| Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr Paul Boateng 176 *Schedule 23, page 393, line 27, leave out from second 'the' to '; but' in line 29 and insert 'taxable disposal or, if higher, the market value of the plant or machinery at the time of the taxable disposal'.
Mr Paul Boateng 177 *Schedule 23, page 393, line 35, at end insert—
(a) references in sub-paragraphs (5)(a) and (6) to the plant or machinery shall be taken to be references to the part of the plant or machinery comprised in the taxable disposal;
(b) the amount by which profits or income are to be increased by virtue of sub-paragraph (5)(b) shall be the partial disposal fraction of the amount given by sub-paragraph (5)(b)(i) or (ii);
(c) the partial disposal fraction of the restricted qualifying expenditure and of the lessee acquisition expenditure shall be used for the purposes of sub-paragraph (6) instead of those amounts of expenditure.
Lessee Acquisition Expenditure where "Apportioned Lessee Acquisition Expenditure" means so much of the lessee acquisition expenditure as was attributable to the acquisition of the part of the plant or machinery comprised in the taxable disposal.'.
Mr Paul Boateng 178 *Schedule 23, page 394, line 12, leave out 'rental deduction' and insert 'taxed rental'.
Mr Paul Boateng 179 *Schedule 23, page 394, line 14, leave out 'rental deduction' and insert 'taxed rental'.
Mr Paul Boateng 180 *Schedule 23, page 394, line 32, leave out 'deduction' and insert 'rental'.
Mr Paul Boateng 181 *Schedule 23, page 395, line 24, at end insert—
'Chargeable gains
(a) an existing leaseback is the leaseback in a lease and finance leaseback,
(b) the leaseback terminates,
(c) on or after the termination there is a disposal, by the user, of the whole or part of the plant and machinery subject to the leaseback, and
(d) a chargeable gain that accrues on that disposal ("the relevant chargeable gain") falls to be taken into account for the purposes of a chargeable gains computation.
Lease Premium where— "Net Rentals" means— (a) the total of the amounts deducted in calculating the user's income or profits, for the purpose of income tax or corporation tax, in respect of amounts payable under the leaseback, minus (b) the total of the amounts shown in the user's accounts in respect of finance charges relating to the leaseback; "Termination Charge" means the amount by which the user's income or profits are to be increased by virtue of section 228C(2) of the CAA 2001 because of the termination;"Lease Premium" means the consideration relating to the leaseback referred to in section 228F(6)(b) of the CAA 2001.
"CAA 2001" means the Capital Allowances Act 2001; "chargeable gains computation" means the computation, for the purposes of the TCGA 1992, of the total amount of chargeable gains that accrue to the user in any chargeable period that ends on or after 17 March 2004; "disposal" shall be construed in accordance with the TCGA 1992; "lease and finance leaseback" has the same meaning as in section 228F of the CAA 2001; "TCGA 1992" means the Taxation of Chargeable Gains Act 1992; "user" means the person who is the lessee under the leaseback.'.
Mr Paul Boateng 95 Clause 130, page 120, line 30, leave out '541(d)' and insert '541(1)(d)'.
Mr Oliver Letwin 104 Clause 132, page 123, line 3, after 'small', insert 'or medium-sized'.
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 Quentin Davies 113 Schedule 31, page 449, line 23, at end insert—'(2A) In that subsection, immediately before the entry relating to section 616, insert—
Mr Paul Boateng 157 Clause 277, page 231, line 14, leave out '2012' and insert '2011'.
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.'.
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