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

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Mr Chancellor of the Exchequer

143

Page     71,     line     42     [Clause     120],     at end insert—

    '()   Where tax has been paid in respect of a land transaction ("the first transaction") that involves missives of let in Scotland that constitute a lease, and subsequent to those missives of let a lease is granted ("the second transaction") which either—

      (a) is in conformity with the missives of let, or

      (b) relates to substantially the same property and period as the missives of let,

    the tax that would otherwise be charged in respect of the second transaction is reduced by the amount of tax paid in respect of the first transaction in respect of the missives of let.'.


   

Mr Chancellor of the Exchequer

144

Page     72,     line     4     [Clause     121],     after 'means' insert '—

      (a) in relation to a lease, when it is executed by the parties (that is to say, by signing) or constituted by any means;

      (b) in relation to any other transaction,'.


   

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

26

Page     75,     line     2     [Clause     123],     leave out 'stamp duty land' and insert 'property transaction'.

   

Mr Chancellor of the Exchequer

80

Page     75,     line     20     [Clause     125],     leave out subsections (5) and (6) and insert—

    '(5)   This section and that Schedule have effect—

      (a) in relation to an instrument effecting a land transaction, if the transaction—

      (i) is an SDLT transaction within the meaning of Schedule 19 to this Act (stamp duty land tax: commencement and transitional provisions), or

      (ii) would be such a transaction but for an exemption or relief from stamp duty land tax;

      (b) in relation to an instrument effecting a transaction other than a land transaction, if the instrument is executed on or after the implementation date for the purposes of stamp duty land tax (see paragraph 2(2) of that Schedule).

    For this purpose an instrument effecting both a land transaction and a transaction other than a land transaction is treated as if it were two instruments to which paragraph (a) and paragraph (b) above respectively applied.

    (5A)   Where in the case of an instrument effecting both a land transaction and a transaction other than a land transaction the result of applying subsection (5) is that stamp duty is chargeable on either or both of the deemed instruments, the enactments relating to stamp duty have effect as if—

      (a) there were two instruments as mentioned in the closing words of that subsection,

      (b) the consideration had been apportioned between them in a just and reasonable manner, and

      (c) the amount found on that apportionment to be attributable to the chargeable instrument, or (as the case may be) to each of them, had been set forth distinctly in that instrument.'.

    (6)   In subsections (5) and (5A) "land transaction" has the same meaning as in Part 4 of this Act.'.

   

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

100

Page     75,     line     22     [Clause     125],     leave out 'SDLT' and insert 'PTT'.

   

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

101

Page     75,     line     23     [Clause     125],     leave out 'stamp duty land' and insert 'property transaction'.

   

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

102

Page     75,     line     26     [Clause     125],     leave out 'stamp duty land' and insert 'property transaction'.

   

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

103

Page     75,     line     28     [Clause     125],     leave out 'stamp duty land' and insert 'property transaction'.


   

Mr Chancellor of the Exchequer

81

Page     158,     line     22     [Schedule     4],     leave out 'part-exchange' and insert 'relief for certain exchanges'.


   

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

10

Page     161,     line     35,     leave out Schedule 5.


   

Mr Chancellor of the Exchequer

82

Page     171,     line     13     [Schedule     7],     at end insert—

       'This does not apply to arrangements entered into with a view to an acquisition of shares by a company ("the acquiring company")—

      (a) in relation to which section 75 of the Finance Act 1986 (c.41) (stamp duty: acquisition relief) will apply,

      (b) in relation to which the conditions for relief under that section will be met, and

      (c) as a result of which the purchaser will be a member of the same group as the acquiring company.'.


   

Mr Chancellor of the Exchequer

83

Page     175,     line     16     [Schedule     7],     leave out from 'to' to end of line 18 and insert 'all the shareholders of the target company'.


   

Mr Chancellor of the Exchequer

84

Page     183,     line     2     [Schedule     9],     leave out line 2 and insert—

       'A local housing authority within the meaning of the Housing Act 1985 (c.68)

       A county council in England'.

   

Mr Chancellor of the Exchequer

85

Page     183     [Schedule     9],     leave out lines 8 and 9.

   

Mr Chancellor of the Exchequer

86

Page     183,     line     26     [Schedule     9],     at end insert—

       'The Welsh Development Agency'.


   

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

104

Page     219,     line     33     [Schedule     13],     leave out 'stamp duty land' and insert 'property transaction'.


   

Mr Chancellor of the Exchequer

87

Page     229,     line     38     [Schedule     14],     leave out sub-paragraphs (3) and (4).


   

Mr Chancellor of the Exchequer

88

Page     230,     line     19     [Schedule     14],     leave out from beginning to 'an' in line 22.

   

Mr Chancellor of the Exchequer

89

Page     230,     line     27     [Schedule     14],     leave out 'sub-paragraph (2)' and insert 'this paragraph'.

   

Mr Chancellor of the Exchequer

90

Page     230,     line     28     [Schedule     14],     at end insert—

    '( ) The right of appeal under this paragraph is in addition to any right of appeal conferred by regulations under paragraph 10 of Schedule 17 (general power to provide for appeals on points of law).'.


   

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

27

Page     232,     line     37     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.


   

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

28

Page     234,     line     4     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.

   

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

29

Page     234,     line     10     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.

   

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

105

Page     234,     line     26     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.

   

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

30

Page     234,     line     29     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.


   

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

31

Page     235,     line     1     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.

   

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

32

Page     235,     line     4     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.

   

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

33

Page     235,     line     11     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.

   

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

106

Page     235,     line     14     [Schedule     15],     leave out 'stamp duty land' and insert 'property transaction'.


   

Mr Chancellor of the Exchequer

91

Page     238,     [Schedule     17],     leave out lines 4 to 7 and insert—

      'General and Special Commissioners: application of general provisions

     Part 1 of the Taxes Management Act 1970 (c.9) (administration) has effect as if this Part of this Act were part of the Taxes Acts.'.

 
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Prepared 1 Jul 2003