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

266

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

   

Mr Paul Boateng

481

Schedule     34,     page     483,     line     23,     after 'election' insert 'on or'.

   

Mr Paul Boateng

482

Schedule     34,     page     483,     line     27,     leave out 'before 6th' and insert 'on or before 31st'.

   

Mr Paul Boateng

483

Schedule     34,     page     484,     line     20,     leave out 'continues to apply' and insert 'applies'.

   

Mr Paul Boateng

484

Schedule     34,     page     485,     line     2,     at end insert—

'Application of PAYE to certain annuities in payment at commencement

43A

(1)

Taxable pension income for the tax year 2006-07 or any subsequent tax year determined in accordance with section 612 of ITEPA 2003 for an annuity to which this paragraph applies is to be treated as being PAYE pension income for the tax year by virtue of section 683(3) of that Act (PAYE income).

(2)	This paragraph applies to an annuity in payment on 5th April 2006 which—

(a)   would be within paragraph 1(1) but for paragraph 2, or

(b)   would be within paragraph 1(1)(d) if the annuity did not provide for the immediate payment of benefits.'.

   

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

397

Schedule     34,     page     485,     line     10,     leave out 'an employer of an individual makes a relevant consolidation contribution' and insert 'a relevant consolidation contribution is made'.

   

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

398

Schedule     34,     page     485,     line     18,     at end insert 'or a transfer from an arrangement not falling within paragraph 1(1) which was established before 6th April 2006'.

   

Mr Paul Boateng

485

Schedule     34,     page     485,     line     38,     leave out 'Paragraphs 50 to 52 have' and insert 'Paragraph 50 or 51 has'.

   

Mr Paul Boateng

486

Schedule     34,     page     486,     line     2,     leave out 'to which an employee has been' and insert 'of which an employee is'.

   

Mr Paul Boateng

487

Schedule     34,     page     486,     line     9,     leave out 'would be' and insert 'is or are'.

   

Mr Paul Boateng

488

Schedule     34,     page     486,     line     11,     leave out 'has been' and insert 'is'.

   

Mr Paul Boateng

489

Schedule     34,     page     486,     line     13,     leave out 'has been' and insert 'is'.

   

Mr Paul Boateng

490

Schedule     34,     page     486,     line     15,     leave out 'have counted' and insert 'counts or count'.

   

Mr Paul Boateng

491

Schedule     34,     page     486,     line     17,     leave out 'none of paragraphs 50 to 52 apply' and insert 'neither paragraph 50 nor paragraph 51 has effect'.

   

Mr Paul Boateng

492

Schedule     34,     page     486,     line     19,     leave out 'applies' and insert 'has effect'.

   

Mr Paul Boateng

493

Schedule     34,     page     486,     line     25,     at end insert 'or

(b)   the scheme was entered into before 1st September 1993 and has not been varied on or after that date with a view to the provision of benefits under the scheme.'.

   

Mr Paul Boateng

494

Schedule     34,     page     486,     line     28,     after '2003' insert '(charge on benefits from non-approved schemes)'.

   

Mr Paul Boateng

495

Schedule     34,     page     486,     line     32,     after first 'the' insert 'appropriate fraction of the'.

   

Mr Paul Boateng

496

Schedule     34,     page     486,     line     36,     after 'scheme' insert 'is or'.

   

Mr Paul Boateng

497

Schedule     34,     page     486,     line     38,     leave out 'The amount referred to in sub-paragraph (3)(a)' and insert 'For the purposes of sub-paragraph (3)(a)—

(a)   "the appropriate fraction" of the amount of the market value of the assets of the scheme on 5th April 2006 is the same fraction as the fraction of the assets of the scheme to which the employee would have been entitled had the scheme been wound up on that date, and

(b)   the amount of the market value of the assets of the scheme on that date'.

   

Mr Paul Boateng

498

Schedule     34,     page     487,     line     1,     leave out from 'paragraph' to end of line 2 and insert 'has effect if paragraph 50 does not.'.

   

Mr Paul Boateng

499

Schedule     34,     page     487,     line     8,     leave out paragraph 52.

   

Mr Paul Boateng

500

Schedule     34,     page     487,     line     22,     at end insert 'and

(b)   property which is part of or held for the purposes of the fund or scheme does not constitute relevant property for the purposes of Chapter 3 of Part 3 of that Act (settlements without interest in possession).'.

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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).'.

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Mr Paul Boateng

157

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

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

367

Clause     290,     page     241,     line     22,     leave out paragraph (c) and insert—

'(c)	have as their main purpose the obtaining of that tax advantage or making that tax advantage available to another person.'.

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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'.

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

368

Clause     292,     page     242,     line     6,     after 'period', insert 'of not less than 30 days'.

   

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.'.

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

5

Page     242,     line     39,     leave out Clause 294.

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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.

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

369

Clause     298,     page     244,     line     22,     at end insert 'but Legal Professional Privilege does not subsist in a way in which prevents compliance with this part of the Act'.

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

370

Clause     302,     page     246,     line     39,     leave out '1st August 2004' and insert '1st October 2004'.

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

548

*Clause     303,     page     247,     line     14,     leave out '8th September 2003' and insert 'the date six months after this Act shall have received Royal Assent.'.

   

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

549

*Clause     303,     page     247,     line     15,     leave out from beginning to end of line 7 on page 248.

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

550

*Clause     304,     page     248,     line     22,     leave out '8th September 2003' and insert 'the date six months after this Act shall have received Royal Assent.'.

   

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

551

*Clause     304,     page     248,     leave out lines 23 to 31.

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Prepared 17 Jun 2004