Amendments proposed to the Finance Bill - continued House of Commons

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Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

97

Clause     51,     page     58,     line     14,     at end insert ', and

    (e)   the sole or main benefit of the transaction or the series of transactions was the obtaining of the tax advantage.'.


   

Mr Paul Boateng

90

Schedule     10,     page     317,     line     1,     leave out '93A(3)' and insert '93(3)'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

98

Clause     53,     page     59,     line     15,     at end insert 'such that deductions are available as and when the expenditure is incurred.'.


   

Mr Paul Boateng

91

Schedule     13,     page     328,     line     32,     after 'under' insert 'Part 1 or 2 of'.

   

Mr Paul Boateng

92

Schedule     13,     page     331,     line     20,     leave out from 'an' to second 'the' in line 21 and insert 'organisation accredited under'.

   

Mr Paul Boateng

93

Schedule     13,     page     331,     line     40,     at end insert 'or

      (d) by a child care provider approved by an organisation accredited under the Tax Credit (New Category of Child Care Provider) Regulations 1999.'.

   

Mr Paul Boateng

94

Schedule     13,     page     332,     line     20,     leave out from 'an' to 'the' in line 21 and insert 'organisation accredited under'.


   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

59

Clause     79,     page     75,     line     21,     leave out '£500' and insert '£550'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

34

Schedule     15,     page     341,     line     8,     leave out '17th March 1986' and insert '9th December 2003'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

36

Schedule     15,     page     341,     line     11,     after 'which', insert 'interest'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

35

Schedule     15,     page     341,     line     17,     leave out '17th March 1986' and insert '9th December 2003'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

37

Schedule     15,     page     341,     line     28,     leave out first 'a' and insert 'the chargeable'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

38

Schedule     15,     page     341,     line     33,     leave out 'in pursuance of any legal obligation'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

39

Schedule     15,     page     343,     line     2,     leave out '17th March 1986' and insert '9th December 2003'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

40

Schedule     15,     page     343,     line     5,     after 'which', insert 'interest'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

41

Schedule     15,     page     343,     line     10,     leave out '17th March 1986' and insert '9th December 2003'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

42

Schedule     15,     page     343,     line     23,     leave out 'in pursuance of any legal obligation'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

44

Schedule     15,     page     344,     line     18,     after 'settlor', insert 'and the words "or will or may become" were replaced by the word "currently" in the subsection'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

43

Schedule     15,     page     344,     line     24,     leave out '17th March 1986' and insert '9th December 2003'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

45

Schedule     15,     page     344,     leave out lines 34 to 38 and insert—

       'T is the amount of income and capital gains on which any income tax or capital gains tax is payable by virtue of section 660A or section 739 of the Taxes Act 1988 or section 77 or section 86 of the Taxation of Chargeable Gains Act 1992 (c. 12), so far as attributable to the relevant property.'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

46

Schedule     15,     page     345,     line     5,     leave out 'whole'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

47

Schedule     15,     page     345,     line     18,     at end insert—

      '(e) it was a disposal more than seven years prior to the date when he first occupies the relevant land or is first in possession of or first has the use of the chattel, or

      (f) it was a disposal by way of gift, the value of which at the date of the gift did not exceed the upper limit shown in the second column of the Table in Schedule 1 to IHTA 1984.'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

48

Schedule     15,     page     345,     line     31,     at end insert 'or would have fallen to be so treated by the provisions of sections 102A or 102B of the 1986 Act if the disposal by way of gift had been made on or after 9th March 1999 or would have fallen to be so treated by the provisions of section 102 of the 1986 Act if the disposal by way of gift had been made on or after 19th June 2003.'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

49

Schedule     15,     page     345,     line     42,     at end insert 'or would fall to be so treated but for the provisions of section 102C(3) of the 1986 Act.

      (e) would fall to be so treated but for the proviso to subsection (3) or subsections (4) or (5) of section 102A of the 1986 Act or would fall to be so treated but for subsection (3) of section 102B of the 1986 Act or would have fallen to be so treated but for any of those subsections if the disposal by way of gift had been made on or after 9th March 1999.

      (f) would fall to be treated by virtue of the IHTA 1984 as property to which he, his spouse or former spouse is beneficially entitled or where the value of the property is attributable to other property which would fall to be treated by virtue of the IHTA 1984 as property to which he, his spouse or former spouse is beneficially entitled.'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

50

Schedule     15,     page     345,     line     45,     after second 'property', insert 'directly or indirectly'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

51

Schedule     15,     page     346,     line     14,     at end insert 'or in property directly or indirectly derived from the property so disposed of'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

60

Schedule     15,     page     346,     line     22,     leave out '£2,500' and insert '£10,000'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

61

Schedule     15,     page     347,     line     4,     after 'sections', insert '93 and'.

   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

103

Schedule     15,     page     347,     line     41,     after 'descriptions', insert—'except chattels on display to the public for 28 or more days in any one year if a transfer of those chattels is not an exempt transfer of value under the conditional exemption provided under section 30 IHTA 1984'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

62

Schedule     15,     page     348,     line     4,     leave out 'the year of assessment 2005-06' and insert 'any year of assessment following the year of assessment 2004-05 ("the relevant year")'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

63

Schedule     15,     page     348,     line     8,     leave out 'that' and insert 'the relevant'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

64

Schedule     15,     page     348,     line     11,     leave out 'the year of assessment 2005-06' and insert 'the relevant year'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

65

Schedule     15,     page     348,     leave out lines 13 to 19 and insert—

      '(b) the property shall subject to the provisions of paragraph 6 of Schedule 20 of the 1986 Act be treated for the purposes of Part 5 of the 1986 Act (in relation to the chargeable person) as property subject to a reservation and for as long as the property is so treated;

      (c) section 102(3) and (4) of that Act shall apply; and

      (i) no other person or persons shall for the purposes of the Inheritance Tax Act 1984 be treated as beneficially entitled to the property and the property shall not be treated as "relevant property" under the provisions of section 58 of that Act; and

      (ii) on the death of the chargeable person the property shall be deemed for the purposes of the Taxation of Chargeable Gains Act 1992 to be disposed of and immediately reacquired by the person or persons then competent to dispose of the property and no chargeable gain shall accrue on that disposal;

      (iii) the provisions of the Taxation of Chargeable Gains Act 1992 shall apply on any disposal of the property as if the person disposing of the property was the chargeable person.'.

 
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