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 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 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
| (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'. |
