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

47

Schedule     22,     page     276,     leave out lines 42 to 44.

   

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

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

49

Schedule     22,     page     277,     line     6,     leave out 'In a case within subsection (1)(a),'.

   

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

50

Schedule     22,     page     277,     leave out lines 12 to 15.

   

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

51

Schedule     22,     page     277,     line     17,     leave out '(a) In a case within subsection (1)(a),'.

   

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

52

Schedule     22,     page     277,     leave out line 19.

   

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

53

Schedule     22,     page     277,     leave out lines 20 to 23.

   

Mr Paul Boateng

179

Schedule     22,     page     277,     line     33,     leave out '2002' and insert '2003'.

   

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

54

Schedule     22,     page     280,     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

55

Schedule     22,     page     281,     line     14,     at end insert 'For the purposes of this Chapter there is not a non-commercial increase in the value of 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 Michael Howard [R]
Mr Howard Flight [R]
Mr Stephen O'Brien
Mr Mark Prisk
David Maclean
Mr David Wilshire

56

Schedule     22,     page     282,     leave out lines 21 to 36 and insert—

    '( )   The relevant period begins on the earliest of:

      (a) the date of the acquisition of the employment-related securities; and

      (b) the 6th April preceding the date on which this Chapter ceases to apply 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

57

Schedule     22,     page     283,     line     39,     after 'applies', insert 'to an employee who earns more than £8,500, or holds office as a director of a company, during a tax year'.

   

Mr Paul Boateng

180

Schedule     22,     page     288,     line     3,     leave out 'entitled to a beneficial interest in' and insert 'beneficially entitled to'.

   

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

58

Schedule     22,     page     289,     line     16,     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
Mr David Wilshire

116

Schedule     22,     page     295,     line     1,     leave out from first 'the' to 'at' and insert 'net amount which the person who acquires the securities might reasonably expect to realise on a disposal of them'.

   

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

59

Schedule     22,     page     295,     line     39,     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 Paul Boateng

181

Schedule     22,     page     301,     line     22,     after 'affect' insert 'the operation of section 698 as originally enacted in relation to'.

   

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

117

Schedule     22,     page     302,     line     20,     leave out from beginning to end of line 3 on page 303.

   

Mr Paul Boateng

182

Schedule     22,     page     302,     line     39,     leave out 'have a beneficial interest in' and insert 'be beneficially entitled to'.

   

Mr Paul Boateng

183

Schedule     22,     page     302,     line     42,     leave out from 'shares' to 'constitute' in line 43 and insert 'to which the person ceases to be beneficially entitled'.

   

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

118

Schedule     22,     page     303,     leave out lines 10 to 13.


   

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

4

Clause     43,     page     30,     line     7,     leave out from 'provision' to end.


   

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

198

Page     31,     line     38,     leave out Clause 45.

 
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