Amendments proposed to the Finance Bill - continued | House of Commons |
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Public accounts
Mr Michael Howard NC20 *To move the following Clause:'.(1) The Government Resources and Accounts Act 2000 (c. 20) shall be amended as follows. (2) In section 9 (preparation of whole of Government accounts) after subsection (5)(b) (minimum obligations of the Treasury in drawing up public accounts) insert
NEW SCHEDULE
Mr Michael Howard NS1 To move the following Schedule:'Chargeable gains: set off of losses treated as accruing to settlors Introduction 1 The Taxation of Chargeable Gains Act 1992 (c. 12) is amended in accordance with paragraphs 2 to 6. Section 2 2(1) Section 2 (persons and gains chargeable to capital gains tax, and allowable losses) is amended as follows. (2) In subsection (2) (computation of capital gains tax), for the word "and" at the end of paragraph (a) substitute
(3) After that subsection insert "(2A) Where on a disposal a loss accrues to trustees of a settlement in circumstances where, had it been a gain that gain would have been attributed to another person by virtue of sections 77 or 86, then that person may elect for that loss to be an attributed loss accruing to that person for the purposes of subsection (2) above for the year of assessment in which the disposal occurs. (2B) Attributed losses must be deducted first from any gains accruing to a person by virtue of sections 77 and 86 chargeable for the year in question before they may be deducted from any other chargeable gain.". Section 77 3 In section 77 (charge on settlor with interest in settlement), in subsection (1) at the end insert "No deduction of any loss shall be made by the trustees in respect of any disposal which gives rise to a loss which the settlor informs them is to be regarded as an attributed loss for the purposes of section 2(2).". Section 86 4 In section 86 (attribution of gains to settlers with interest in non-resident or dual resident settlements), after subsection (1), insert "(1A) For the purposes of subsection (1)(e) above no account shall be taken of any disposal which gives rise to a loss which the settlor informs the trustees is to be regarded as an attributed loss for the purposes of section 2(2).". Section 86A 5 In section 86A (attribution of gains to settlor in section 10A cases), after subsection (8) insert "(8A) For the purposes of this section, no account shall be taken of any disposal which gives rise to a loss which the settlor informs the trustees is to be regarded as an attributed loss for the purpose of section 2(2).". Section 87 6 In section 87 (attribution of gains to beneficiaries), before subsection (4) insert "(3Z) In making any computations under this section, no account shall be taken of any disposal which gives rise to a loss which the settlor informs the trustees shall be regarded as an attributed loss for the purpose of section 2(2).". Commencement 7 This Schedule applies to persons and gains chargeable to capital gains tax and allowable losses in the year 2003-04 and subsequent years of assessment. Election for Schedule to apply for years earlier than 2003-04 8(1) This Schedule also applies, if the person so elects, in relation to chargeable gains and attributed losses accruing to a person in any of the years of assessment 2000-01, 2001-02 and 2002-03. (2) An election under this paragraph
(3) All such adjustments shall be made, whether by way of discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to an election under this paragraph. (4) Where
the trustees of that settlement must join in the election, or (as the case may be) each of them that has that effect or contributes to it.'.
Mr Paul Boateng 222 Schedule 39, page 479, line 2, leave out paragraph (c) and insert
'(c) subsection (8).'.
Mr Paul Boateng 223 Schedule 39, page 481, line 6, at end insert
'( ) Computation of profits
Mr Andrew Smith 154 Schedule 39, page 483, line 47, column 2, leave out '17(5)' and insert '17
Mr Andrew Smith 155 Schedule 39, page 483, line 51, column 2, at end insert
Mr Andrew Smith 156 Schedule 39, page 483, line 52, column 2, leave out '18(4),' and insert '18
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©Parliamentary copyright 2002 | Prepared 18 Jun 2002 |