Amendments proposed to the Finance Bill - continued | House of Commons |
back to previous text |
Mr Michael Howard [R] 115 Schedule 22, page 265, line 41, after 'securities', insert 'and PPCP is the result derived for PCP on a previous application of the formula'.
Mr Paul Boateng 171 Schedule 22, page 266, line 27, at end insert
Mr Paul Boateng 172 Schedule 22, page 266, line 28, leave out from beginning to ', and' in line 32.
Mr Michael Howard [R] 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 Paul Boateng 173 Schedule 22, page 266, line 41, at end insert'( ) Where the chargeable event is one within section 427(3)(c) (disposal) and CD is less than AMV, the taxable amount for the purposes of section 426 is the amount determined under subsection (1) multiplied by
CD is the consideration given for the employment-related securities, and AMV is the actual market value of the employment-related securities immediately after the chargeable event.'.
Mr Michael Howard [R] 37 Schedule 22, page 267, line 23, leave out 'by virtue of holdings of shares of that class'.
Mr Michael Howard [R] 38 Schedule 22, page 267, line 44, after 'elect', insert 'at any time'.
Mr Michael Howard [R] 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] 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] 41 Schedule 22, page 268, line 13, leave out from beginning to end of line 4 on page 269.
Mr Paul Boateng 174 Schedule 22, page 270, line 3, at end insert
Mr Paul Boateng 175 Schedule 22, page 270, line 18, leave out 'or'.
Mr Paul Boateng 176 Schedule 22, page 270, line 22, at end insert 'or
Mr Paul Boateng 177 Schedule 22, page 271, line 18, leave out from 'is' to 'are' in line 20 and insert 'beneficially entitled to the securities into which the employment-related securities'.
Mr Paul Boateng 178 Schedule 22, page 271, line 29, leave out from beginning to ', and' in line 30.
Mr Michael Howard [R] 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] 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] 44 Schedule 22, page 273, line 43, leave out 'by virtue of holdings of shares of that class'.
Mr Michael Howard [R] 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
( ) 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] 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] 47 Schedule 22, page 276, leave out lines 42 to 44.
Mr Michael Howard [R] 48 Schedule 22, page 276, line 44, leave out from ', securities) or' to the end of line 1 on page 277.
Mr Michael Howard [R] 49 Schedule 22, page 277, line 6, leave out 'In a case within subsection (1)(a),'.
|