Amendments proposed to the Child Trust Funds Bill - continued House of Commons

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Mr George Osborne
Mr Peter Atkinson

173

*Clause     9,     page     5,     line     9,     after '(5)', insert 'or the condition in subsection (9)'.

   

Mr George Osborne
Mr Peter Atkinson

174

*Clause     9,     page     5,     line     10,     leave out first 'That' and insert 'The condition in this subsection'.

   

Mr George Osborne
Mr Peter Atkinson

175

*Clause     9,     page     5,     line     10,     after second 'that', insert 'the child benefit commencement date fell on or after 6th April 2003 and'.

   

Mr George Osborne
Mr Peter Atkinson

124

Clause     9,     page     5,     line     12,     leave out 'entitled to' and insert 'eligible for'.

   

Mr George Osborne
Mr Peter Atkinson

125

Clause     9,     page     5,     line     13,     leave out from 'date' to end of line 17.

   

Mr George Osborne
Mr Peter Atkinson

176

*Clause     9,     page     5,     line     41,     leave out subsection (9) and insert—

    '(9)   The condition in this subsection is that—

      (a) the child benefit commencement date fell before 6th April 2003,

      (b) a person was, or persons were, entitled to a benefit specified in subsection (9A) in respect of the child on any date in the tax year beginning with 6th April 2002, and

      (c) that either the specified income of the person or persons for that tax year did not exceed the specified income threshold or the person, or either of the persons, was entitled to a specified social security benefit for that date.

    (9A)   Those benefits are—

      (a) income support,

      (b) income-based jobseeker's allowance,

      (c) children's tax credit,

      (d) working families' tax credit, and

      (e) disabled person's tax credit.

    (9B)   In subsection (9)(c) "the specified income", "the specified income threshold" and "a specified social security benefit" have the meanings given by regulations.

    (9C)   In making regulations under subsection (9B) the Treasury shall, as far as practicable, secure that the terms in that subsection are interpreted so as to provide that the condition in subsection (9) shall be satisfied in relation to levels of income, income threshold and entitlement similar to those enabling the condition in subsection (5) to be satisfied, taking account of any change in the value of money.'.

   

Mr George Osborne
Mr Peter Atkinson

126

Clause     9,     page     5,     line     47,     leave out '2003' and insert '2002'.

   

Mr David Laws
Norman Lamb

152

Clause     9,     page     6,     line     7,     at end add—

    '(11)   The supplementary contribution shall be fixed at an amount of not less than 100 per cent. of the initial contribution amount.'.


   

Mr George Osborne
Mr Peter Atkinson

40

Clause     10,     page     6,     line     10,     leave out 'child trust funds' and insert 'baby bonds'.

   

Mr George Osborne
Mr Peter Atkinson

127

Clause     10,     page     6,     line     14,     leave out from 'of' to end of line and insert '£50, or £100 for a child to whom section 9 applies'.

   

Mr George Osborne
Mr Peter Atkinson

128

Clause     10,     page     6,     line     16,     leave out from 'attaining' to end of line and insert 'the age of seven'.

   

Mr George Osborne
Mr Peter Atkinson

129

Clause     10,     page     6,     line     16,     leave out from 'attaining' to end of line and insert 'the ages of 5, 11 and 16'.

   

Mr David Laws
Norman Lamb

153

Clause     10,     page     6,     line     16,     leave out from 'attaining' to end of line 18 and insert 'the ages of 7, 11 and 15, or

      (b) one-off payments are to be made to disburse the proceeds from Government asset sales.'.

   

Mr George Osborne
Mr Peter Atkinson

41

Clause     10,     page     6,     line     22,     leave out 'child trust funds' and insert 'baby bonds'.

   

Mr David Laws
Norman Lamb

167

*Clause     10,     page     6,     line     23,     at end add—

    '(4)   The amounts prescribed by, or determined in accordance with, regulations under subsection (1) shall be fixed at—

      (a) no less than £250 for each contribution in respect of a child to whom section 9 does not apply, and

      (b) in respect of children to whom section 9 applies, no less than 200 per cent. of the amount of any contribution in respect of a child to whom section 9 does not apply.'.

   

Mr David Laws
Norman Lamb

168

*Clause     10,     page     6,     line     23,     at end add—

    '(4)   The amounts prescribed by, or determined in accordance with, regulations under subsection (1) shall be announced by the Chancellor of the Exchequer at least 2 years before the date of each such payment.'.


   

Mr George Osborne
Mr Peter Atkinson

42

Clause     11,     page     6,     line     27,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

130

Clause     11,     page     6,     line     29,     at end insert 'provided that a person is shown to have acted fraudulently or negligently'.

   

Mr George Osborne
Mr Peter Atkinson

43

Clause     11,     page     6,     line     31,     after '10', insert 'or [additional contributions by Inland Revenue for children in care]'.

   

Mr David Laws
Norman Lamb

154

Page     4,     line     24,     leave out Clause 11.


   

Mr George Osborne
Mr Peter Atkinson

131

Clause     12,     page     6,     line     34,     leave out subsection (1).

   

Mr George Osborne
Mr Peter Atkinson

44

Clause     12,     page     6,     line     34,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr David Cameron
Mr George Osborne
Mr Peter Atkinson

45

Clause     12,     page     6,     line     36,     at beginning insert 'Except where subsection (2A) applies,'.

   

Mr George Osborne
Mr Peter Atkinson

132

Clause     12,     page     6,     line     36,     leave out 'Regulations may prescribe'.

   

Mr George Osborne
Mr Peter Atkinson

46

Clause     12,     page     6,     line     37,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

133

Clause     12,     page     6,     line     37,     after 'year', insert 'shall be £1,200, or such greater amount as may be prescribed by regulations'.

   

Mr George Osborne
Mr Peter Atkinson

47

Clause     12,     page     6,     line     38,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr David Cameron
Mr George Osborne
Mr Peter Atkinson

48

Clause     12,     page     6,     line     39,     at end insert—

    '(2A)   The maximum amount prescribed under regulations under subsection (2) shall not apply in any case where a person is, or persons are, entitled to Disability Living Allowance in respect of the child holding the child trust fund.'.

   

Mr David Laws
Norman Lamb

164

*Clause     12,     page     6,     line     39,     at end insert—

    '(2A)   Regulations shall prescribe a minimum amount for a subscription by any individual into a single child trust fund in any one month and the minimum amount so prescribed shall not be above £5.'.

   

Mr George Osborne
Mr Peter Atkinson

49

Clause     12,     page     6,     line     40,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

134

Clause     12,     page     6,     line     41,     after second 'the', insert 'first day of the month that includes the'.

   

Mr George Osborne
Mr Peter Atkinson

50

Clause     12,     page     6,     line     41,     leave out 'child trust fund' and insert 'baby bond'.

   

Mr George Osborne
Mr Peter Atkinson

135

Clause     12,     page     6,     line     42,     leave out 'immediately before' and insert 'on the first day of the month following that which includes'.

   

Mr David Laws
Norman Lamb

166

*Clause     12,     page     6,     line     43,     at end add—

    '(4)   The Inland Revenue shall publish proposals for subscriptions to be made to child trust funds by electronic means.'.

   

Mr David Laws
Norman Lamb

172

*Clause     12,     page     6,     line     43,     at end add—

    '(4)   The Inland Revenue shall publish, by 31st March 2005, proposals to allow direct payments of child benefit to child trust fund accounts.'.


   

Mr George Osborne
Mr Peter Atkinson

51

Clause     13,     page     7,     line     7,     leave out 'child trust funds' and insert 'baby bonds'.

   

Mr George Osborne
Mr Peter Atkinson

52

Clause     13,     page     7,     line     11,     leave out 'child trust funds' and insert 'baby bonds'.

   

Mr David Laws
Norman Lamb

155

Clause     13,     page     7,     line     26,     at end add—

    '(6)   Before this section comes into force the Treasury shall lay before each House of Parliament a report setting out the additional costs to the Exchequer over the period from 1st April 2004 to 31st March 2022 of relief from income tax and capital gains tax as a consequence of the introduction of child trust fund accounts, together with an assessment of the scope for greater tax avoidance activity.'.

 
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