Amendments proposed to the Finance Bill - continued House of Commons

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

46

Schedule     22,     page     275,     line     34,     at end insert—

       'A decline in the value of a company caused by or contributed to by the expense of and waste of time in undertaking the share valuations contemplated by this Chapter 3A and Chapter 3B of this Part, or more generally in complying with the requirements of the Finance Act 2003, whether directly to the company itself or to the economy as a whole, shall be deemed (notwithstanding any other evidence) to have been done for genuine commercial purposes.'.

   

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

47

Schedule     22,     page     276,     leave out lines 41 to 43.

   

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

48

Schedule     22,     page     276,     line     43,     leave out from ', or' to the end of line 1 on page 277.

   

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

49

Schedule     22,     page     277,     line     6,     leave out 'In a case within subsection (1)(a),'.

   

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

50

Schedule     22,     page     277,     leave out lines 12 to 15.

   

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

51

Schedule     22,     page     277,     line     17,     leave out '(a) In a case within subsection (1)(a),'.

   

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

52

Schedule     22,     page     277,     leave out line 19.

   

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

53

Schedule     22,     page     277,     leave out lines 20 to 23.

   

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

54

Schedule     22,     page     280,     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 notification, 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.'.

   

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

55

Schedule     22,     page     281,     line     14,     at end insert 'For the purposes of this Chapter there is not a non-commercial increase in the value of 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

56

Schedule     22,     page     282,     leave out lines 21 to 36 and insert—

    '( )   The relevant period begins on the earliest of:

      (a) the date of the acquisition of the employment-related securities; and

      (b) the 6th April preceding the date on which this Chapter ceases to apply to the employment-related securities.'.

   

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

57

Schedule     22,     page     283,     line     39,     after 'applies', insert 'to an employee who earns more than £8,500, or holds office as a director of a company, during a tax year'.

   

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

10

Schedule     22,     page     284,     line     31,     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

58

Schedule     22,     page     289,     line     16,     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

59

Schedule     22,     page     295,     line     39,     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 notification, 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.'.


ORDER OF THE HOUSE [6th MAY 2003]

That the following provisions shall apply to the Finance Bill:

Committal

    1.—(1)   Clauses 1, 4, 5, 9, 14, 22, 42, 56, 57, 124, 130 to 135, 138, 139, 148 and 184 and Schedules 5, 6, 19, 21, 22 and 25, and any new Clauses and Schedules tabled by Friday 9th May 2003 relating to excise duty on spirits or R&D tax credits for oil exploration, shall be committed to a Committee of the whole House.

    (2)   The remainder of the Bill shall be committed to a Standing Committee.

    2.   Proceedings in Committee of the whole House shall be completed in two days.

    3.—(1)   Proceedings in the Standing Committee shall (so far as not previously concluded) be brought to a conclusion on 12th June 2003.

    (2)   The Standing Committee shall have leave to sit twice on the first day on which it meets.

    4.   When the provisions of the Bill considered, respectively, by the Committee of the whole House and by the Standing Committee have been reported to the House, the Bill shall be proceeded with as if it had been reported as a whole to the House from the Standing Committee.

Other proceedings

    5.   Any other proceedings on the Bill may be programmed.


ORDER OF THE HOUSE [8th MAY 2003]

That the programme order of 6th May 2003 shall be amended by the substitution in paragraph (1) (provisions committed to Committee of the whole House) of the words 'Schedules Nos. 5, 6, 19 and 25' for the words 'Schedules Nos. 5, 6, 19, 21, 22 and 25'.


 
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