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Index of Amendments

S.C.A.

NOTICES OF AMENDMENTS

given up to and including

Friday 14th May 2004


New Amendments handed in are marked thus *

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 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 Paul Boateng

117

*Schedule     15,     page     341,     line     2,     leave out 'in any year of assessment'.

   

Mr Paul Boateng

118

*Schedule     15,     page     341,     line     43,     leave out first 'relevant' and insert 'valuation'.

   

Mr Paul Boateng

119

*Schedule     15,     page     341,     line     45,     at end insert 'or, where the disposal was a non-exempt sale, the appropriate proportion of that value'.

   

Mr Paul Boateng

120

*Schedule     15,     page     342,     line     4,     after 'person' insert 'or, where the original disposal was a non-exempt sale, to the appropriate proportion of that property'.

   

Mr Paul Boateng

121

*Schedule     15,     page     342,     line     12,     at end insert—

    '(3A) The disposal by the chargeable person of an interest in land is a "non-exempt sale" if (although not an excluded transaction) it was a sale of his whole interest in the property for a consideration paid in money in sterling or any other currency; and, in relation to a non-exempt sale, "the appropriate proportion" is—

            MV-P
              MV

      where—

    MV is the value of the interest in land at the time of the sale;P is the amount paid.'.   

    Mr Paul Boateng

    122

    *Schedule     15,     page     342,     line     45,     leave out 'in any year of assessment'.

       

    Mr Paul Boateng

    123

    *Schedule     15,     page     343,     line     17,     at end insert—

      '( ) For the purposes of this paragraph, a disposition which creates a new interest in a chattel out of an existing interest in a chattel is to be taken to be a disposal of part of the existing interest.'

       

    Mr Paul Boateng

    124

    *Schedule     15,     page     343,     line     34,     leave out 'relevant' and insert 'valuation'.

       

    Mr Paul Boateng

    125

    *Schedule     15,     page     343,     line     36,     at end insert 'or, where the disposal was a non-exempt sale, the appropriate proportion of that value'.

       

    Mr Paul Boateng

    126

    *Schedule     15,     page     343,     line     40,     after 'person' insert 'or, where the original disposal was a non-exempt sale, to the appropriate proportion of that property'.

       

    Mr Paul Boateng

    127

    *Schedule     15,     page     343,     line     45,     at end insert—

      '(2A) The disposal by the chargeable person of an interest in a chattel is a "non-exempt sale" if (although not an excluded transaction) it was a sale of his whole interest in the chattel for a consideration paid in money in sterling or any other currency; and, in relation to a non-exempt sale, "the appropriate proportion" is—

            MV-P
              MV

      where—

    MV is the value of the interest in land at the time of the sale;P is the amount paid.'.   

    Mr Paul Boateng

    128

    *Schedule     15,     page     344,     line     11,     leave out 'in any year of assessment'.

       

    Mr Paul Boateng

    129

    *Schedule     15,     page     344,     line     12,     leave out 'any income arising under a settlement' and insert 'the terms of a settlement, as they affect any property comprised in the settlement, are such that any income arising from the property'.

       

    Mr Paul Boateng

    130

    *Schedule     15,     page     344,     line     19,     leave out 'the property comprised in the settlement' and insert 'that property'.

       

    Mr Paul Boateng

    131

    *Schedule     15,     page     344,     line     36,     leave out from beginning to 'attributable' in line 37 and insert 'any of the following provisions—

        (a) section 547 of the Taxes Act 1988,

        (b) section 660A of that Act,

        (c) section 739 of that Act,

        (d) section 77 of the Taxation of Chargeable Gains Act 1992 (c.12), and

        (e) section 86 of that Act, so far as the tax is'.

       

    Mr Paul Boateng

    132

    *Schedule     15,     page     345,     line     2,     leave out 'this Schedule' and insert 'paragraphs 3(2) and 6(2) (the disposal condition)'.

       

    Mr Paul Boateng

    133

    *Schedule     15,     page     345,     leave out lines 11 to 13.

       

    Mr Paul Boateng

    134

    *Schedule     15,     page     345,     line     15,     leave out 'or'.

       

    Mr Paul Boateng

    135

    *Schedule     15,     page     345,     line     16,     leave out from beginning to 'settled' and insert 'it was a disposal by way of gift (or, where the transfer is for the benefit of his former spouse, in accordance with a court order), by virtue of which the property became'.

       

    Mr Paul Boateng

    137

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

      '(1A) For the purposes of paragraphs 3(3) and 6(3) (the contribution condition) the provision by a person ("the chargeable person") of consideration for another's acquisition of any property is an "excluded transaction" in relation to the chargeable person if—

              (a)   the other person was his spouse (or, where the transfer has been ordered by the court, his former spouse),

              (b)   on its acquisition the property became settled property in which his spouse or former spouse is beneficially entitled to an interest in possession,

              (c)   the provision of the consideration constituted an outright gift of money (in sterling or any other currency) by the chargeable person to the other person and was made at least seven years before the earliest date on which the chargeable person met the condition in paragraph 3(1)(a) or, as the case may be, 6(1)(a),

              (d)   the provision of the consideration is a disposition falling within section 11 of IHTA 1984 (dispositions for maintenance of family), or

              (e)   the provision of the consideration is an outright gift to an individual and is for the purposes of IHTA 1984 a transfer of value that is wholly exempt by virtue of section 19 (annual exemption) or section 20 (small gifts).'

       

    Mr Paul Boateng

    136

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

              '(e)   the disposal was a disposition falling within section 11 of IHTA 1984 (dispositions for maintenance of family), or

              (f)   the disposal is an outright gift to an individual and is for the purposes of IHTA 1984 a transfer of value that is wholly exempt by virtue of section 19 (annual exemption) or section 20 (small gifts).'

       

    Mr Paul Boateng

    138

    *Schedule     15,     page     345,     leave out lines 20 and 21.

       

    Mr Paul Boateng

    139

    *Schedule     15,     page     345,     line     22,     after '(1)(d)' insert 'or (1A)(b)'.

       

    Mr Paul Boateng

    140

    *Schedule     15,     page     345,     line     26,     leave out from beginning to 'property' in line 28 and insert—

      '(A1) Paragraph 3 (land), paragraph 6 (chattels) and paragraph 8 (intangible property) do not apply to a person at a time when his estate for the purposes of IHTA 1984 includes—

              (a)   the relevant property, or

              (b)   other property—

              (i) which derives its value from the relevant property, and

              (ii) whose value, so far as attributable to the relevant property, is not substantially less than the value of the relevant property.

      (A2) Where the estate for the purposes of IHTA 1984 of a person to whom paragraph 3, 6 or 8 applies includes property—

              (a)   which derives its value from the relevant property, and

              (b)   whose value, so far as attributable to the relevant property, is substantially less than the value of the relevant property,

      the appropriate rental value in paragraph 4, the appropriate amount in paragraph 7 or the chargeable amount in paragraph 9 (as the case may be) is to be reduced by such proportion as is reasonable to take account of the inclusion of the property in his estate.

      (1) Paragraphs 3, 6 and 8 do not apply to a person at a time when the relevant'.

 
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Prepared 14 May 2004