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

197

*Schedule     29,     page     433,     line     18,     leave out from 'acquisition' to end of line 19.


   

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

186

Clause     104,     page     81,     line     25,     leave out Clause 104.

   

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

185

Clause     104,     page     81,     line     29,     after 'assets', insert 'to a connected person'.


   

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

187

Clause     86,     page     60,     line     35,     at end insert—

    '(1A)   Section 539 (introductory) is amended as follows.

    (1B)   In subsection (1) (scope of Chapter II of Part XIII of the Taxes Act 1988) after "policies of life insurance, contracts for life annuities and capital redemption policies", insert "but any gain falling to be treated as taxable income by virtue of this Chapter shall be disregarded from total income in applying section 257(5) (reduction in personal allowance for elderly taxpayers by reference to total income).".'.


   

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

188

Clause     93,     page     70,     line     9,     leave out '1st October 2002' and insert 'the day on which this Act is passed.'.


   

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

189

Clause     94,     page     70,     line     35,     leave out '1st October 2002' and insert 'the day on which this Act is passed.'.


   

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

190

Clause     95,     page     71,     line     24,     at end insert ', or

      (c) any payment being yearly interest of money chargeable to tax under Case III of Schedule D (as that Schedule has effect apart from the modification made for the purposes of corporation tax by section 18(3A).'.

   

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

191

Clause     95,     page     72,     line     11,     leave out '1st October 2002' and insert 'the day on which this Act is passed.'.


   

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.".'.


   

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

193

Clause     97,     page     74,     leave out lines 27 to 32 and insert—

    '(2)   Any such election must be made by notice in writing to an officer of the Inland Revenue on or before the 31st January next following the end of the year of assessment to which the claim made by the donor relates.'.

   

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

192

Clause     97,     page     74,     line     27,     at end add 'or in any of the next succeeding six years of assessment.'.

   

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

194

Clause     97,     page     74,     line     34,     leave out 'previous year' and insert 'year to which the election relates'.

   

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

195

Clause     97,     page     74,     line     39,     leave out 'previous year of assessment' and insert 'year of assessment to which the election relates'.

   

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

196

Clause     97,     page     74,     line     45,     leave out '6th April 2002' and insert 'the day on which this Act is passed.'.


   

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

86

Clause     98,     page     75,     line     3,     after 'release', insert 'or constitutes long-form drama'.

   

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

87

Clause     98,     page     75,     line     19,     at end insert—

      '(d) "long-form drama" means a production of a duration of 60 minutes or more in total, shot to cinematic standards, of single or short episodic type with a budget in excess of £600,000 per hour.'.

   

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

88

Clause     98,     page     75,     leave out lines 30 and 31 and insert 'unless before 17th April 2002 expenditure has been incurred on a film or a binding commitment to incur expenditure on a film has been entered into, in either case or in aggregate representing more than 20 per cent. of the budgeted cost of the film.'.

 
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Prepared 11 Jun 2002