Amendments proposed to the Finance Bill - continued House of Commons

back to previous text
   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

29

Schedule     22,     page     261,     line     19,     at end insert—

    '( )   Where a responsible person, or a person connected with a responsible person, agrees with the Inland Revenue to provide the information required by section 421J in respect of any employee or designated class of employees, then they shall be the sole responsible person for the purposes of this section in respect of that employee or designated class of employees.'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

30

Schedule     22,     page     261,     line     21,     after 'question,', insert 'where the award or issue of the securities to an employee is made or arranged by or notified to that employer,'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

31

Schedule     22,     page     261,     line     22,     after 'question,', insert 'where the cost of any award or issue of securities is borne by that host employer,'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

32

Schedule     22,     page     263,     line     41,     at end insert—

    '( )   Employment-related securities are not restricted securities or a restricted interest in securities by reason only that

      (a) the holder of those securities enters into an agreement not to dispose of them for a period of time following an admission to listing of securities on a recognised stock exchange;

      (b) the holder of those securities enters into an agreement not to dispose of them for a period of time following the appointment of a person as a director of the issuer of the securities, at a time when its securities are listed on a recognised stock exchange; or

      (c) the holder of the securities is prohibited from disposing of them by the operation of any securities or regulatory law or the provisions of any code governing securities transactions applying to the officers and employees of companies listed on any recognised stock exchange.'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

33

Schedule     22,     page     263,     line     41,     at end insert—

    '( )   Employment-related securities are not restricted securities or a restricted interest in securities if they are not listed on a recognised stock exchange and the articles of association of the issuer provide that:

      (a) the holder will be required to offer for sale or transfer the employment-related securities on ceasing to be employed by the employer or a person connected with the employer;

      (b) certain causes of cessation of such employment will mean that the holder receives an amount which is less than the market value of those securities at that time;

      (c) such causes are stated in the articles of association, either directly or by implication by stating the causes of cessation of such employment for which the holder will receive market value for those securities;

      (d) the identification of such causes is not dependent upon the discretion of the officers of the issuer but set out on objective grounds; and

      (e) the holder will always be able entitled on such sale or transfer to an amount at least equal to the market value of those securities on a cessation due to his death, disability, ill-health or retirement.

       In this subsection "articles of association" means the constitutional documents of a company, notwithstanding their official designation in the jurisdiction in which the company is incorporated.'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

34

Schedule     22,     page     265,     line     17,     at end insert 'It shall not be regarded as a removal or variation of any restriction where, by the operation of law, another person is entitled to require the sale to him of the securities and exercises that entitlement.'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

35

Schedule     22,     page     265,     line     17,     at end insert 'For the purposes of this Chapter there is not a variation of a restriction relating to any employment-related securities if there is any variation in the rights attached to, or the issued number of, any other securities in the company in accordance with the terms of those other securities.'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

36

Schedule     22,     page     266,     line     32,     after 'outstanding', insert—

    '( )   any amount treated as employment income in respect of the employment-related securities under Chapters 3, 3A or 3B of this Part'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

37

Schedule     22,     page     267,     line     23,     leave out 'by virtue of holdings of shares of that class'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

38

Schedule     22,     page     267,     line     44,     after 'elect', insert 'at any time'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

39

Schedule     22,     page     267,     leave out lines 45 to 47 and insert—

    '( )   there shall be a charge to income tax on the untaxed proportion of the market value of any restricted securities or restricted interest in securities, ignoring the effect at that time of any restrictions, and'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

40

Schedule     22,     page     268,     leave out lines 10 and 11 and insert—

    '( )   may require the taxable income to be calculated by reference to a date not more than 14 days prior to the date of the election'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

41

Schedule     22,     page     268,     line     11,     leave out from the end to the end of line 4 on page 269.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

42

Schedule     22,     page     271,     line     38,     at end insert—

    '( )   The conversion of any non-employment-related securities in a company in accordance with the terms of those securities does not give rise to a chargeable event under this Chapter.'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

43

Schedule     22,     page     273,     line     6,     leave out 'if (and only if)' and insert 'of an amount equal to NCMV plus the amount (if any) by which'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

44

Schedule     22,     page     273,     line     43,     leave out 'by virtue of holdings of shares of that class'.

   

Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

45

Schedule     22,     page     275,     line     22,     at end insert—

    '( )   The following provisions shall have effect where in pursuance of this section a person furnishes to the Inland Revenue particulars of things done or to be done by him, that is to say—

      (a) if the Inland Revenue are of opinion that the particulars, or any further information furnished in pursuance of this paragraph, are not sufficient for the purposes of this section, they shall within 30 days of the receipt thereof notify to that person what further information they require for those purposes, and unless that further information is furnished to the Inland Revenue within 30 days from the nofitication, or such further time as the Inland Revenue may allow, they shall not be required to proceed further under this section;

      (b) subject to paragraph (a) above, the Inland Revenue shall within 30 days of the receipt of the particulars, or, where that paragraph has effect, of all further information required, notify that person whether or not they are satisfied that the things as described in the particulars were or will be treated as done for genuine commercial purposes;

       and, subject to the following provisions of this section, if the Inland Revenue notify him that they are so satisfied, the things which are the subject of the application shall be deemed to have been done for genuine commercial purposes.

    ( )   If the particulars, and any further information given under this section with respect to any transaction or transactions, are not such as to make full and accurate disclosure of all facts and considerations relating thereto which are material to be known to the Inland Revenue, any clearance given by them under this section shall be void.

    ( )   In no event shall the giving of a clearance under this section with respect to any transaction or transactions prevent this section applying to a person in respect of transactions which include that transaction or all or some of those transactions and also include another transaction or other transactions.'.

 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page Search page Enquiries index

©Parliamentary copyright 2003
Prepared 8 May 2003