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

413

Schedule     32,     page     452,     line     8,     leave out 'and calculation B gives the greater' and insert ', calculation B and calculation C gives the greatest'.

   

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

414

Schedule     32,     page     452,     line     27,     at end insert—

    '(6A)   Calculation C involves first increasing that annual amount to the annual amount which would have been paid if on each anniversary of the payment of the pension commencing, it had been increased by the permitted margin at that time, and second increasing that annual amount by whichever of the calculation A and calculation B gives the greater amount.'.

   

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

435

*Clause     206,     page     173,     line     19,     leave out subsection (5).


   

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

415

Clause     207,     page     173,     leave out line 29 and insert—

    '(2)   The standard lifetime allowance is, for the tax year—

      (a) 2006-07, £1,500,00

      (b) 2007-08, £1,600,00

      (c) 2008-09, £1,650,00

      (d) 2009-10, £1,750,00

      (e) 2010-11, £1,800,00

       together in each case with an amount equal to relevant valuation factor (see section 263) multiplied by the additional pension (if any) that the member would have been entitled to receive at pensionable age (calculated in accordance with Part 1 of Schedule 4 to the Pensions Act 1995) if he or she had not been in contracted-out employment (as defined in section 8 of the Pension Schemes Act 1993) at any time.'.

   

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

416

Clause     207,     page     173,     line     32,     after 'year', insert 'increased by the percentage increase (if any) in national average earnings over that tax year'.

   

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

436

*Clause     211,     page     177,     line     9,     leave out from 'would' to end of line 10 and insert ', on the valuation assumptions (see section (Valuation assumptions)), be available for the provision of benefits to or in respect of the individual under the arrangement if'.

   

Mr Paul Boateng

437

*Clause     211,     page     177,     line     14,     leave out from 'would' to first 'the' in line 16 and insert ', on the valuation assumptions, be available for the provision of benefits to or in respect of the individual under the arrangement if'.

   

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

417

Clause     211,     page     177,     line     30,     after 'is', insert 'that part of the value of the individual's benefits under the arrangement which relate to'.


   

Mr Paul Boateng

438

*Clause     212,     page     178,     leave out line 10 and insert

(RVF x PE + LSE) - (RVF x PB + LSB)
SLA


   

Mr PaulMr Paul Boateng

439

*Clause     212,     page     178,     line     13,     leave out from first 'the' to end of line 14 and insert 'annual rate of the pension which would, on the valuation assumptions (see section (Valuation assumptions)), be payable to the individual under the arrangement if the individual became'.

   

Mr Paul Boateng

440

*Clause     212,     page     178,     line     16,     leave out from 'would' to 'entitled' in line 18 and insert ', on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became'.

   

Mr Paul Boateng

441

*Clause     212,     page     178,     line     20,     leave out from first 'the' to end of line 21 and insert 'annual rate of the pension which would, on the valuation assumptions, be payable to the individual under the arrangement if the individual became'.

   

Mr Paul Boateng

442

*Clause     212,     page     178,     line     23,     leave out from 'would' to 'entitled' in line 25 and insert ', on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became'.


   

Mr Paul Boateng

443

*Clause     214,     page     180,     line     28,     leave out from 'would' to third 'the' in line 30 and insert ', on the valuation assumptions (see section (Valuation assumptions)), be available for the provision of benefits to or in respect of the individual under the arrangement if'.

   

Mr Paul Boateng

444

*Clause     214,     page     180,     line     33,     leave out from 'would' to first 'the' in line 35 and insert ', on the valuation assumptions, be available for the provision of benefits to or in respect of the individual under the arrangement if'.


   

Mr Paul Boateng

445

*Clause     215,     page     181,     leave out line 23 and insert

(RVF x PE + LSE) - (RVF x PB + LSB)


   

Mr Paul Boateng

446

*Clause     215,     page     181,     line     26,     leave out from first 'the' to 'entitled' in line 28 and insert 'annual rate of the pension which would, on the valuation assumptions (see section (Valuation assumptions)), be payable to the individual under the recognised overseas scheme arrangement if the individual became'.

   

Mr Paul Boateng

447

*Clause     215,     page     181,     line     30,     leave out from 'would' to 'entitled' in line 32 and insert ', on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became'.

   

Mr Paul Boateng

448

*Clause     215,     page     181,     line     34,     leave out from first 'the' to end of line 35 and insert 'annual rate of the pension which would, on the valuation assumptions, be payable to the individual under the arrangement if the individual became'.

   

Mr Paul Boateng

449

*Clause     215,     page     181,     line     37,     leave out from 'would' to 'entitled' in line 39 and insert ', on the valuation assumptions, be entitled under the arrangement (otherwise than by way of commutation of pension) if the individual became'.


   

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

425

Clause     217,     page     183,     leave out line 2 and insert—

    '(2)   The annual allowance is as follows—

      (a) for the tax year 2006-07, £215,000

      (b) for the tax year 2007-08, £225,000

      (c) for the tax year 2008-09, £235,000

      (d) for the tax year 2009-10, £245,000

      (e) for the tax year 2010-11, £255,000.'.

   

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

418

Clause     217,     page     183,     line     4,     after 'year', insert 'increased by the percentage increase (if any) in national average earnings over that tax year'.


   

Mr Paul Boateng

450

*Clause     219,     page     183,     line     36,     leave out from 'would' to third 'the' in line 37 and insert ', on the valuation assumptions (see section (Valuation assumptions)), be available for the provision of benefits to or in respect of the individual under the arrangement if'.

   

Mr Paul Boateng

451

*Clause     219,     page     183,     line     40,     leave out from 'would' to third 'the' in line 41 and insert ', on the valuation assumptions, be available for the provision of benefits to or in respect of the individual under the arrangement if'.


   

Mr Paul Boateng

452

*Clause     223,     page     185,     line     40,     leave out from first 'the' to end of line 41 and insert 'annual rate of the pension which would, on the valuation assumptions (see section (Valuation assumptions)), be payable to the individual under the arrangement if the individual became'.

   

Mr Paul Boateng

453

*Clause     223,     page     185,     line     44,     leave out from 'would' to 'entitled' in line 1 on page 186 and insert ', on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became'.

 
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Prepared 11 Jun 2004