Vote Bundle Text (930701-04)

Amendments proposed to the Finance Bill, As Amended - continued	House of Commons

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Mr Chancellor of the Exchequer

129

Page 391, line 3 [Schedule 33], leave out from 'transferor")' to 'is' in line 6 and insert —

'(2) Where the last period covered by a periodical return of the transferor ends otherwise than immediately before the transfer, there'.

Mr Chancellor of the Exchequer

130

Page 391, line 11 [Schedule 33], leave out 'takes place'.

Mr Chancellor of the Exchequer

131

Page 391, [Schedule 33], leave out lines 15 to 17 and insert —

'(2A) Where the last period covered by a periodical return of the transferor (whether or not by virtue of subsection (2) above) ends immediately before the transfer, there is to be deemed for the relevant purpose to be a periodical return of the transferor—

(a)	covering the time of the transfer, and

(b)	containing such entries as would have been included in an actual periodical return covering the time of the transfer,

(and so making the time of the transfer a period of account of the transferor for the relevant purpose).

(2B) Where the last period covered by a periodical return of the transferor ends after the transfer, the periodical return covering that period is to be ignored for all purposes of corporation tax other than the relevant purpose.

(3) In this section "the relevant purpose" means'.

Mr Chancellor of the Exchequer

132

Page 396, line 7 [Schedule 33], at end insert —

'(2ZCA) For the purposes of subsection (2ZC) above—

(a)	closing liabilities of the transferee are to be taken not to relate to the business transferred to the extent that they are liabilities which, immediately before the transfer, were reinsured by the transferor with the transferee, but

(b)

closing liabilities of the transferee are to be taken to relate to the business transferred to the extent that they are liabilities which, immediately before the transfer, were reinsured by the transferee with the transferor if the business transferred consists of or includes that reinsurance business.'.

Mr Chancellor of the Exchequer

133

Page 397, line 10 [Schedule 33], after '431(2)', insert 'of the Taxes Act 1988'.

Mr Chancellor of the Exchequer

134

Page 397, line 32 [Schedule 33], at end insert —

'Meaning of "period of account"

'26A

In section 431(2) of the Taxes Act 1988 (interpretative provisions relating to insurance companies), after the definition of "periodical return" insert—

""period of account" means the period covered by a periodical return;".'.

NEW CLAUSE RELATING TO STAMP DUTY LAND TAX OR STAMP DUTY

Registered social landlords: treatment of certain leases granted between 1st January 1990 and 27th March 2000

Mr Chancellor of the Exchequer

NC10

To move the following Clause:—

'(1) This section applies to a lease in relation to which the following conditions are met—

(a)	it is a lease of a dwelling to one or more individuals;

(b)	it is for an indefinite term or is terminable by notice of a month or less;

(c)	it was executed on or after 1st January 1990 and before 28th March 2000;

(d)	at the time it was executed the rate or average rate of the rent (whether reserved as a yearly rent or not) was £5,000 a year or less; and

(e)	the landlord's interest has at any time before 26th June 2003 been held by a registered social landlord.

(2) A lease to which this section applies (whether or not presented for stamping) shall be treated—

(a)	for the purposes of section 14 of the Stamp Act 1891 (c.39) (production of instrument in evidence) as it applies in relation to proceedings begun after the day on which this Act is passed, and

(b)	for the purposes of section 17 of that Act (enrolment etc of instrument) as it applies to any act done after that day,

as if it had been duly stamped in accordance with the law in force at the time when it was executed.

(3) If in the case of a lease to which this section applies the Commissioners are satisfied—

(a)	that the instrument was stamped on or before the day on which this Act is passed, and

(b)	that stamp duty was charged in respect of it,

they shall pay to such person as they consider appropriate an amount equal to the duty (and any interest or penalty) so charged.

(4) Any such payment must be claimed before 1st January 2004.

(5) Entitlement to a payment under subsection (3) is subject to compliance with such conditions as the Commissioners may determine with respect to the production of the instrument, to its being stamped so as to indicate that it has been produced under this section or to other matters.

(6) For the purposes of section 10 of the Exchequer and Audit Departments Act 1866 (c.39) (Commissioners to deduct repayments from gross revenues) any amount paid under subsection (3) above is a repayment.

(7) This section shall be construed as one with the Stamp Act 1891 (c.39).

(8) The reference in subsection (1) above to the landlord's interest being held by a "registered social landlord" is to its being held by a body that—

(a)	is registered in a register maintained under—

(i)	Article 124 of the Housing (Northern Ireland) Order 1981 (S.I.1981/156(N.I.3)),

(ii)	section 3(1) of the Housing Associations Act 1985 (c.69),

(iii)

Article 14 of the Housing (Northern Ireland) Order 1992 (S.I.1992/1725 (N.I.15)),

(iv)	section 1(1) of the Housing Act 1996 (c.52), or

(v)	section 57 of the Housing (Scotland) Act 2001 (asp10), or

(b)	is a body corporate whose objects correspond to those of a housing association and which, pursuant to a contract with Scottish Homes, is registered in a register kept for the purposes by Scottish Homes.

(9) Section 129 of this Act (relief for certain leases granted on or after 1st January 2000) does not apply to a lease to which this section applies.'.

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

Page 29, line 30 [Clause 42], leave out 'stamp duty land' and insert 'property transaction'.

Mr Chancellor of the Exchequer

Page 30, line 36 [Clause 44], at end insert—

'( ) A person is not regarded as entering into a land transaction by reason of entering into the contract, but the following provisions have effect.'.

Mr Chancellor of the Exchequer

Page 32, line 1 [Clause 45], leave out 'Where this section applies,' and insert 'The transferee is not regarded as entering into a land transaction by reason of the transfer of rights, but'.

Mr Chancellor of the Exchequer

Page 32, line 3 [Clause 45], leave out subsections (3) and (4) and insert—

'(3) That section applies as if there were a contract for a land transaction (a "secondary contract") under which—

(a)	the transferee is the purchaser, and

(b)	the consideration for the transaction is—

(i)	so much of the consideration under the original contract as is referable to the subject-matter of the transfer of rights and is to be given (directly or indirectly) by the transferee or a person connected with him, and

(ii)	the consideration given for the transfer of rights.

The substantial performance or completion of the original contract at the same time as, and in connection with, the substantial performance or completion of the secondary contract shall be disregarded.

(4) Where there are successive transfers of rights, subsection (3) has effect in relation to each of them.

The substantial performance or completion of the secondary contract arising from an earlier transfer of rights at the same time as, and in connection with, the substantial performance or completion of the secondary contract arising from a subsequent transfer of rights shall be disregarded.'.

Mr Chancellor of the Exchequer

Page 32, line 23 [Clause 45], at end insert—

'( ) Section 839 of the Taxes Act 1988 (connected persons) applies for the purposes of subsection (3)(b)(i).'.

Mr Chancellor of the Exchequer

Page 33, line 15 [Clause 47], leave out 'part-exchange' and insert 'relief for certain exchanges'.

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

Page 35, line 40 [Clause 53], leave out 'stamp duty land' and insert 'property transaction'.

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

Page 37, line 30, leave out Clause 56.

Mr Chancellor of the Exchequer

Page 38, line 12 [Clause 58], leave out from 'dwelling' to end of line 13.

Mr Chancellor of the Exchequer

Page 38, line 20 [Clause 58], leave out from beginning to 'and' in line 21.