Amendments proposed to the Finance Bill - continued | House of Commons |
back to previous text |
Children's tax credit: children under five years of age
Mr Oliver Letwin NC9 To move the following Clause:'(1) After section 257AA(2) of the Taxes Act 1988 (which specifies the amount by reference to which the children's tax credit is calculated) insert
(2) After subsection (3) of that section (reduction of amount where claimant has income within the higher rate band) insert:
(3) After subsection (4) of that section (meaning of "qualifying child") insert:
(4) In section 257C(1) and (3) of the Taxes Act 1988 (indexaton) for "257AA(2)" substitute "257AA(2) and (2A) and (2AA)". (5) Schedule 13B to the Taxes Act 1988 (children's tax credit: Provisions applicable where child lives with more than one adult in a year of assessment) is amended in accordance with Schedule 11A to this Act. (6) Subsections (1) to (3) and (5) above have effect for the year 2003-04 and subsequent years of assessment. (7) Subsection (4) above has effect for the purposes of the application of section 257AA of the Taxes Act 1988 for the year 2004-05 and subsequent years of assessment.'.
Exemption from Capital Gains Tax
Mr Richard Ottaway NC10 To move the following Clause:'. In section 271(1) of the Taxation of Chargeable Gains Act 1992 (concerning exemption from CGT) after subsection (j) insert
Substantial shareholdings: deferral of capital gains tax
Mr Richard Ottaway NC11 To move the following Clause:'.In section 155 of the Taxation of Chargeable Gains Act 1992 (concerning classes of assets for roll-over relief) Class 9, after Head B, insert new subsection. "CLASS 9 Substantial shareholdings in trading companies or members of a trading group. For the purposes of this section, a substantial shareholding is a shareholding of 20 per cent. or more held for a period of a year or more.".'.
Environmental protection rebates scheme
Mr David Heath NC12 To move the following Clause:(1) The Treasury may by order made by statutory instrument introduce a scheme of rebates to those persons charged with the aggregates levy and who have employed environmental protection measures in the process of commercial exploitation of aggregate; (2) Environmental protection measures in this part are those measures which the Secretary of State shall by order determine to be in the interests of protecting or enhancing the environment; (3) No rebate under this scheme shall be made unless the environmental protection measures:
(4) A statutory instrument containing an order under this section shall not be made without prior consultation with those persons appearing to the Secretary of State to be representative of those having an interest in:
(5) A statutory instrument containing an order under this section shall be laid before Parliament and approved by resolution of the House of Commons.'.
Extension of carry back of trading losses
Mr Charles Kennedy NC13 To move the following Clause:'(1) Section 393A Income and Corporation Taxes Act 1988 (set-off of trading losses against profits of previous three years) shall be amended in accordance with subsections (2) and (3) below. (2) In subsection (2), after "(2A)", and before "below", insert the words "and (2D)". (3) After subsection (2C), insert the following new subsection "(2D) this subsection shall have effect in relation to any loss incurred by a company which is not large (as defined by SI 1998/3175 as subsequently amended)
Extension of carry back of excess interest costs
Mr Charles Kennedy NC14 To move the following Clause:'(1) Chapter II of Part IV of the Finance Act 1996 (loan relationships) shall be amended in accordance with subsections (2) and (3) below. (2) In paragraph 3(7) of Schedule 8 (permitted period of twelve months for carry-back of deficits), after "means" and before "the period" insert "subject to paragraph 3(7A) below". (3) After paragraph 3(7) of Schedule 8, insert the following new paragraph "3(7A) This paragraph shall have effect in relation to a deficit, incurred by a company which is not large (as defined by SI 1998/3175 as subsequently amended)
NEW SCHEDULE
Mr Oliver Letwin NS1 To move the following Schedule
'Children's Tax Credit: Children under five years of age: supplementaryIntroduction 1. Schedule 13B to the Taxes Act 1988 (children's tax credit: provisions applicable where child lives with more than one adult in a year of assessment) is amended as follows.
Child living with married or unmarried couple 2. After paragraph 3(2) (provisions applicable where neither partner has income above the basic rate limit entitlement where both partners claim in respect of a relevant child) insert
Child living with more than one adult: other cases 3.(1) Paragraph 6 (provisions applicable in case of child living with more than one adult) is amended as follows.(2) After sub-paragraph (4) (apportionment of entitlement) insert
(3) After sub-paragraph (7) (claim by person with more than one allotted proportion) insert
Combined cases 4. In paragraph 7 (provisions applicable where child lives with more than one couple or with one or more couples and one or more other adults), after sub-paragraph (2) insert
|
![]() ![]() | |
![]() ![]() ![]() ![]() ![]() ![]() | |
©Parliamentary copyright 2000 | Prepared 26 Apr 2001 |