Gifts of medical supplies and equipment (No. 2)
Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff
NC2
To move the following Clause:—
'.—(1) Where on or after 1st April 2002 any person ("the donor") makes a gift of relevant goods from trading stock for a relevant purpose then:
| (a) | no amount shall be required to be brought into account as a trading receipt or gain in consequence of the making or receiving of the gift; and |
| (b) | the costs of making and delivering the gift shall be deducted as an expense of the trade of the donor in computing the profits of that trade. |
(2) Where the donor or any person connected with him receives any benefit in money or money's worth attributable to the making of that gift, then for the accounting period in which the benefit is received the donor shall be deemed to be in receipt of income chargeable to tax under Case VI of Schedule D on an amount equal to the higher of
| (a) | any relief claimed pursuant to subsection (1), and |
| (b) | the amount of the benefit in question. |
(3) The Secretary of State may by order prescribe relevant purposes and relevant goods to have effect for the purposes of this section, either generally or in respect of a given time or situation.
(4) Section 839 of the Taxes Act 1988 (connected persons) applies for the purposes of subsection (2).'.
Community amateur sports clubs to be treated as charities
Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff
NC3
To move the following Clause:—
'.—(1) The promotion of sport, provision or sports facilities, physical education or healthy recreation by a registered community amateur sports club shall be treated as having a charitable purpose for the purposes of the Taxes Acts with effect from 17th April 2002.
(2) Paragraphs 1, 2, 3, 11, 12, 13, 14 and 15 of Schedule 18 shall have effect from 17th April 2002.'.
Company ceasing to be member of a group
Mr Michael Howard [R]
Mr John Bercow
Mr Howard Flight [R]
Mr Christopher Chope
Mr Peter Luff
NC4
To move the following Clause:—
'.—(1) In subsection (1)(c) of section 179 of the Taxation of Chargeable Gains Act 1992 (company ceasing to be a member of group) for "six" substitute "two".
(2) In subsection (6)(a) of that section for "6" substitute "2".'.
Taper relief: holding period for business assets when roll-over relief on transfer of business assets applies
Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff
NC5
*To move the following Clause:—
'.—(1) After section 162(3) of the Taxation of Chargeable Gains Act 1992 (roll-over relief on the transfer of business) insert—
"(3A) For the purpose of computing any chargeable gain accruing on the disposal of any new asset that is eligible for taper relief under subsection (3) above the qualifying holding period for taper relief shall be deemed to have commenced on the period after 5th April 1998 when the business so transferred under subsection (1) above was held and to have ceased upon the disposal of the new asset.".'.
Arrangements with respect to payment of corporation tax
Mr Michael Howard [R]
Mr John Bercow
Mr Howard Flight [R]
Mr Christopher Chope
Mr Peter Luff
NC6
*To move the following Clause:—
'.—(1) After subsection 2(d) of section 36 of the Finance Act 1998, insert—
| "(da) | may make provision for members of the group of companies to elect to base this corporation tax payment on the previous year's taxable profits;". |
(2) In section 59(E)1 of the Taxes Management Act 1970, at end insert—
"such that for a company:
| (a) | payment of corporation tax shall be paid in four annual instalments (for the purposes of this subsection the 'Installment Date'); |
| (b) | the corporation tax payable on each of the first, second and third Instalment Dates shall be equal to one quarter of the total corporation tax paid by the company in the immediately preceeding year of assessment; |
| (c) | the corporation tax payable on the fourth Instalment Date shall be equal to the aggregate of— |
| (i) | one quarter of the total corporation tax paid by the company in the immediately preceding year of assessment; and |
| (ii) | the difference between the total corporation tax liability of the company concerned for the year of assessment in which the fourth Instalment Date falls and the corporation tax liability of the company in the immediately preceding year of assessment.".'. |
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