| Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr Oliver Letwin 99 Clause 132, page 123, line 5, after 'small', insert 'or medium-sized.'.
Mr Oliver Letwin 100 Clause 132, page 123, line 7, after 'small', insert 'or medium-sized.'.
Mr Oliver Letwin 101 Clause 132, page 123, line 12, after 'small,' insert 'or medium-sized.'.
Mr Oliver Letwin 3 Clause 291, page 241, line 41, leave out 'is to any extent responsible' and insert 'has the primary responsibility'.
Mr Oliver Letwin 4 Clause 292, page 242, line 19, at end insert 'and shall, to the extent, that he is aware of the existence of any other person who is a promoter in relation to the same notifiable arrangments, deliver a copy of the prescribed information to such other person in the prescribed manner.'.
Mr Oliver Letwin 5 Page 242, line 39, leave out Clause 294.
Mr Oliver Letwin 6 Clause 297, page 243, line 33, leave out from 'promoter' to end of line 35.
NEW CLAUSESRestriction of exceptions from charges
Mr Paul Boateng NC2 To move the following Clause:—'(1) Each of the provisions of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c.1) (employment income: securities) specified in subsection (2) (exception from charges for certain company shares) is amended in accordance with subsections (3) to (5). (2) The provisions are—
(3) In subsection (1) of each of those sections, after paragraph (b) (but before the word "and" where that word features at the end) insert—
(4) After subsection (1) of each of those sections insert— "(1A) This subsection is satisfied if the avoidance of tax or national insurance contributions was not the main purpose, or one of the main purposes, of the arrangements under which the right or opportunity to acquire the employment-related securities was made available." (5) In subsection (4) of sections 429, 443 and 446R, and in subsection (3) of section 449, for the words after "are not" substitute "employment-related securities."; and accordingly omit section 429(5), 443(5), 446R(5) and 449(4). (6) In Chapter 3A of that Part of that Act (securities with artificially depressed market value), after section 446I insert— "446IA Disapplication of exceptions from charges (1) Section 429 (exception from charge under section 426 for certain company shares) does not prevent section 426 (restricted securities: chargeable events) applying in relation to an event if section 446E or 446I(1)(a) would have effect in relation to the event. (2) Section 443 (exception from charge under section 438 for certain company shares) does not prevent section 438 (convertible securities: chargeable events) applying in relation to an event if section 446G, 446H or 446I(1)(b) would have effect in relation to the event. (3) Section 446R (exception from charge under Chapter 3C for certain company shares) does not prevent that Chapter (securities acquired for less than market value) applying in relation to employment-related securities if section 446B would have effect in relation to them. (4) Section 449 (exception from charge under Chapter 4 for certain company shares) does not prevent that Chapter (benefits from securities) applying in relation to a benefit if section 446I(1)(e) would have effect in relation to the benefit." (7) In Chapter 3B of that Part of that Act (securities with artificially enhanced market value), after section 446N insert— "446NA Disapplication of exceptions from charges (1) None of the provisions specified in subsection (2) (exceptions from charges for certain company shares) apply in relation to employment-related securities if the market value of the employment-related securities at the time of the acquisition has been increased by at least 10% by non-commercial increases within the period of 7 years ending with the acquisition. (2) The provisions are—
(3) If section 446L (market value on valuation date increased by more than 10% by non-commercial increases during relevant period) applies in relation to employment-related securities, section 429 does not subsequently apply in relation to the employment-related securities." (8) This section applies on and after 7th May 2004.'.
Restricted securities with artificially depressed value
Mr Paul Boateng NC3 To move the following Clause:—'(1) Section 446E of the Income Tax (Earnings and Pensions) Act 2003 (c.1) (employee securities with artificially depressed market value: charge on restricted securities) is amended as follows. (2) In subsection (1), after "on restricted securities)," insert—
(3) For subsections (3) to (6) substitute— "(3) "The relevant period" is the period beginning—
and ending with the relevant date. (4) "The relevant date" is—
(5) Where this section applies in a case within subsection (1)(aa) or (b), a chargeable event within section 427(3)(a) (lifting of restrictions) is to be treated as occurring in relation to the employment-related securities on the relevant date. (6) In every case where this section applies, subsection (1) of section 428 (amount of charge on restricted securities) applies as if the reference in subsection (2) of that section to what would be the market value of the employment-related securities immediately after the chargeable event but for any restrictions were to what would be their market value at the appropriate time but for the matters to be disregarded. (7) "The appropriate time" is—
(8) "The matters to be disregarded" are—
(9) Where this section applies in a case within subsection (1)(aa), section 428(1) applies with the omission of the reference to OP. (10) Where this section applies in a case within subsection (1)(a) and the chargeable event concerned is within section 427(3)(c) (disposal for consideration), section 428 applies with the omission of subsection (9) (case where consideration is less than actual market value)." (4) This section applies on and after 7th May 2004. (5) But if the employment-related securities were acquired before that date, section 446E does not apply by virtue of the amendment made by subsection (2) of this section unless their market value would be artificially low immediately before the disposal or cancellation if the date on which the relevant period began were the later of—
Repeal of section 677 of Taxes Act 1988
Mr Oliver Letwin NC1 To move the following Clause:—'Section 677 of the Taxes Act 1988 (sums paid to settlor otherwise than as income) is hereby repealed.'.
Expenditure incurred on assets leased by small or medium-sized enterprise
Mr Oliver Letwin NC4 To move the following Clause:—'(1) The Capital Allowances Act 2001 is amended as follows. (2) For subsection 44(1), substitute— "(1) Expenditure is first-year qualifying expenditure if—
(3) In the table in subsection 52(3) insert in the second and third lines after "small or medium-sized enterprises"— "or incurred by a lessor on equipment leased to a small or medium-sized enterprise".'.
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