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

250

Clause     161,     page     104,     line     5,     after 'losses', insert 'but more than one notice satisfying the requirements of this section may be contained in a single document'.


   

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

208

Clause     162,     page     105,     leave out lines 21 to 39.

   

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

209

Clause     162,     page     105,     line     28,     leave out 'that date' and insert '9th April 2003'.

   

Mr Paul Boateng

297

Clause     162,     page     105,     line     32,     leave out paragraph (d) and insert—

      '(d) so much of Schedule 4C as amended as provides—

      (i) that gains treated as accruing to beneficiaries who are not chargeable to tax are treated as outstanding section 87/89 gains, or

      (ii) that gains in a settlement's Schedule 4C pool are not to be treated as accruing to such beneficiaries,

       applies only in relation to capital payments made on or after 9th April 2003;'.


   

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

210

Schedule     29,     page     354,     line     16,     at end insert—

    '(3A)   Where any outstanding section 87/89 gains of a settlement are brought into the settlement's Schedule 4C pool by virtue of any provision of this Schedule, they shall thereafter no longer be available for attribution to beneficiaries of that settlement under sections 87(4) or 89(2), nor shall they thereafter be outstanding trust gains of that settlement within the meaning of section 90(2) or (3) on any subsequent occasion to which section 90 might otherwise apply.'.

   

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

212

Schedule     29,     page     355,     line     12,     after 'the', insert 'available'.

   

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

211

Schedule     29,     page     356,     line     34,     at end insert—

    '(4)   Where in any year gains are attributed under section 87(4) or section 89(2) to beneficiaries who are chargeable to tax within the meaning of paragraph 8(4), the amount so attributed shall in future years thereafter no longer form part of the Schedule 4C pool of any settlement which is a relevant settlement in relation to that pool.'.


   

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

290

Clause     175,     page     111,     line     18,     at end insert—

    '(1A)   The provisions of Schedule 36 have effect in relation to adult placement carers with the modifications specified in subsections (1B) to (1G) below.

    (1B)   References to the "provision of foster care" are to the provision of services under a placement agreement as an adult placement carer.

    (1C)   The expressions "placement agreement" and "adult placement carer" have the meanings given to them by subsection (1H) and (1J) below, and paragraph 4 does not apply.

    (1D)   References to a "foster care arrangement" are to arrangements by which an individual provides services under a placement agreement as an adult placement carer otherwise than as part of a trade, profession or vocation carried on by that individual.

    (1E)   References to "foster care receipts" and "total foster care receipts" are to receipts in respect of the provision of services under a placement agreement as an adult placement carer.

    (1F)   References to a child are to a service user under a placement agreement.

    (1G)   The weekly amount for a service user for the purposes of ascertaining the individual's limit is £270, and paragraph 8(2) does not apply.

    (1H)   A "placement agreement" is an agreement between a service user, an adult placement carer and the local authority or other agency that manages an adult placement scheme (see subsection (1K)), which makes provision for the terms under which the service user is to be accommodated, cared for or supported by the adult placement carer under the adult placement scheme.

    (1J)   An "adult placement carer" is a person approved by an adult placement scheme (see subsection (1K)) who provides short or long term accommodation, care or support in their home to vulnerable adults placed with them through and supported by the adult placement scheme.

    (1K)   An "adult placement scheme" is a scheme managed by a local authority or independent (profit or non-profit making) agency, and working to government guidelines and standards in England and Wales, Scotland and Northern Ireland, which is responsible:—

      (a) for recruiting, assessing, training and supporting adult placement carers;

      (b) for taking referrals, matching and placing service users with adult placement carers; and

      (c) for supporting and maintaining the placement.'.


   

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

203

Schedule     36,     page     408,     line     23,     at end insert—

    '(7)   The Treasury may by order substitute, for the fixed amount in sub-paragraph (1), a higher figure in relation to a residence in a high-cost area designated by them for the purposes of this paragraph.'.


   

Mr Paul Boateng

300

Schedule     38,     page     419,     line     42,     at end insert—

'Option premium to be reflected in sale price unless brought into account under derivative contracts provisions

    9A   In section 730A of the Taxes Act 1988 (treatment of price differential on sale and repurchase of securities), after subsection (8) insert—

          "(8A)   In this section references to the sale price are to be construed—

          (a) in a case where the securities are bought back by the transferor or a person connected with him in compliance with a requirement imposed in consequence of the exercise of an option acquired under the agreement to sell the securities or any related agreement, as references to what would otherwise be the sale price plus the amount of any consideration given for the option, and

          (b) in a case where the securities are so bought back in the exercise of an option so acquired, as references to what would otherwise be the sale price less the amount of any consideration so given,

        unless the consideration is brought into account under Schedule 26 to the Finance Act 2002 (derivative contracts).".'.

   

Mr Paul Boateng

301

Schedule     38,     page     420,     line     1,     at end insert—

    '9B (1) Section 730A of the Taxes Act 1988 (treatment of price differential on sale and repurchase of securities) is amended as follows.

    (2) In subsection (4) (adjustment of repurchase price) for "this section and sections 737A and 737C" substitute "the excepted provisions specified in subsection (4A) below".

    (3) At the end of that subsection add as a second sentence—

             "This subsection is subject to subsection (4B) below.".

    (4) After that subsection insert—

          "(4A)   The excepted provisions are—

          (a) this section,

          (b) section 730BB, apart from subsection (6A),

          (c) section 737A, and

          (d) section 737C.

          (4B)   Where section 730BB(6A) has effect (repurchase price to be treated as increased or reduced for certain purposes), subsection (4) above does not have effect for any purpose other than that of determining the amount that falls to be increased or reduced under section 730BB(6A).".'.

   

Mr Paul Boateng

302

Schedule     38,     page     421,     line     29,     at end insert—

          '(6A)   Where a company has a relationship to which this section applies, the repurchase price shall be treated for the purposes of the Tax Acts (other than this section and sections 730A, 737A and 737C) and (in cases where section 263A of the 1992 Act does not apply) for the purposes of the 1992 Act—

          (a) in a case where an exchange gain arises to the company by virtue of subsection (4)(a) above or an exchange loss arises to the company by virtue of subsection (5)(b) above, as increased by the amount by which the first sum exceeds the second sum, and

          (b) in a case where an exchange gain arises to the company by virtue of subsection (4)(b) above or an exchange loss arises to the company by virtue of subsection (5)(a) above, as reduced by the amount by which the second sum exceeds the first sum.'.

   

Mr Paul Boateng

303

Schedule     38,     page     422,     line     32,     leave out from 'securities),' to the end of line 35 and insert—

      '(b) in the case of that relationship the circumstances mentioned in section 730A(1)(b) of that Act are such as to give rise to a money debt, and

      (c) the company stands, or has stood, in the position of a creditor or debtor as respects that money debt,'.


   

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

295

Schedule     41,     page     428,     line     21,     at end insert—

    '(7ZB)   For the purposes of this section an administrator (who is the proper officer of a company) may elect that subsections (3)(da) and (7ZA) do not apply.

    (7ZC)   An election under subsection (7ZB) must be made—

      (a) in writing,

      (b) to the Inland Revenue,

      (c) no later than one year after the date the company enters administration.

    (7ZD)   An election under subsection (7ZB) is irrevocable.'.

 
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