Vote Bundle Text (920607-02)

Amendments proposed to the Finance Bill - continued	House of Commons

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

104

Schedule 21, page 255, line 30, at end insert—

'14 In section 418, subsection (1) shall be replaced with—

AMOUNT OF WRITING-DOWN ALLOWANCES

Type of UQE
Amount

UQE on the acquisition of a mineral asset 10%

UQE for use wholly for the purposes of a ring fence trade 50%

All other UQE 25%"

15 In section 418 after subsection (6), add—

(8) In this section "ring fence trade" has the same meaning as in section 45F.".'.

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

112

Clause 64, page 41, line 43, leave out '2002' and insert '2003'.

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

179

*Clause 101, page 78, line 45, at end insert 'and'.

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

180

*Clause 101, page 79, line 1, leave out from 'companies' to end of line 2.

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

181

*Clause 101, page 79, line 3, at end insert—

'(c)	means generally accepted accounting practice with respect to accounts of non-UK companies that are intended to give a true and fair view, or equivalent, as applied in their country of incorporation.'.

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

114

Clause 68, page 45, line 41, at end insert—

'(8A) A qualifying 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 contract does not have an unallowable purpose.

(8B) Any application under subsection (8) 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.

(8C) The Board shall notify their decision to the applicant within 30 days of receiving the application or, if they give a notice under subsection (8A) above, within 30 days of the notice being complied with.

(8D) If the Board notify the applicant that they are not satisfied as mentioned in subsection (8) or do not notify their decision to the applicant within the time required by subsection (8B), 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 subsection (8A), to the Special Commissioners; and in that event any notification by the Special Commissioners shall have effect for the purposes of subsection (8) as if it were a notification by the Board.

(8E) If any particulars furnished under this section do not fully and accurately disclose all facts and considerations material for the decisions of the Board or the Special Commissioners, any resulting notification that the Board or Commissioners are satisfied as mentioned in subsection (8) shall be void.'.

Mr Andrew Smith

157

Schedule 23, page 264, line 34, after 'business' insert 'and falls within subsection (4) below'.

Mr Andrew Smith

158

Schedule 23, page 265, line 1, after '(3)(a)' insert 'or (c)'.

Mr Andrew Smith

159

Schedule 23, page 270, line 5, leave out 'or Schedule A business' and insert ', a Schedule A business or an overseas property business (within the meaning of section 70A of the Taxes Act 1988)'.

Mr Andrew Smith

160

Schedule 23, page 270, line 7, leave out 'or Schedule A business' and insert ', Schedule A business or overseas property business'.

Mr Andrew Smith

161

Schedule 23, page 271, line 27, leave out from 'any' to end of line 31 and insert 'exchange gains or losses.".'.

Mr Andrew Smith

162

Schedule 23, page 272, line 43, after 'would' insert ', or would apart from section 84A(2) to (10) of this Act,'.

Mr Andrew Smith

163

Schedule 23, page 273, line 41, at end insert—

'Life assurance business

13A (1) Paragraph 1 of Schedule 11 is amended as follows.

(2) Before sub-paragraph (2) (effect on debits and credits of applying I minus E basis to profits and gains from loan relationships of insurance companies referable to life assurance business) insert—

"(1B) In applying the I minus E basis for any accounting period in respect of any life assurance business carried on by an insurance company, no exchange gains or losses shall be taken to arise for the purposes of section 100 of this Act except to the extent that the money debt for the purposes of that section—

(a) arises as a result of an amount of income or expenses which falls to be taken into account in applying the I minus E basis not being paid when it is due and payable; or

(b) is one that is treated as a money debt for the purposes of that section by virtue of subsection (11)(a) of that section in accordance with subsection (12) of that section by reference to a Schedule A business or an overseas property business.

This sub-paragraph has effect notwithstanding sub-paragraph (1) above.".'.

Mr Andrew Smith

164

Schedule 23, page 273, line 43, leave out sub-paragraph (1).

Mr Andrew Smith

165

Schedule 23, page 274, line 1, after '3A' insert 'of Schedule 11'

Mr Andrew Smith

127

Schedule 25, page 286, line 7, leave out sub-paragraph (4).

Mr Andrew Smith

128

Schedule 25, page 289, line 14, at end insert 'and the shares are not, within the meaning of Chapter 1 of Part 12 of the Taxes Act 1988, assets of an insurance company's long-term insurance fund (see section 431(2) of that Act)'.

Mr Andrew Smith

129

Schedule 25, page 292, leave out lines 1 to 11 and insert—

' "(6) Where—

(a)	a company ceases to be a party to a loan relationship in an accounting period (the "cessation period"),

(b)	profits, gains or losses arise to the company from the loan relationship or a related transaction in that accounting period, and

(c)	the credits or debits brought into account for the purposes of this Chapter for that accounting period do not include credits or debits which represent the whole of those profits, gains or losses,

credits or debits in respect of so much of those profits, gains or losses as are not represented by credits or debits brought into account for the cessation period shall continue to be brought into account under this Chapter over one or more subsequent accounting periods ("post-cessation periods") as in the case of a loan relationship to which the company is a party in those periods and subsections (7) and (8) below shall apply.

(7) In any case falling within subsection (6) above, any question—

(a)	whether, in a post-cessation period, the company is to any extent a party to the loan relationship—

(i)	for the purposes of a trade carried on by it, or

(ii)	for any other particular purpose or purposes, or

(b)	whether, in a post-cessation period, the loan relationship is to any extent referable to a particular business, or a particular class, category or description of business, carried on by the company,

shall be determined by reference to the circumstances immediately before the company ceased to be a party to the loan relationship instead of the circumstances in the post-cessation period.

(8) In any case falling within subsection (6) above, any question—

(a)	whether the loan relationship has to any extent a particular purpose in a post-cessation period, or

(b)	whether there is a connection between the company and any other person for a post-cessation period,

shall be determined by reference to the circumstances in the cessation period instead of the circumstances in the post-cessation period.".'.