Vote Bundle Text (920613-04)

Amendments proposed to the Finance Bill - continued	House of Commons

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Mr Paul Boateng

201

Clause 96, page 72, line 32, at end insert ', and

(c)	references to an agreement for a lease do not include references to missives of let that constitute an actual lease.".'.

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

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 Edward Davey
Mr John Burnett
Dr John Pugh
Mr David Laws

210

Clause 96, page 72, line 36, leave out 'real' and insert 'other'.

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

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.".'.

Mr Paul Boateng

202

Clause 96, page 73, line 1, leave out subsection (2).

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

207

Clause 96, page 74, line 8, leave out 'land' and insert 'property'.

Mr Paul Boateng

203

Clause 96, page 74, line 14, leave out from beginning to second 'subsection' in line 16.

Mr Paul Boateng

204

Clause 96, page 74, line 22, leave out 'coming into force' and insert 'purposes'.

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 2003' 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

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

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

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.'.

Mr Paul Boateng

211

Clause 100, page 77, leave out lines 13 and 14 and insert—

'(6) For the purposes of subsection (5) above, "control", in relation to a company, means the power of a person to secure—

(a)	by means of the holding of shares or the possession of voting power in or in relation to the company or any other company, or

(b)	by virtue of any powers conferred by the articles of association or other document regulating the company or any other company,

that the affairs of the company are conducted in accordance with his wishes.

(7) There shall be left out of account for the purposes of subsection (6) above—

(a)	any shares held by a company, and

(b)	any voting power or other powers arising from shares held by a company,

if a profit on a sale of the shares would be treated as a trading receipt of a trade carried on by the company and the shares are not, within the meaning of Chapter 1 of Part 12, assets of an insurance company's long-term insurance fund (see section 431(2)).'.

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

168

Clause 108, page 85, line 6, after 'dwelling', insert 'without significant expenditure being incurred on it'.

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

169

Schedule 34, page 464, line 3, leave out paragraphs 7 and 8.

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

170

Schedule 35, page 468, line 12, leave out paragraphs 8 and 9.

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

171

Clause 112, page 90, line 12, leave out subsection (3).

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

118

Clause 113, page 90, line 21, leave out subsection (1) and insert—

'(1) This section applies to a contract or agreement for the sale of an estate or interest in land in the United Kingdom where—

(a)

at the time the contract or agreement is made or at any time thereafter while the contract or agreement is capable of completion by transfer of the legal estate to the purchaser or to any person nominated by the purchaser, the legal estate is vested in a nominee or trustee and the sole or main benefit that may be expected to accrue from the separation of the legal estate from the beneficial interest is the deferral or avoidance of a charge to ad valorem stamp duty, and

(b)	the amount or value of the consideration exceeds £10 million or the instrument forms part of a larger transaction or series of transactions in respect of which the amount or value, or aggregate amount or value exceeds £10 million.'.

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

172

Clause 113, page 90, line 23, leave out 'the consideration' and insert 'so much of the consideration as is attributable to the estate or interest in land'.

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

173

Clause 114, page 91, line 33, at end insert 'or ordinary trade debts as defined in paragraph 35(5) of Schedule 16 '.

NEW CLAUSES

Tax relief for expenditure on vaccine research etc. (No. 2)

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

NC1

To move the following Clause:—

'.—(1) Grants of up to £15m per annum may be awarded by order of the Secretary of State for qualifying research and development.

(2) For the purposes of subsection (1), qualifying research and development means research and development relating to vaccines or medicines for use in humans—

(a)	for the prevention or treatment of tuberculosis,

(b)	for the prevention or treatment of malaria,

(c)	for the prevention of infection by human immunodeficiency virus, or

(d)	for the prevention of the onset, or the treatment, of acquired immune deficiency syndrome resulting from infection by human immunodeficiency virus in the prescribed clades only

(3) For the purposes of subsection (2) "prescribed clade" means clade A, C, D or E or such other class as the Secretary of State may by regulations prescribe.

(4) This section has effect from 1st April 2002.'.