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

35

Schedule     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.'.

   

Mr Paul Boateng

170

Schedule     22,     page     265,     line     24,     leave out from 'restrictions' to end of line 29.

   

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

114

Schedule     22,     page     265,     line     38,     leave out 'PCP' and insert 'PPCP'.

   

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

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—

'( ) if the employment-related securities were acquired on a conversion of other employment-related securities, any amount that counted as employment income of the employee under Chapter 3 of this Part (including that Chapter as originally enacted) (convertible securities) by reason of the conversion,'.

   

Mr Paul Boateng

172

Schedule     22,     page     266,     line     28,     leave out from beginning to ', and' in line 32.

   

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

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

AMV

    where—

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

37

Schedule     22,     page     267,     line     23,     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

38

Schedule     22,     page     267,     line     44,     after 'elect', insert 'at any time'.

   

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

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

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

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—

    '(3) Section 431 has effect in relation to securities, or interests in securities, acquired before the day appointed under sub-paragraph (2)—

    (a)   with the substitution in subsections (1)(b) and (2)(b) for "sections 425 to 430" of "section 426 as originally enacted and sections 426 to 430 as substituted by paragraph 3(1) of Schedule 22 to the Finance Act 2003", and

    (b)   with the substitution in subsection (5)(b) for "the acquisition" of "the day appointed under paragraph 3(2) of Schedule 22 to the Finance Act 2003".

    (4) But sub-paragraph (3) does not apply where in relation to the securities or interest in securities an amount counts as employment income of the employee under section 427 or 449 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) as originally enacted.'.

   

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

( ) a contract, agreement, arrangement or condition makes provision for the conversion of the securities (otherwise than by the holder) into securities of a different description.'.

   

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

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

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

44

Schedule     22,     page     273,     line     43,     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

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—

(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

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.'.

 
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