| Amendments proposed to the Finance Bill - continued | House of Commons |
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Gift-aid: carry-forward of excess allowances
Mr Michael Howard NC12 To move the following Clause:—'.—(1) Section 25 of the Finance Act 1990 shall be amended as follows with effect from the year 2002-03. (2) After subsection (6) of that section insert—
(6B) In a case where an excess is carried forward under subsections (6A) above, the reference to profits or gains chargeable to income tax or capital gains tax in subsection (2)(i)(i) above shall include a reference to profits or gains chargeable to income tax and capital gains tax for any year of assessment to which such an excess is so carried forward."
(4) After subsection (2) of that section insert—
(2B) In the case of a disposal by an individual, if the relief that may be claimed for a given year of assessment under subsection (2) or (2A) above exceeds the total income of the individual for that year of assessment, the individual may make a claim for that year of assessment to treat the excess as increasing the annual exempt amount for that year for the purposes of charging capital gains tax under section 3(2) of the Taxation of Chargeable Gains Act 1992. To the extent of that relief is so given as a result of such a claim, the amount of any excess which may be carried forward to the next following year under subsection (2A) shall be reduced.".'.
Life Insurance: rate of tax on insurance company chargeable gains and treated as paid on policy gains
Mr Michael Howard NC13 To move the following Clause:—'—(1) In subsection (3) of section 88A of the Finance Act 1989 (lower corporation tax rate on certain insurance company profits), after 'as consists in income', insert 'or gains'. (2) After subsection (3)(d) of that section, insert—
(5) The amendments made by subsections (1) and (2) have effect from 1st April 2002. (6) The amendments made by subsection (3) and (4) have effect from 6th April 2002.
Gift Aid and non-taxpayers
Mr Edward Davey NC14 To move the following Clause:—'—(1) Section 25 of the Finance Act 1990 (donations to charity by individuals) shall be amended in accordance with subsection (2) below. (2) In subsection (8),
Mandatory e-filing: provision of software
Mr Peter Luff NC15 To move the following Clause:—'.—(1) The Commissioners of Inland Revenue ("the Commissioners") shall make available to those specified persons required by regulations made pursuant to section 132 to use electronic communications for the delivery of specified information such software as is necessary to facilitate the delivery of that information or the computation of any tax liabilities on those persons. (2) The Commissioners shall make available the software specified in subsection (1) above without charge. (3) Such specified persons to whom the software specified in subsection (1) above is made available shall not be liable for any error arising from its proper use.'.
Rate of stamp duty on commercial property
Mr Michael Howard NC16 To move the following Clause:—'.—(1) In Schedule 13 to the Finance Act 1999 (instruments chargeable and rates of duty) after paragraph 3 of that Schedule insert a new paragraph 3A—
Stamp duty and OFEX
Mr Michael Howard NC17 To move the following Clause:—'.—In each of the following provisions—
Coal mine methane
Mr Michael Howard NC18 To move the following Clause:—'.—(1) Section 62(8) of the Utilities Act 2000 (c. 27) is amended by inserting at the end of the definition of "renewable resources" the words "and coal mine methane".'.
Exemptions from stamp duty on the disposal of a substantial shareholding
Mr Michael Howard NC19 *To move the following Clause:—'.—(1) This section applies where a company ("the transferor company") disposes of shares or an interest in shares ("the transferred shares") in another company ("the second company"). (2) If the first, second and third conditions (as defined below) are fulfilled, stamp duty under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) shall not be chargeable on an instrument executed for the purposes of or in connection with the transfer of the transferred shares. (3) An instrument on which stamp duty is not chargeable by virtue only of subsection (2) above shall not be taken to be duly stamped unless it is stamped with the duty to which it would be liable but that subsection or it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty. (4) The first condition is that the transferor company satisfies the requirements relating to an investing company, and the second company satisfies the requirements relating to the company invested in, set out in Part 3 of Schedule 7AC to the Taxation of Chargeable Gains Act 1992 ("the 1992 Act"). (5) The second condition is that, were the disposal of the transferred shares to give rise to a gain, that gain would not be a chargeable gain by virtue of the terms of Schedule 7AC to the 1992 Act. (6) The third condition is that the disposal is effected for bona fide commercial reasons and does not form part of a scheme or arrangement of which the main purpose, or one of the main purposes, is avoidance of liability to stamp duty, income tax, corporation tax or capital gains tax. (7) This section applies to any instrument which is executed after the day this Act comes into force, unless it is executed in pursuance of an unconditional contract made on or before that day.'.
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