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Mr Michael Howard
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
152
Schedule 33, page 394, line 13, at end insert 'assets'.
Mr Michael Howard
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
140
Schedule 34, page 398, line 17, leave out from beginning to end of line 21 and insert—
| '(a) | one or more individuals and/or charities beneficially entitled to them, or |
| (b) | a trustee or other person who does not have power to secure that the sums or other benefits are paid to or for, or conferred on, or applied in favour of, any person other than one or more individuals and/or charities beneficially.'. |
Mr Michael Howard
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
141
Schedule 34, page 398, line 23, at end insert—
'; and sums paid or belonging to a partnership of individuals for the benefit of the partnership shall be regarded as paid or belonging to the individuals themselves beneficially.'.
Mr Michael Howard
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
155
Schedule 34, page 398, line 36, leave out from 'referable' to 'policy' in line 37 and insert 'solely to that individual's being one of the individuals whose lives are insured by the policy, but does not include any such right that is referable to that individual being a member of a partnership of individuals all or most of whose lives are insured by the'.
Mr Michael Howard
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
157
Schedule 34, page 400, line 35, at end insert '; and at the end of that paragraph (b) insert "but subject to subsection (1AA)",'.
Mr Michael Howard
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
156
Schedule 34, page 401, line 10, at end insert—
| '(7A) | After that subsection insert— |
| "(1AA) | Where the rights referred to in subsection (1) above were, immediately before the happening of the chargeable event in question, in the beneficial ownership of a charitable company, or were held as security for a debt owed by a charitable company, the same tax credit shall be available to that charitable company (with the same related consequences) as though the charitable company had been the trustees of a charitable trust; and for this purpose "charitable company" means a company (within the meaning of section 832) which is a charity (within the meaning of section 506).".'. |
Mr Michael Howard
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
154
Schedule 34, page 404, line 10, at end add—
'Part 5
Removal of Double-counting of gains
| 16 | | In section 541(1) of the Taxes Act 1988 (life policies: computation of gain), delete "and" at the end of sub-paragraph (i) in each of the paragraphs (b) and (c), and at the end of sub-paragraph (ii) of each of those paragraphs insert "and |
| (iii) | to the extent that, apart from this sub-paragraph, a gain would otherwise be treated as arising on the happening of the chargeable event in question, the lesser of that gain and the total amount of any gains treated as accruing on the happening of any previous chargeable events which comprised an assignment of the policy;".'. |
Mr Michael Howard
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
153
Schedule 35, page 405, line 10, at end add—
| 6. | (1) | Where a person to whom a gain in respect of a policy is treated as accruing after 5th April 2004 by virtue of the provisions of this Chapter was entitled to the policy since before 1st April 2003, and provided that on or after 9th April 2003— |
(a) no additional premium has been paid under the policy (other than a premium the payment of which was already required by the terms of the policy), and
(b) no sum has been paid for the acquisition of the policy or rights or interests in it,
| | that person may by notice to the Inland Revenue elect that the following provisions of this paragraph shall apply in relation to the amount of tax treated as deducted from the sum included in his income by virtue of section 547(5) (on its own or as applied by section 547(5AA)). |
| (2) | Where an election is made under sub-paragraph (1) above the amount of tax treated as so deducted shall be ascertained by reference to the proportion of the person's period of ownership of the policy which fell after 31st March 2003, by applying the following table— |
| proportion of the taxpayer's period of ownership which falls after 31st March 2003 | proportion of gain from which tax is treated as
deducted at the lower rate
| proportion of gain from which tax is treated as
deducted at the basic rate
|
| not exceeding 10% | 0% | 100% |
| not exceeding 30% | 25% | 75% |
| not exceeding 50% | 50% | 50% |
| not exceeding 75% | 75% | 25% |
| over 75% | 100% | 0% |
(3) A notice of election under sub-paragraph (1) above must be given in writing and may be given at any time not later than 31st January in the second year of assessment following the year in which the sum was included in his income.'.
Mr Paul Boateng
166
Schedule 21, page 246, line 28, leave out from beginning to end of line 17 on page 247.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
13
Schedule 21, page 246, line 4, leave out from 'participants' to end of line 6 and insert 'identifying by name and national insurance number those participants who have participated in the approved SIP and the awards made to them.'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
103
Schedule 21, page 246, line 4, after 'participated', insert 'in the same tax year'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
Mr David Wilshire
104
Schedule 21, page 246, line 6, at end insert 'but only to the extent that the necessary information is available to them or has been provided to them by the participants or the company'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
14
Schedule 21, page 246, leave out lines 29 to 35.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
15
Schedule 21, page 246, line 33, leave out from first 'the' to end of line 35 and insert 'fifth anniversary of the award of the shares on which the relevant dividend was paid'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
16
Schedule 21, page 247, line 17, leave out 'the day on which this Act is passed' and insert '1st January 2004'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
17
Schedule 21, page 247, line 22, at end insert—
'( ) Omit paragraph 5 (unnecessary and non-incidental features)'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
18
Schedule 21, page 249, line 27, leave out '9th April 2003' and insert '1st January 2004'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
20
Schedule 21, page 249, line 28, at end insert—
'( )Omit paragraph 5 (unnecessary and non-incidental features).'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
19
Schedule 21, page 249, line 38, leave out 'the date on which this Act is passed' and insert '1st January 2004'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
21
Schedule 21, page 250, line 32, leave out 'of the right' and insert 'of a right to acquire shares granted after 9th April 2003 where that right is exercised'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
22
Schedule 21, page 250, line 32, leave out 'of the right' and insert 'of a right to acquire shares granted on or after 1st January 2004 where that right is exercised'.
Mr Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire
23
Schedule 21, page 250, line 39, at end insert—
'Part 4
Updating of scheme rules to reflect this Schedule
26 Where before 1st April 2004 the scheme organiser of an approved SIP, or of an approved SAYE scheme, or of an approved CSOP scheme, applies to the Inland Revenue to amend the rules of that scheme to reflect the provisions of this Schedule then, at the election of the scheme organiser, any such amendment may be deemed to have been included in the original rules of the scheme in question and the terms of any award or grant made under it.'.
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