| Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr Michael Howard 115 *Schedule 25, page 303, line 24, at end insert—'30A In paragraph 13 of Schedule 9, after subparagraph (5) insert—
(5B) Any application under subparagraph (5A) above shall be in writing and shall contain particulars of the loan relationship to be entered into by the applicant and the Board may, within 30 days of the receipt of the application or of any further particulars previously required under this subsection, by notice require the applicant to furnish further particulars for the purpose of enabling the Board to make their decision; and if any such notice is not complied with within 30 days or such longer period as the Board may allow, the Board need not proceed further on the application. (5C) The Board shall notify their decision to the applicant within 30 days of receiving the application or, if they give a notice under subparagraph (5B) above, within 30 days of the notice being complied with. (5D) If the Board notify the applicant that they are not satisfied as mentioned in subparagraph (5A) above or do not notify their decision to the applicant within the time required by subparagraph (5C) above, the applicant may within 30 days of the notification or of that time require the Board to transmit the application, together with any notice given and further particulars furnished under subparagraph (5B) above, to the Special Commissioners; and in that event any notification by the Special Commissioners shall have effect for the purposes of subparagraph (5A) above as if it were a notification by the Board. (5E) If any particulars furnished under this paragraph do not fully and accurately disclose all facts and considerations material for the decision of the Board or the Special Commissioners, any resulting notification that the Board or Commissioners are satisfied as mentioned in subparagraph (5A) above shall be void.".'.
Mr Michael Howard 117 *Schedule 25, page 324, line 31, at end insert—'(3) Nothing in this Schedule shall cause or require the recognition of income chargeable to tax by reason of any transactions involving futures or options by the trustees of an authorised unit trust or by an open-ended investment company, and "company" and "derivative contract" shall be interpreted accordingly.'.
Mr Michael Howard 116 *Schedule 26, page 344, line 23, at end insert—'(3A) A derivative contract shall not be regarded as having an unallowable purpose in regard to a company where, on the application of that company, the Board have notified the company that the Board are satisfied that the derivative contract does not have an unallowable purpose. (3B) Any application under subparagraph (3A) above shall be in writing and shall contain particulars of the contract to be entered into by the applicant and the Board may, within 30 days of the receipt of the application or of any further particulars previously required under this subsection, by notice require the applicant to furnish further particulars for the purpose of enabling the Board to make their decision; and if any such notice is not complied with within 30 days or such longer period as the Board may allow, the Board need not proceed further on the application. (3C) The Board shall notify their decision to the applicant within 30 days of receiving the application or, if they give a notice under subparagraph (3B) above, within 30 days of the notice being complied with. (3D) If the Board notify the applicant that they are not satisfied as mentioned in subparagraph (3A) above or do not notify their decision to the applicant within the time required by subparagraph (3C) above, the applicant may within 30 days of the notification or of that time require the Board to transmit the application, together with any notice given and further particulars furnished under subparagraph (3B) above, to the Special Commissioners; and in that event any notification by the Special Commissioners shall have effect for the purposes of subparagraph (3A) above as if it were a notification by the Board. (3E) If any particulars furnished under this paragraph do not fully and accurately disclose all facts and considerations material for the decision of the Board or the Special Commissioners, any resulting notification that the Board or Commissioners are satisfied as mentioned in subparagraph (3A) above shall be void.'.
Mr Michael Howard 93 Clause 102, page 80, line 15, at end insert 'or the assets of a business carried on by him'.
Mr Michael Howard 105 Schedule 32, page 453, line 3, after 'effect', insert 'in the corresponding underwriting year'.
Mr Michael Howard 106 Schedule 32, page 453, line 16, at end insert 'and for the purposes of section 172 above shall be treated as a payment made at the time the contract takes effect.'.
Mr Michael Howard 107 Schedule 32, page 454, line 5, after 'effect', insert 'in the accounting period'.
Mr Michael Howard 108 Schedule 32, page 454, line 22, after 'contract', insert 'at the time the contract takes effect'.
Mr Michael Howard 55 Clause 95, page 70, line 40, leave out 'of a royalty'.
Mr Michael Howard 56 Clause 95, page 70, line 41, after 'section 349(1)', insert 'or (2)'.
Mr Michael Howard 57 Clause 95, page 71, line 4, after 'section 349(1)', insert 'or (2)'.
Mr Michael Howard 58 Clause 95, page 71, line 17, leave out from 'made;' to end of line 24.
Mr Michael Howard 59 Clause 95, page 71, line 42, after 'section 349(1)' insert 'or (2)'.
Mr Michael Howard 60 Clause 95, page 72, line 2, after 'section 349(1)', insert 'or, as the case may be, section 349(2)'.
Mr Michael Howard 90 Clause 96, page 72, line 17, leave out 'and'.
Mr Michael Howard 91 Clause 96, page 72, line 18, at end insert '; and
Mr Michael Howard 98 Clause 96, page 72, line 23, leave out 'where' and insert 'whether or not'.
Mr Michael Howard 92 Clause 96, page 72, line 32, at end insert—'(9D) In this section "qualifying work of art" shall mean any object or group of objects designated by the Secretary of State, either specifically or as a class, and the provisions of section 31(1)(a), (aa), and (e) of the Inheritance Tax Act 1984 shall apply for the purposes of determining the category or class of object to be so specified as they apply for the purposes of that Act.'.
Mr Michael Jack 81 Clause 96, page 72, line 37, at end insert—'(4A) Section 25 of the Finance Act 1990 and section 339 of the Taxes Act 1988 are amended as follows.
(4C) At the end of subsection (3E) of section 339 of the Taxes Act 1988 insert ", but this subsection shall not apply where, had such property been transferred to the charity by way of gift, relief would have been allowed under section 587B of the Taxes Act 1988.".'.
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