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'(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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
Mr Quentin Davies
114
Schedule 15, page 342, line 29, after second 'year', insert 'with vacant possession'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
Mr Quentin Davies
115
Schedule 15, page 342, line 38, leave out 'only'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
Mr Quentin Davies
116
Schedule 15, page 342, line 41, at end insert
'(c) | in any case where, since the transfer, the transferor of the relevant land has undertaken any works or expenditure deemed to have been undertaken or paid by the landlord or continues to meet any such costs, all such annual expenditure or the annual expenditure thereof may also be deducted'. |
Mr Paul Boateng
122
Schedule 15, page 342, line 45, leave out 'in any year of assessment'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
39
Schedule 15, page 343, line 2, leave out '17th March 1986' and insert '9th December 2003'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
40
Schedule 15, page 343, line 5, after 'which', insert 'interest'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
41
Schedule 15, page 343, line 10, leave out '17th March 1986' and insert '9th December 2003'.
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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
42
Schedule 15, page 343, line 23, leave out 'in pursuance of any legal obligation'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
106
Schedule 15, page 343, line 25, after 'person', insert 'less the appropriate part of any capital payment made to the owner of the chattel in respect of the chattel by the chargeable person.'.
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 the chattel 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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
44
Schedule 15, page 344, line 18, after 'settlor', insert 'and the words "or will or may become" were replaced by the word "currently" in the subsection'.
Mr Paul Boateng
130
Schedule 15, page 344, line 19, leave out 'the property comprised in the settlement' and insert 'that property'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
43
Schedule 15, page 344, line 24, leave out '17th March 1986' and insert '9th December 2003'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
45
Schedule 15, page 344, leave out lines 34 to 38 and insert'T is the amount of income and capital gains on which any income tax or capital gains tax is payable by virtue of section 660A or section 739 of the Taxes Act 1988 or section 77 or section 86 of the Taxation of Chargeable Gains Act 1992 (c. 12), so far as attributable to the relevant property.'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
107
Schedule 15, page 344, line 34, leave out 'of any income tax or capital gains tax payable' and insert 'by reference to which any income tax or capital gains tax is payable'.
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, |
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©Parliamentary copyright 2004 | Prepared 18 May 2004 |