Vote Bundle Text (910508-02)

Amendments proposed to the Finance Bill - continued	House of Commons

back to previous text

Limited liability partnerships: investment LLPs and property investment LLPs

Mr Andrew Smith

NC17

To move the following Clause:—

'.—(1) Schedule (Limited liability partnerships: investment LLPs and property investment LLPs) to this Act has effect with respect to limited liability partnerships whose business consists wholly or mainly in the making of investments.

(2) The provisions of that Schedule shall be deemed to have come into force on 6th April 2001.'

Interest on unpaid tax, etc.: foot-and-mouth disease

Mr Andrew Smith

NC18

To move the following Clause:—

'.—(1) This section applies in any case where, in exercise of their powers of care and management, the Commissioners of Inland Revenue agree that, by reason of circumstances arising as a result of the outbreak of foot-and-mouth disease, the payment of tax by a person may be deferred.

For this purpose "tax" includes any amount chargeable by way of tax, or as a result of the non-payment of tax, in respect of which interest would, apart from this section, be chargeable.

(2) Where this section applies no interest on the amount deferred shall be chargeable in respect of the period—

(a) beginning with 31st January 2001 or, if the Commissioners so direct in any case, any later date from which the agreement for deferred payment has effect, and

(b) ending with the date on which the agreement for deferred payment ceases to have effect.

(3) An agreement for deferred payment ceases to have effect at the end of the period of deferment specified in the agreement, subject as follows.

An agreement for deferred payment shall be treated as not ceasing to have effect if, or to the extent that, the Commissioners agree (whether before or after the end of the period of deferment specified in the agreement) to extend that period by reason of circumstances arising as a result of the outbreak of foot-and-mouth disease.

(4) For the purposes of subsection (3) as it applies to an agreement for payment by instalments, the period of deferment in relation to each instalment ends with the date on or before which that instalment is to be paid.

But if any instalment is not paid by the agreed date and the Commissioners do not agree in accordance with that subsection to extend the period of deferment, the whole agreement shall be treated as ceasing to have effect on that date.

(5) This section shall cease to have effect on a date specified by the Treasury by order made by statutory instrument.

This is without prejudice to its continued operation in relation to an agreement for deferred payment made by the Commissioners before the specified date.

(6) This section applies—

(a) whether the agreement for deferred payment was made before or after the passing of this Act, and

(b) whether the agreement for deferred payment was made before or after the amount to which it relates became due and payable.

(7) If in any case the Commissioners are satisfied that, although no agreement for deferred payment such as is mentioned in subsection (1) was made, such an agreement could have been made, this section shall apply as if such an agreement had been made.

The terms of the notional agreement shall be assumed to be such as the Commissioners are satisfied would have been agreed in the circumstances.'.

Application of definitions of private residences and job-related accommodation

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC1

To move the following Clause:—

'Sections 222(1), (8) and (8A) of the Taxation of Chargeable Gains Act 1992 (which define private residence and job-related accommodation for the purposes of relief) shall be applied by the Inland Revenue in the exercise of all of its functions.'.

VAT: exceptional circumstances rapid refunds

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC2

To move the following Clause:—

'.—(1) This section applies to any business which—

(a) has been significantly affected, directly or indirectly, by the incidence of foot and mouth disease, and

(b) is, or is likely to be, entitled to a refund of input VAT in respect of its trading in the year 2001-02.

(2) The Commissioners of Customs and Excise shall, if satisfied on the basis of a claim made in that behalf that a business is one to which this section applies, make an immediate refund on account of input VAT (to be known as an Exceptional Circumstances Rapid Refund).

(3) The amount of refund made under subsection (2) shall be—

(a) in the case of a business which was registered for VAT on or before 5th April 1998, one twenty-fourth of the input VAT paid by the business in financial years 1998-99 and 1999-2000;

(b) in the case of a business which was registered for VAT later than 5th April 1998, an amount calculated in accordance with directions to be given by the Treasury.

(4) Where a refund paid on account under this section is more than the refund actually due, the Commissioners shall recoup the balance at the conclusion of financial year 2001-02.

(5) The Treasury may by order substitute, for "the conclusion of financial year 2001-02" in subsection (4), "the conclusion of financial year 2002-03".'.

Expediting relief for trading losses

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC3

To move the following Clause:—

'.—Section 380 of the Taxes Act 1988 (set-off of losses against general income) shall apply to farmers or sole traders who qualify for business rate relief, in respect of financial year 2001-02 only, with the following modifications—

(a) in subsection (1), after "loss", insert "or has reason to anticipate that, because of the incidence of foot and mouth disease, he will sustain a loss";

(b) in subsection (1), for "with twelve months from the 31st January next following that year" substitute "at any time between 6th April 2001 and 6th April 2004".'.

Tax on savings and dividends

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight [R]
Mr Peter Luff

NC4

To move the following Clause:—

'.—The Chancellor of the Exchequer shall make arrangements to review the level of income tax charged on savings and dividends by starting and basic rate tax payers and shall lay a report on the outcome of the review before the House of Commons by January 2002.'.

Widows' payments

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC5

To move the following Clause:—

'.—The Chancellor of the Exchequer shall make arrangements to review the effect on widowed parents of the provisions of section 617 of the Taxes Act 1988 concerning social security benefits which are charged to tax and shall lay a report on the outcome of the review before the House of Commons by January 2002.'

Age-related personal allowances

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC6

To move the following Clause:—

'.—The Chancellor of the Exchequer shall make arrangements to review the level of the age-related personal allowances defined in section 257(2) and (3) of the Taxes Act 1988 and shall lay a report on the outcome of the review before the House of Commons by January 2002.'

Approved share option schemes

Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight [R]
Mr Peter Luff

NC7

To move the following Clause:—

'.—The Chancellor of the Exchequer shall make arrangements to review the level of the limit on the maximum value of share options under an Approved Share Option Scheme and shall lay a report on the outcome of the review before the House of Commons by January 2002.'

Taxation of married couples

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC8

To move the following Clause:—

'.—The Chancellor of the Exchequer shall make arrangements to review the effect on married couples with children under the age of 11 years of the level of personal tax allowances under section 257 of the Taxes Act and shall lay a report on the outcome of the review before the House of Commons by January 2002.'

Children's tax credit: children under five years of age

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

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—

"(2AA) for a year of assessment during the whole or part of which is qualifying child under five years of age (or more than one) is resident with the claimant, subsection (2) above has effect as if the amount specified there were increased by £200."

(2) After subsection (3) of that section (reduction of amount where claimant has income within the higher rate band) insert:

"(3AA) Where subsection (2AA) above applies, the reference in subsection (3) above to the amount specified in subsection (2) above is to the higher amount applicable by virtue of subsection (2AA) above.".

(3) After subsection (4) of that section (meaning of "qualifying child") insert:

"(4AA) In this section 'qualifying child under five years of age', in relation to a year of assessment, means a qualifying child less than five years of age at the beginning of that tax year.".

(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.'.