|Amendments proposed to the Finance Bill - continued||House of Commons|
|back to previous text|
Mr Michael Howard [R]
33Schedule 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
Mr Michael Howard [R]
34Schedule 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]
35Schedule 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.'.
36Schedule 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'.
37Schedule 22, page 267, line 23, leave out 'by virtue of holdings of shares of that class'.
38Schedule 22, page 267, line 44, after 'elect', insert 'at any time'.
39Schedule 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'.
40Schedule 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'.
41Schedule 22, page 268, line 13, leave out from beginning to end of line 4 on page 269.
42Schedule 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.'.
43Schedule 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'.
44Schedule 22, page 273, line 43, leave out 'by virtue of holdings of shares of that class'.
45Schedule 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
( ) 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.'.
46Schedule 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.'.
47Schedule 22, page 276, leave out lines 42 to 44.
48Schedule 22, page 276, line 44, leave out from ', securities) or' to the end of line 1 on page 277.
49Schedule 22, page 277, line 6, leave out 'In a case within subsection (1)(a),'.
50Schedule 22, page 277, leave out lines 12 to 15.
51Schedule 22, page 277, line 17, leave out '(a) In a case within subsection (1)(a),'.
52Schedule 22, page 277, leave out line 19.
53Schedule 22, page 277, leave out lines 20 to 23.