Amendments proposed to the Finance Bill - continued	House of Commons
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Mr Paul Boateng

218

Schedule     31,     page     450,     line     37,     at end insert—

'Investment in other venture capital investment partnerships

8A

(1)

For the purposes of paragraph 2 (meaning of "venture capital investment partnership") an investment by way of capital contribution to another venture capital investment partnership shall be treated as an investment in unquoted shares or securities.

(2)	The Treasury may by regulations make provision, in place of but corresponding to that made by paragraphs 3 to 8, in relation to gains accruing on a disposal of relevant assets by such a partnership.

(3)	The regulations may make provision for any period of account to which, in accordance with paragraphs 10 to 12, this Schedule applies.'.

   

Mr Paul Boateng

219

Schedule     31,     page     451,     line     11,     at end insert 'and also includes any debentures'.

   

Mr Paul Boateng

220

Schedule     31,     page     451,     line     22,     at end insert—

    '(3)References in this Schedule to capital contributed to a limited partnership  include amounts purporting to be provided by way of loan if—

(a)   the loan carries no interest,

(b)   all the limited partners are required to make such loans, and

(c)   the loans are accounted for as partners' capital, or partners' equity, in the accounts of the partnership.'.

   

Mr Paul Boateng

221

Schedule     31,     page     451,     line     22,     at end insert—

    '(4)For the purposes of this Schedule the assets of—

(a)   a Scottish partnership, or

(b)   a partnership under the law of any other country or territory under which assets of a partnership are regarded as held by or on behalf of the partnership as such,

shall be treated as held by the members of the partnership in the proportions in which they are entitled to share in the profits of the partnership.

References in this Schedule to the company's interest in, or share of, the partnership's assets shall be construed accordingly.'.

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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 Paul Boateng

205

Schedule     32,     page     453,     leave out lines 15 and 16 and insert—

'(a)   for the purposes of subsection (1)(c)(i) and (3A) above, as an amount payable under the contract, and

(b)   for the purposes of section 172, 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

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 Paul Boateng

206

Schedule     32,     page     454,     line     22,     leave out from 'treated' to end of line 23 and insert ', for the purposes of subsections (1)(b)(i) and (3A) above, as an amount payable under the contract at that time.".'.

   

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'.

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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).".'.

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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.'.

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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.'.

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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.'.

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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 Edward Davey
Mr John Burnett
Dr John Pugh
Mr David Laws

208

Clause     96,     page     72,     line     18,     leave out 'land' and insert 'property'.

   

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 Paul Boateng

198

Clause     96,     page     72,     line     23,     at end insert—

       'This subsection is subject to subsections (9AA) to (9B) below.

    (9AA)   Where a person makes a disposal to a charity of—

(a)	the whole of his beneficial interest in such freehold or leasehold interest in land as is described in subsection (9A)(a) or (b) above, and

(b)	any easement, servitude, right or privilege so far as benefiting that land,

the disposal falling within paragraph (b) above is to be regarded for the purposes of this section as a disposal by the person of the whole of his beneficial interest in a qualifying interest in land.

    (9AB)   Where a person, who has a freehold or leasehold interest in land in the United Kingdom, grants a lease for a term of years absolute (or, in the case of land in Scotland, grants a lease) to a charity of the whole or part of that land, the grant of that lease is to be regarded for the purposes of this section as a disposal by the person of the whole of the beneficial interest in the leasehold interest so granted.'.

   

Mr Edward Davey
Mr John Burnett
Dr John Pugh
Mr David Laws

209

Clause     96,     page     72,     line     23,     at end insert—

    '(9AA)   In this section a "qualifying interest in property" means—

(a)	a qualifying interest in land, or

(b)	tangible moveable property.'.

   

Mr Paul Boateng

199

Clause     96,     page     72,     line     29,     leave out 'and'.

   

Mr Paul Boateng

200

Clause     96,     page     72,     line     31,     leave out 'the interest of a tenant' and insert 'a tenant's right over or interest'.

Prepared 13 Jun 2002