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S.C.A.

Amendment Paper as at
Tuesday 18th May 2004

STANDING COMMITTEE A


New Amendments handed in are marked thus *

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].

   

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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

34

Schedule     15,     page     341,     line     8,     leave out '17th March 1986' and insert '9th December 2003'.



[R] Relevant registered interest declared.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

36

Schedule     15,     page     341,     line     11,     after 'which', insert 'interest'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

35

Schedule     15,     page     341,     line     17,     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

37

Schedule     15,     page     341,     line     28,     leave out first 'a' and insert 'the chargeable'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

38

Schedule     15,     page     341,     line     33,     leave out 'in pursuance of any legal obligation'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

105

Schedule     15,     page     341,     line     36,     after 'person', insert ', less the appropriate part of any capital payment made to the owner of the relevant land in respect of the land by the chargeable person.'.

   

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 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-P
              MV
      where—

    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,

        so far as the tax is'.    

     
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    ©Parliamentary copyright 2004
    Prepared 18 May 2004