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(a) | if the transferor's life assurance business immediately before the transfer was mutual business, persons who were policy holders or annuitants, or members of the transferor, at that time, and |
(b) | in any other case, persons who were policy holders or annuitants at that time.".'. |
Mr Paul Boateng
88
Schedule 7, page 285, line 13, at end insert
'(1A) | In the following provisions of the Finance Act 1989 (c.26) (which relate to the policy holders' share of profits) |
(a) section 88(3A)(a),
(b) the words within quotation marks in the portion of section 88(3B) preceding paragraph (a),
(c) the portion of section 89(1B) preceding paragraph (a), and
(d) section 89(2)(b),
after "referable" insert "(in accordance with section 432A of the Taxes Act 1988)"; and, in consequence of the amendment made by paragraph (b), in section 88(3B), for "referable to that business" substitute "so referable".'.
Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
53
Schedule 8, page 285, line 38, leave out 'from' and insert 'from
(a)'. |
Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
54
Schedule 8, page 285, line 41, at end insert '; or
(b) | being deemed to be controlled by another company, by virtue of section 416(2) of the Taxes Act 1988, where control is exercised by the general partner of a CIS limited partnership'. |
Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
52
Schedule 8, page 287, leave out from beginning of line 35 to end of line 27 on page 288.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
55
Schedule 8, page 289, line 4, at end add
'8 | (1) | Section 87 of the Finance Act 1996 is amended as follows. |
(2) In subsection (5A) (cases where a partnership is a creditor or debtor in a loan relationship) in the closing words, for the words from "a limited partnership" to the end of the subsection, substitute "a CIS limited partnership".
(3) After subsection (5A), insert:
"(5AA) In this section
"CIS limited partnership" means a limited partnership
(a) | which is a collective investment scheme, or |
(b) | which would be a collective investment scheme if it were not a body corporate. |
"collective investment scheme" means "a collective investment scheme within the meaning of section 235 of the Financial Services and Markets Act 2000".
(4) These amendments have effect for accounting periods ending on or after 13th December 2003.
9 | (1) | Section 87A of that Act is amended as follows: |
(2) In subsection (3) (partnerships involving companies) in the closing words, for the words "a limited partnership" to the end of the subsection, substitute "a CIS limited partnership".
(3) After subsection (3), insert:
"(4) | In this section |
"CIS limited partnership" means a limited partnership |
(a) | which is a collective investment scheme, or |
(b) | which would be a collective investment scheme if it were not a body corporate. |
"collective investment scheme" means a collective investment scheme within the meaning of section 235 of the Financial Services and Markets Act 2000". |
(4) These amendments have effect for accounting periods ending on or after 13th December 2003.
Interpretation of references to major interests
10 | (1) | Paragraph 20 of Schedule 9 to that Act is amended as follows: |
(2) In subparagraph (5) (partnerships involving companies) in the closing words, for the words from "a limited partnership" to the end of the subsection, substitute "a CIS limited partnership".
(3) In subparagraph (6) in the closing words, for the words from "a limited partnership" to the end of the subsection, substitute "a CIS limited partnership".
(4) After subparagraph (6), insert
"(6A) | In this paragraph |
"CIS limited partnership" means a limited partnership |
(a) | which is a collective investment scheme, or |
(b) | which would be a collective investment scheme if it were not a body corporate. |
"collective investment scheme" means a collective investment scheme within the meaning of section 235 of the Financial Services and Markets Act 2000". |
(5) These amendments have effect for accounting periods ending on or after 13th December 2003.'.
[R] Relevant registered interest declared.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
56
Schedule 9, page 289, line 25, leave out paragraph 3.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
96
Clause 51, page 58, line 11, leave out second 'and'.
Mr Paul Boateng
89
Clause 51, page 58, line 12, leave out 'paragraph' and insert 'section'.
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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
110
Clause 55, page 61, line 1, leave out 'three' and insert 'six'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
111
Clause 55, page 61, line 21, at end insert'(6A) In paragraph 2 of Schedule 18 to the Finance Act 1998 (duty to give notice of chargeability) insert
"(5) | This paragraph shall not apply where notice has already been given under section 55(1) of the Finance Act 2004 (duty of company to give notice of coming within charge to corporation tax) for the accounting period.".'. |
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.'. |
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