Amendments proposed to the Finance Bill - continued | House of Commons |
back to previous text |
Relationship with chargeable gains
Mr Paul Boateng NC12 To move the following Clause:'(1) Subsection (3) below applies if
(2) References in this section to a "relevant disposal" are to any disposal of an asset that, alone or together with other disposals of assets, constitutes the section 125 disposal; and references in this subsection to a disposal of an asset are to be construed in accordance with the 1992 Act. (3) Where this subsection applies
(4) To find "the relevant net gain" for the purposes of this section
(5) Where section 125 applies as mentioned in subsection (1)(a) above, in computing any chargeable gain or allowable loss accruing to the company on a relevant disposal
(6) If section 125 and this section apply more than once as a result of two or more receipts by a company of consideration relating to the same section 125 disposal
(7) Subsection (8) below applies if subsection (3) above prevents an allowable loss that accrued to a company otherwise than on a relevant disposal from being deductible from a chargeable gain accruing to the company on a relevant disposal. (8) That loss (to the extent that it has not been deducted from any other chargeable gain) shall instead be deductible from the total amount of chargeable gains accruing to the company in the accounting period in which the receipt mentioned in subsection (1) above occurred. (9) But if, in any case where subsection (3) above applies, there are one or more allowable losses
the total amount deducted under subsection (8) above in respect of those losses must not exceed the relevant net gain. (10) In this section "the 1992 Act" means the Taxation of Chargeable Gains Act 1992 (c.12);"the chargeable amount" means the amount found under section 125 in relation to the receipt mentioned in subsection (1) above; andreferences to chargeable gains, or allowable losses, accruing on disposals are to be construed in accordance with the 1992 Act.'. Repeal of section 677 of Taxes Act 1988
Mr Oliver Letwin NC1 To move the following Clause:'Section 677 of the Taxes Act 1988 (sums paid to settlor otherwise than as income) is hereby repealed.'.
Expenditure incurred on assets leased by small or medium-sized enterprise
Mr Oliver Letwin NC4 To move the following Clause:'(1) The Capital Allowances Act 2001 is amended as follows. (2) For subsection 44(1), substitute "(1) Expenditure is first-year qualifying expenditure if
(3) In the table in subsection 52(3) insert in the second and third lines after "small or medium-sized enterprises" "or incurred by a lessor on equipment leased to a small or medium-sized enterprise".'.
Expenditure incurred in installing access ramps
Mr Oliver Letwin NC5 To move the following Clause:(1) The Capital Allowances Act 2001 is amended as follows. (2) In section 23(2) after "section 29 (fire safety)" insert "29A (ramps for disabled access)" (3) After section 29 insert "29A Ramps for disabled access installed by small or medium-sized enterprises (1) This section applies to expenditure if a small or medium-sized enterprise carrying on a qualifying activity has incurred it in installing ramps required to facilitate access by disabled persons to premises which the small or medium-sized enterprise uses for the purposes of the qualifying activity. (2) A small or medium-sized enterprise installs ramps required to facilitate access by disabled persons if the installation is or will be required to comply with section 21 of the Disability Discrimination Act 1995.
Transfers of real property between joint occupiers
Mr Oliver Letwin NC6 To move the following Clause:'(1) The Inheritance Tax Act 1984 is amended as follows. (2) After section 18 insert
"Transfers of real property between joint occupier
Gift aid and non-taxpayers
Mr Oliver Letwin NC7 To move the following Clause:'(1) Section 25 of the Finance Act 1990 (donations to charity by individuals) shall be amended in accordance with subsection (2) below. (2) In subsection (8)
(3) This section shall be deemd to have effect for the year 2003-04 and subsequent years of assessment.'.
Access for disabled persons
Mr Oliver Letwin NC8 To move the following Clause:'(1) The following shall be inserted after section 29 of the Capital Allowances Act 2001 "29A Access for disabled persons This section applies to expenditure if a person carrying on a qualifying activity has incurred it in pursuance of a duty under section 21 of the Disability Discrimination Act 1995." (2) This section shall have effect in relation to expenditure incurred in relation to chargeable periods ending on or after 1st October 2004.'.
Expenses of disabled employees
Mr Oliver Letwin NC9 To move the following Clause:'(1) The Income Tax (Earnings and Pensions) Act 2003 is amended as follows. (2) After section 203 (cash equivalent of benefit treated as earnings), insert "203A Employment costs resulting from disability There shall be exempted from section 203 any benefit which satisfies each of the following conditions
(3) After section 336 (deductions for expenses, the general rule), insert "336A Expenses of disabled employees Where an employee has a disability, a deduction from earnings is allowed for any amount incurred by him if its main purpose is to enable him to perform the duties of his employment." (4) This section shall apply for the year 2004-05 and subsequent years of assessment and shall be deemed to apply for the year 2003-04.'.
|