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
Mr David Wilshire

81

Clause     127,     page     77,     line     29,     leave out lines 29 to 31 and insert 'reacquired by a group company by a transfer which was—

      (i) at a just and reasonable value under a duly stamped instrument on which ad valorem duty was paid and not subject to a claim for section 76 relief; or

      (ii) at a just and reasonable value under a chargeable transaction in respect of which stamp duty land tax was paid and not subject to a claim for relief under Part 1 of Schedule 7 to the Finance Act 2003; or

      (iii) exempt from duty or exempt from stamp duty land tax.'.

   

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

76

Clause     127,     page     77,     line     32,     leave out '14th April 2003' and insert 'the day on which this Act is passed.'.

   

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

77

Clause     127,     page     77,     line     34,     leave out '9th April 2003' and insert 'the day on which this Act is passed.'.

   

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

78

Clause     127,     page     77,     line     34,     leave out '9th April 2003' and insert '14th April 2003.'.

   

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

79

Clause     127,     page     77,     line     41,     leave out subsection (9).


   

Mr David Laws
Norman Lamb
Mr John Burnett

201

Clause     128,     page     77,     line     45,     leave out 'in accordance with arrangements to which this section applies'.

   

Mr David Laws
Norman Lamb
Mr John Burnett

195

Clause     128,     page     78,     line     9,     leave out subsection (3).

   

Mr David Laws
Norman Lamb
Mr John Burnett

196

Clause     128,     page     78,     line     17,     leave out subsection (4).


   

Mr David Laws
Norman Lamb
Mr John Burnett

197

Clause     129,     page     78,     line     39,     leave out '2000' and insert '1995'.


   

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

251

Clause     136,     page     81,     line     7,     at end insert—

    '(2A)   A payment equivalent to a weekly amount not exceeding twice the amount of the national minimum wage in force from time to time shall be assumed to be reasonable for the purposes of subsection (1).'.


   

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

213

Schedule     23,     page     323,     line     34,     after 'company', insert 'or another group company'.

   

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

214

Schedule     23,     page     324,     line     2,     after 'company', insert 'or another group company'.

   

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

215

Schedule     23,     page     324,     line     7,     leave out 'the company mentioned in sub-paragraph (1)' and insert 'the company by whom the employee is employed or if that company is not the company for which the employee actually works, the company for which he actually works.'.

   

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

216

Schedule     23,     page     324,     line     22,     after 'business', insert ', or the part of the business'.

   

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

220

Schedule     23,     page     324,     line     23,     after 'company', insert 'or by a group company'.

   

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

217

Schedule     23,     page     324,     line     25,     after 'A', insert 'part of a'.

   

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

218

Schedule     23,     page     324,     line     25,     leave out 'or to the extent that,'.

   

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

219

Schedule     23,     page     324,     line     27,     leave out 'the business' and insert 'that part'.

   

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

225

Schedule     23,     page     324,     leave out line 30.

   

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

226

Schedule     23,     page     324,     leave out lines 31 to 38.

   

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

227

Schedule     23,     page     325,     leave out lines 6 to 7.

   

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

221

Schedule     23,     page     325,     line     11,     leave out 'parent' and insert 'group'.

   

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

228

Schedule     23,     page     325,     line     26,     leave out 'award' and insert 'shares'.

   

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

229

Schedule     23,     page     325,     line     35,     leave out from 'to' to end of line 41 and insert 'the amount on which the recipient is liable for income tax, or would be if the conditions specified in paragraph 7(2) were met.'.

   

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

230

Schedule     23,     page     326,     line     24,     leave out from 'recipient' to end of line 28 and insert 'is liable for income tax in respect of the shares, or would be if the conditions specified in paragraph 7(2) were met.'.

   

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

222

Schedule     23,     page     326,     line     40,     leave out 'parent' and insert 'group'.

   

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

223

Schedule     23,     page     327,     line     27,     after 'consideration', insert ', apart from the release of the old option,'.

   

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

232

Schedule     23,     page     328,     line     25,     at end insert—

'Amount of relief on grant

    14A.   Where under generally accepted accounting practice the employing company recognised an expense in connection with the grant of an option, the amount of relief is equal to the amount of the expense recognised on grant.'.

   

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

236

Schedule     23,     page     329,     line     2,     at end insert—

'Cancellation of options

    15A (1)   Where the holder of an option is paid consideration in money or money's worth for the cancellation of an option then relief is available for an amount equal to the amount of the consideration paid together with any NIC charge on that amount charged on the payer.

    (2)   The payment must be made either by the employing company, or a company which subsequently becomes a qualifying company within the meaning of paragraph 13 following a takeover of the company whose shares are the subject of the option.

    (3)   Relief under this paragraph shall be claimed by the company which makes the payment in respect of the accounting period in which the payment is made.

    (4)   In this paragraph—

       "NIC charge" means a liability to pay national insurance contributions under section 6 (Class 1 contributions), section 10 (Class 1A contributions) or section 10A (Class 1B contributions) of the Contributions and Benefits Act; and

       "the Contributions and Benefits Act" means either the Social Security Contributions and Benefits Act 1992 (c. 4) or the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7).'.

   

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

235

Schedule     23,     page     329,     line     18,     leave out from beginning to end of line 22 and insert—

    '(1)   Relief shall be given for the accounting period or periods in which, applying generally accepted accounting principles, the employing company would recognise an expense or a provision against a future expense (in either case "the accounting expense") if—

      (a) the employing company were to expend a sum as a payment to the recipient at the time that the recipient exercised the option; and

      (b) the amount of such sum were equal to the total amount of relief available under this Part.

    (2)   The amount of any relief available in any accounting period shall equal the amount of any corresponding accounting expense which would have been recognised for that period.

    (3)   Where relief has been given under this Part in respect of an option which subsequently lapses or is cancelled without being exercised then—

      (a) where the option lapses without any payment being made in money or money's worth, the employing company shall be deemed to have received profits or gains chargeable to tax under Case VI of Schedule D in the period in which such lapse occurs of an amount equal to the deductions claimed in respect of that option for prior periods; and

      (b) in any other case, the employing company shall be deemed to have received profits or gains chargeable to tax under Case VI of Schedule D in the period in which such lapse occurs of an amount equal to the deductions claimed in respect of that option for prior periods, less the amount of money or money's worth given in consideration for the lapse of the option.'.

 
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Prepared 5 Jun 2003