Amendments proposed to the Finance Bill - continued House of Commons

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

194

Schedule     21,     page     250,     line     38,     after 'acquired', insert 'under options granted'.

   

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.'.


   

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

107

Schedule     22,     page     252,     leave out lines 42 to 44.

   

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

108

Schedule     22,     page     253,     line     35,     leave out 'or pretended purpose'.

   

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

105

Schedule     22,     page     253,     line     47,     at end insert—

      '(ca) a partnership interest in a venture capital investment partnership as defined in paragraph 2 of Schedule 7AD of the Taxation of Chargeable Gains Act 1992 or in a partnership which is itself a partner in such a partnership'.

   

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

24

Schedule     22,     page     254,     leave out lines 5 to 8.

   

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

106

Schedule     22,     page     254,     line     13,     after 'them', insert 'or an interest in a partnership which holds securities,'.

   

Mr Paul Boateng

167

Schedule     22,     page     255,     line     2,     leave out 'a beneficial interest is acquired' and insert 'the person acquiring the securities or interest becomes beneficially entitled to those securities or that interest'.

   

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

110

Schedule     22,     page     255,     line     8,     leave out ', or by a person connected with a person's employer,'.

   

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

109

Schedule     22,     page     256,     line     13,     leave out from first 'connected' to end of line 14.

   

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

111

Schedule     22,     page     257,     leave out lines 6 to 15.

   

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

112

Schedule     22,     page     257,     line     17,     after '3', insert ', 3A, 3B'.

   

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

113

Schedule     22,     page     257,     line     22,     leave out '3A to' and insert '3C and'.

   

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

25

Schedule     22,     page     257,     line     40,     at end insert 'Participation by an employee or prospective employee in an offer to the public where that offer or ancillary arrangements contain provisions relating to employment or the ability to dispose of securities acquired through the offer shall not of themselves mean that any securities so acquired are not acquired under the terms of an offer to the public.'.

   

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

26

Schedule     22,     page     258,     line     22,     leave out 'as holders of the shares'.

   

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

27

Schedule     22,     page     259,     line     45,     leave out 'given' and insert 'received'.

   

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

28

Schedule     22,     page     260,     line     24,     at end insert 'An event which qualifies under more than one of the paragraphs of subsection (3) below shall be a reportable event only in respect of the earliest paragraph by virtue of which it is a reportable event.'.

   

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 Paul Boateng

168

Schedule     22,     page     262,     line     42,     leave out 'entitled to any beneficial interest in the' and insert 'beneficially entitled to the employment-related'.

   

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 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 Paul Boateng

169

Schedule     22,     page     265,     line     3,     leave out from 'is' to 'after' in line 5 and insert 'beneficially entitled 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

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.'.

 
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Prepared 22 May 2003