Bill is passed, and
(b) stamped on or before the day on which the Bill is passed,
where stamp duty was chargeable in respect of the instrument and, had the instrument been executed after the day on which the Bill is passed, no stamp duty or less stamp duty would have been chargeable.--[Mr. Jamieson.]

FINANCE BILL [WAYS AND MEANS]

Resolved,


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Resolved,



'(f) wind turbines;
(g) water turbines.'.--[Mr. Jamieson.]

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Orders of the Day

Finance Bill

Not amended in the Committee and as amended in the Standing Committee, considered.

Ordered,

That the Finance Bill, as amended, be considered in the following order: New Clauses; Amendments relating to Clauses 1 to 6, Schedule 1, Clauses 7 to 17, Schedule 2, Clauses 18 to 22, Schedule 3, Clause 23, Schedule 4, Clause 24, Schedule 5, Clauses 25 to 30, Schedules 6 and 7, Clauses 31 to 47, Schedule 8, Clause 48, Schedule 9, Clauses 49 to 57, Schedule 10, Clauses 58 and 59, Schedule 11, Clause 60, Schedule 12, Clause 61, Schedule 13, Clause 62, Schedule 14, Clause 63, Schedules 15 and 16, Clause 64, Schedule 17, Clause 65, Schedule 18, Clauses 66 to 68, Schedule 19, Clause 69, Schedules 20 and 21, Clauses 70 to 82, Schedule 22, Clauses 83 to 87, Schedule 23, Clauses 88 to 91, Schedule 24, Clause 92, Schedules 25 and 26, Clauses 93 to 97, Schedule 27, Clause 98, Schedule 28, Clauses 99 to 102, Schedule 29, Clause 103, Schedule 30, Clause 104, Schedule 31, Clauses 105 to 116, Schedule 32, Clause 117, Schedule 33, Clauses 118 to 128, Schedule 34, Clauses 129 to 132, Schedule 35, Clause 133, Schedule 36, Clauses 134 to 139, Schedule 37, Clause 140, Schedule 38, Clauses 141 to 146, Schedule 39 and Clauses 147 to 151; New Schedules; Amendments relating to Clauses 152 and 153, Schedule 40 and Clause154.--[Miss Melanie Johnson.]

New Clause 3

Stamp duty: exceptions from section 119


'.--(1) Section 119 does not apply by virtue of paragraph (a) of subsection (1) of that section in any of the following cases (any reference in this section to A or B being taken as a reference to the person referred to as A or B, as the case may be, in that subsection).


(2) Case 1 is where B holds the estate or interest as nominee or bare trustee for A.
(3) Case 2 is where A is to hold the estate or interest as nominee or bare trustee for B.
(4) Case 3 is where B holds the estate or interest as nominee or bare trustee for some other person and A is to hold it as nominee or bare trustee for that other person.
(5) Case 4 is where (in a case not falling within subsection (2) or (4) above)--
(a) the transfer or vesting is a conveyance or transfer out of a settlement in or towards satisfaction of a beneficiary's interest;
(b) the beneficiary's interest is not an interest acquired for money or money's worth; and
(c) the conveyance or transfer is a distribution of property in accordance with the provisions of the settlement.
(6) Case 5 is where (in a case not falling within subsection (3) above) A--
(a) is a person carrying on a business which consists of or includes the management of trusts; and
(b) is to hold the estate or interest as trustee acting in the course of that business.
(7) Case 6 is where (in a case not falling within subsection (3) above) A is to hold the estate or interest as trustee and, apart from section 839(3) of the Taxes Act 1988 (trustees as connected persons), would not be connected with B.

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(8) Case 7 is where--
(a) B is a company;
(b) the transfer or vesting is, or is part of, a distribution of assets (whether or not in connection with the winding up of the company); and
(c) the estate or interest was acquired by B by virtue of an instrument which is duly stamped.
(9) This section shall be construed as one with the Stamp Act 1891.
(10) This section applies to instruments executed after the day on which this Act is passed.'.--[Miss Melanie Johnson.]

Brought up, and read the First time.

5.15 pm

The Economic Secretary to the Treasury (Miss Melanie Johnson): I beg to move, That the clause be read a Second time.

Mr. Deputy Speaker (Sir Alan Haselhurst): With this it will be convenient to discuss the following: Government new clause 4--Stamp duty: relief for certain instruments executed before this Act has effect.

Government new clause 5--Stamp duty and stamp duty reserve tax: transfers between depositary receipt systems and clearance systems.

Government amendments Nos. 108 to 130.

Miss Johnson: New clauses 3, 4 and 5 and amendments Nos. 108 to 130 respond to a number of representations about the Finance Bill provisions relating to stamp duty. New clause 3 makes some exceptions to clause 119. New clause 4 applies these exceptions to documents executed between the Budget announcement and Royal Assent, and similarly backdates the relief in clause 129 for transfers of local authority housing stock to registered social landlords. New clause 5 makes an existing relief more comprehensive in response to developments in the financial markets.

The bulk of amendments Nos. 108 to 130 address a concern about the application of clauses 122 to 124. They align the definition of a stamp duty group with the definition of a group for the purposes of corporation tax group relief.

Clause 119 ensures that there is a stamp duty charge based on market value on land or buildings which are transferred to a connected company. In Committee, I mentioned that I would be tabling measures to exempt land settled on an independent corporate trustee from the scope of that clause.

New clause 3 ensures that trustees are exempted and also that transactions involving nominees and certain types of distribution of land in specie fall outside the scope of clause 119. New clause 4 provides for the effect of these exemptions to be backdated to 28 March, when clause 119 took effect.

Mr. John Burnett (Torridge and West Devon): Is that exemption on settlement where the settlement is for nil value?


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