Amendments proposed to the Finance Bill - continued House of Commons

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

282

Clause     186,     page     159,     line     21,     after 'which', insert 'have accrued under the pension scheme to or in respect of members, or

(c) benefits which'.


   

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

283

Clause     188,     page     160,     line     33,     after 'Ireland)', insert ', or

(c) in prescribed circumstances.'.


   

Mr David Laws
Norman Lamb
Mr John Burnett
Dr Vincent Cable

188

Schedule     31,     page     447,     line     40,     at end insert—

'(g) a charity lump sum death benefit'.

   

Mr David Laws
Norman Lamb
Mr John Burnett
Dr Vincent Cable

189

Schedule     31,     page     448,     line     24,     at end insert '"charity lump sum death benefit"'.

   

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—

 "section 607 (retirement annuity contracts".'.


   

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

336

*Clause     195,     page     164,     line     17,     leave out '35%' and insert '32%'.


   

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

337

*Clause     196,     page     164,     line     39,     leave out '35%' and insert '32%'.


   

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

228

Clause     205,     page     172,     line     27,     leave out '75' and insert '80'.


   

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

205

Schedule     32,     page     451,     line     33,     leave out 'pensioner'.

   

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

206

Schedule     32,     page     451,     line     36,     leave out 'pensioner'.

   

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

263

Schedule     32,     page     453,     line     4,     leave out '75' and insert '80'.


   

Mr Paul Boateng

324

Clause     207,     page     174,     line     13,     at end insert—

    '(7)   In this Part references (however expressed) to a person's lifetime allowance at any time are to what would be the person's lifetime allowance, calculated in accordance with this section, if a benefit crystallisation event occurred in relation to the person at that time.'.


   

Mr Paul Boateng

325

Clause     208,     page     175,     line     13,     at end insert—

    '(9)   In this Part references (however expressed) to the portion of a person's lifetime allowance that is available at any time are to the portion of the person's lifetime allowance that would be available, calculated in accordance with this section, if a benefit crystallisation event occurred in relation to the person at that time.'.


   

Mr Paul Boateng

326

Clause     266,     page     215,     line     32,     at end insert—

'"NIA 1965" means the National Insurance Act 1965 (c. 51),"NIA(NI) 1966" means the National Insurance Act (Northern Ireland) 1966 (c. 6 (N.I.)),'.   

Mr Paul Boateng

327

Clause     266,     page     215,     line     35,     at end insert—

'"SSCBA 1992" means the Social Security Contributions and Benefits Act 1992 (c.4),"SSCB(NI)A 1992" means the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c.7),'.   

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

203

Clause     266,     page     216,     leave out line 1.

   

Mr Paul Boateng

328

Clause     266,     page     216,     line     11,     leave out 'the individual's' and insert 'a person's'.

   

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

288

Clause     266,     page     216,     leave out lines 19 and 20.

   

Mr Paul Boateng

329

Clause     266,     page     217,     leave out line 16.

   

Mr Paul Boateng

330

Clause     266,     page     217,     line     21,     at end insert—

'lifetime allowance (in relation to a person)section 207'.
   

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

204

Clause     266,     page     218,     leave out lines 23 and 24.

   

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

199

Clause     266,     page     218,     line     25,     at end insert—

'personal pension schemeSection 1 of the Pension Schemes Act 1993.'.


   

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

264

Schedule     34,     page     474,     line     24,     leave out '7' and insert '6'.

   

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

265

Schedule     34,     page     482,     line     1,     leave out '75' and insert '80'.

   

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

266

Schedule     34,     page     482,     line     17,     leave out '75' and insert '80'.


   

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

331

*Clause     270,     page     220,     line     34,     at end insert 'except that with effect from the date on which this Act receives Royal Assent no member of any pension scheme described in sub-paragraphs (a) to (g) of paragraph 1(1) to Schedule 34 will be required to buy an annuity on reaching any age and such a member may instead elect for income withdrawal (and Chapter 3 and Schedules 28 and 29 will have effect accordingly in such cases with effect from 6 April 2004).'.


   

Mr Paul Boateng

157

Clause     277,     page     231,     line     14,     leave out '2012' and insert '2011'.


   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

3

Clause     291,     page     241,     line     41,     leave out 'is to any extent responsible' and insert 'has the primary responsibility'.


   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

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
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

5

Page     242,     line     39,     leave out Clause 294.


   

Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

6

Clause     297,     page     243,     line     33,     leave out from 'promoter' to end of line 35.


NEW CLAUSES

Restriction 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—

(a) section 429 (restricted securities),

(b) section 443 (convertible securities),

(c) section 446R (securities acquired for less than market value), and

(d) section 449 (post-acquisition benefits from securities).

    (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—

"(ba) subsection (1A) is satisfied,".

    (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—

(a) section 429 (restricted securities),

(b) section 443 (convertible securities),

(c) section 446R (securities acquired for less than market value), and

(d) section 449 (post-acquisition benefits from securities).

    (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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