Amendments proposed to the Finance Bill - continued House of Commons

back to previous text

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

115

*Schedule     25,     page     303,     line     24,     at end insert—

    '30A   In paragraph 13 of Schedule 9, after subparagraph (5) insert—

          "(5A)   A loan relationship 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 loan relationship does not have an unallowable purpose.

          (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
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

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
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

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
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

93

Clause     102,     page     80,     line     15,     at end insert 'or the assets of a business carried on by him'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

105

Schedule     32,     page     453,     line     3,     after 'effect', insert 'in the corresponding underwriting year'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

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
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

107

Schedule     32,     page     454,     line     5,     after 'effect', insert 'in the accounting period'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

108

Schedule     32,     page     454,     line     22,     after 'contract', insert 'at the time the contract takes effect'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

55

Clause     95,     page     70,     line     40,     leave out 'of a royalty'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

56

Clause     95,     page     70,     line     41,     after 'section 349(1)', insert 'or (2)'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

57

Clause     95,     page     71,     line     4,     after 'section 349(1)', insert 'or (2)'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

58

Clause     95,     page     71,     line     17,     leave out from 'made;' to end of line 24.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

59

Clause     95,     page     71,     line     42,     after 'section 349(1)' insert 'or (2)'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

60

Clause     95,     page     72,     line     2,     after 'section 349(1)', insert 'or, as the case may be, section 349(2)'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

90

Clause     96,     page     72,     line     17,     leave out 'and'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

91

Clause     96,     page     72,     line     18,     at end insert '; and

      (f) a qualifying work of art'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

98

Clause     96,     page     72,     line     23,     leave out 'where' and insert 'whether or not'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

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
Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

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.

          '(4B)   At the end of subsection (2)(f) of section 25 of the Finance Act 1990 insert ", but this paragraph 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."

          (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.".'.

 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page Search page Enquiries index

©Parliamentary copyright 2002
Prepared 23 May 2002