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Index of Amendments

S.C.A.

Amendment Paper as at
Thursday 13th May 2004

STANDING COMMITTEE A

FINANCE BILL
(Except Clauses 4, 5, 20, 28, 57 to 77, 86, 111 and 282 to 289 and Schedules 1, 3, 11, 12, 21 and 37 to 39)

NOTE
The Amendments have been arranged in accordance with the Order of the Committee [6th May] as follows:—

Clauses 1 to 3 and 6 to 19; Schedule 2, Clauses 21 to 27 and 29; Schedule 4; Clause 30; Schedule 5; Clauses 31 to 41; Schedule 6; Clauses 42 to 47; Schedule 7; Clause 48; Schedule 8; Clause 49; Schedule 9; Clauses 50 to 52; Schedule 10; Clauses 53 to 56 and 78; Schedule 13; Clauses 79 and 80; Schedule 14; Clauses 81 to 84; Schedule 15; Clause 85; Schedule 16; Clause 87; Schedule 17; Clause 88; Schedule 18; Clause 89; Schedule 19; Clause 90; Schedule 20; Clauses 91 to 110 and 112; Schedule 22; Clauses 113 to 127; Schedule 23; Clause 128; Schedule 24; Clauses 129 to 134; Schedule 25; Clause 135; Schedule 26; Clause 136; Schedule 27; Clauses 137 to 155 and 157; Schedule 28; Clauses 156 and 158; Schedule 29; Clauses 159 to 168; Schedule 30; Clauses 169 to 193; Schedule 31; Clauses 194 to 205; Schedule 32; Clauses 206 to 267; Schedule 33; Clauses 268 and 269; Schedule 34; Clauses 270 and 271; Schedule 35; Clause 272; Schedule 36; Clauses 273 to 281 and 290 to 307; new Clauses; new Schedules; Clause 308; Schedule 40; Clauses 309 and 310.


Mr Paul Boateng

86
Schedule     7,     page     281,     line     42,     after first '14' insert ', 17, 22, 31 or 38'.

Mr Paul Boateng

87
Schedule     7,     page     282,     line     32,     at end insert—
    '(7)   Where an amount is shown as post-transfer reduction liabilities in the transferor's accounts for any accounting period beginning after the transfer, this section applies as if the amount of the retained liabilities at the end of that accounting period (and the beginning of the next) were increased by the amount so shown.
    (8)   In subsection (7) above "post-transfer reduction liabilities" means liabilities of the transferor to make payments to relevant persons which, in accordance with the terms of the insurance business transfer scheme, have arisen in consequence of a reduction in the amount of the retained liabilities at any time after the transfer.
    (9)   In subsection (8) above "relevant persons" means—

(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.'.

Amendment Paper as atThursday 13th May 2004

STANDING COMMITTEE A

FINANCE BILL

NOTE

Amendment Paper as at
Thursday 13th May 2004