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

326

Clause     192,     page     125,     line     10,     after 'treated', insert 'for the purposes of Part 6 of the Taxes Act 1988'.

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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.'.

   

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

296

Schedule     41,     page     428,     line     23,     leave out '(7ZA)' and insert '(7ZD)'.

   

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

327

Schedule     41,     page     428,     line     26,     at end insert—

    '(1A)   In subsection (1), after "liquidator" insert "or administrator".'.

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

207

Clause     194,     page     126,     line     16,     leave out 'any of subsections (1) to' and insert 'the definition of "the Mutual Assistance Directive" in subsection'.

   

Mr Paul Boateng

304

Clause     194,     page     126,     line     19,     at end insert—

    '( )   An order under subsection (5) shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.'.

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

200

Clause     196,     page     127,     line     7,     after 'made', insert 'after consultation and agreement'.

   

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

288

Clause     196,     page     127,     line     41,     after 'for', insert 'the immediate benefit of'.

   

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

289

Clause     196,     page     127,     line     43,     at end insert ', being a description in respect of which the Community obligation or arrangements referred to in subsection (1) above apply.'.

   

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

328

Clause     196,     page     127,     line     44,     at end insert ', being a description in respect of which the Community obligation or arrangements referred to in subsection (1) above apply,'.

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

318

Schedule     42,     page     431,     line     36,     leave out 'branch or agency' and insert 'permanent establishment'.

   

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

319

Schedule     42,     page     432,     line     16,     leave out 'branch or agency' and insert 'permanent establishment'.

   

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

316

Schedule     42,     page     432,     line     44,     leave out 'business' and insert 'trade'.

   

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

320

Schedule     42,     page     432,     line     45,     leave out 'branch or agency' and insert 'permanent establishment'.

   

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

317

Schedule     42,     page     432,     line     46,     leave out 'habitually' and insert 'ordinarily'.

   

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

321

Schedule     42,     page     433,     line     3,     leave out 'branch or agency' and insert 'permanent establishment'.

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

284

Clause     207,     page     138,     line     13,     leave out subsection (3) and insert—

    '(3)   For subsection (3) substitute—

    "(3)   For the purposes of making their determination under sub-section (1)(b) the Treasury shall be required to apply generally accepted accounting practices in determining whether all or part of any payments represent such interest as is referred to in that subsection.".'.

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

282

Clause     208,     page     138,     line     24,     at end insert 'such determination to be made in accordance with generally accepted accounting practice.'.

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

283

Clause     209,     page     138,     line     31,     leave out 'as the Treasury consider appropriate' and insert 'as conforms with generally accepted accounting practice.'.

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NEW CLAUSES

Tax credits for individual savings accounts and personal equity plans

   

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

NC1

To move the following Clause:—

       '.—Section 76(1)(a) of the Finance Act 1998 (c. 36) shall cease to have effect.'.

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Top rate of income tax

   

Adam Price
Mr Elfyn Llwyd
Mr Simon Thomas
Mr Hywel Williams

NC2

To move the following Clause:—

       'A top rate of income tax (on earnings over £50,000) shall be charged for the year 2003-04, and for that year the top rate shall be charged at 50%.'.

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Debits and credits treated as relating to capital expenditure

   

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

NC3

To move the following Clause—

    '.—(1)   Paragraph 14 of Schedule 9 to the Finance Act 1996 (debits and credits treated as relating to capital expenditure) is amended as follows:

    (2)   After sub-paragraph (1) insert—

    "(1A)   This paragraph also applies where any debit or credit given by an authorised accounting method for any accounting period in respect of a loan relationship of a company is allowed by generally accepted accounting practice to be treated, in the accounts of the company, as an amount brought into account in determining the value of a financial asset.".

    (3)   After sub-paragraph (3) insert—

    "(4)   For the purpose of sub-paragraph (1A) above a "financial asset" is as defined by Financial Reporting Standard 5 issued in April 1994 by the Accounting Standards Board, as from time to time amended.".'.

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Transfers between settlements

   

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

NC4

To move the following Clause:—

       '. Section 90 of the Taxation of Chargeable Gains Act 1992 (transfers between settlements) is amended with effect from 9th April 2003, by deleting sub-paragraph 90(5).'.

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Continuation of children's tax credit for persons subject to immigration control

   

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

NC5

To move the following Clause:—

    '(1)   Where this section applies—

(a)	the repeal of section 257AA of, and Schedule 13B to, the Taxes Act 1988 (children's tax credit) by sections 1(3)(a) and 60 of, and Schedule 6 to, the Tax Credits Act 2002 (the 2002 Act); and

(b)	the repeal of the references to "section 257AA" in section 257C of the Taxes Act 1988 by section 60 of, and Schedule 6 to, the 2002 Act

       shall not apply.

    (2)   This section applies where the claimant is wholly or partly excluded from entitlement to child tax credit or working tax credit (or both) by reason of being a person subject to immigration control within the meaning of section 42 of the 2002 Act and regulations made thereunder.'.

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Small or medium-sized enterprises

   

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

NC7

To move the following Clause:—

    '.—(1)   The Capital Allowances Act 2001 is amended as follows.

    (2)   For subsection (1) of section 44 (expenditure incurred by small or medium-sized enterprises) substitute—

    "(1)   Expenditure is first-year qualifying expenditure if—

(a)	it is incurred by a small or medium-sized enterprise, or

(b)	it is incurred by a lessor on equipment leased to a small or medium-sized enterprise, and

(c)	and it is not excluded by subsection (2) or section 46 (general exclusions applying to sections 40, 44 and 45)."

    (3)   In subsection 5 of section 46 (general exclusions applying to sections 40, 44 and 45) after "section", insert "44".

    (4)   In section 52 (first-year allowances) column 1 of the Table is amended by inserting at the end of the second row "or incurred by a lessor on equipment leased to a small or medium-sized enterprise".'.

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Prepared 17 Jun 2003