Amendments proposed to the Finance Bill - continued House of Commons

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Shares acquired on public offer

   

Mr Paul Boateng

NC20

To move the following Clause:—

    '(1)   Section 421F of the Income Tax (Earnings and Pensions) Act 2003 (c.1) (exclusion from Chapters 2 to 4 of Part 7 of shares acquired under terms of offer to the public) is amended as follows.

    (2)   In subsection (1), for "Chapters 2 to 4" substitute "Chapters 2, 3 and 3C".

    (3)   After that subsection insert—

    "(1A)   But subsection (1) does not disapply those Chapters if the main purpose (or one of the main purposes)—

(a) of the arrangements under which the right or opportunity under which the shares were acquired, or

(b) for which the shares are held,

is the avoidance of tax or national insurance contributions."

    (4)   This section has effect on and after 18th June 2004 and applies in relation to shares acquired before that date as well as in relation to those acquired on or after that date.

    (5)   For the purposes of the application of Chapter 3B of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c.1) (securities with artificially enhanced market value) by reason of subsections (2) and (4) in relation to shares acquired before that date, section 446O of that Act (meaning of "relevant period") has effect as if they were acquired on that date.'.


Associated persons etc.

   

Mr Paul Boateng

NC21

To move the following Clause:—

    '(1)   Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c.1) (employment income: securities) is amended as follows.

    (2)   In section 421C(2) (meaning of "relevant linked person" for purposes of Chapters 1 to 4), for "are connected or, although not connected, are" substitute "are or have been connected or (without being or having been connected) are or have been".

    (3)   In section 472(2) (meaning of "relevant linked person" for purposes of Chapter 5), for "are connected or, although not connected, are" substitute "are or have been connected or (without being or having been connected) are or have been".

    (4)   In section 477(3)(c) (chargeable events in relation to employment-related securities options), for the words after "benefit" substitute "in connection with the employment-related securities option (other than one within paragraph (a) or (b))."

    (5)   This section has effect on and after 18th June 2004 and applies in relation to securities, interests and options that were employment-related securities or employment-related securities options on that date (as well as those acquired on or after that date).'.


Power of Board to specify form and manner in which information is provided under Part 7

   

Mr Paul Boateng

NC22

To move the following Clause:—

'The information required by section 292(1) or (3), 293(1), 294, 296(1) or 297(1) must be provided in a form and manner specified by the Board.'.


Repeal of section 677 of Taxes Act 1988

   

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

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

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—

(a) it is incurred by a small or medium-sized enterprise, or

(b) it is incurred by a lessor on equipment leased to a small or medium-sized enterprise, and

(c) it is not excluded by subsection (2) or section 46 (general exclusions)."

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

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

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

18A (1) A transfer on death shall be an exempt transfer to the extent that it comprises a part or whole share in an interest in real property that has been occupied as the main residence of the transferor and the transferees throughout the two years prior to the date of death.

 (2) For the purposes of determining whether a property has been in the occupation referred to in paragraph (1) above, there shall be disregarded any absences during which either party has had to receive residential nursing care whether in hospital or a private facility.".'.


Capital gains tax: foster carers and adult placement carers

   

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

NC11

To move the following Clause:—

'In the Taxation of Chargeable Gains Act 1992, section 224, after subsection (1) insert—

    "(1A)   Subsection (1) above shall not apply to any part of a dwellinghouse that is used exclusively for the purposes of a trade or business which consists of the provision of:

(a) foster care within the meaning given by paragraph 4 of Schedule 36 to the Finance Act 2003;

(b) accommodation and care to people placed through an adult placement scheme operated by a local authority, an HSS trust or an independent body.'.


Expenditure incurred in improving accessibility for disabled persons

   

Mr David Laws
Norman Lamb
Mr John Burnett
Dr Vincent Cable

NC13

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 (disabled access)".

    (3)   After section 29 insert—

       "29A Disabled access

(1) This section applies to expenditure if a person carrying on a qualifying activity has incurred it in making adjustments within subsection (2) below to premises which he uses for the purposes of the qualifying activity.

(2) The adjustments referred to in subsection (1) above are those specified in subsection (3) below which are or will be required to comply with section 21 of the Disability Discrimination Act 1995.

(3) The specified adjustments are—

(a) installation of ramps to facilitate either access to the premises or use of the premises by disabled persons, and

(b) alterations to the premises to provide accessible toilets for disabled persons.".'.


Child tax credit in respect of children under one year old

   

Harry Cohen

NC14

To move the following Clause:—

       'The Child Tax Credit Regulations 2002 (SI/2002/2007) are amended in paragraph 7(3)(a) by inserting after "£1,090" the words "in respect of each such child".'.


Meaning of "member"

   

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

NC15

To move the following Clause:—

       'In this Part "member" in relation to a pension scheme means a person who has:

(a) accrued rights under the pension scheme; or

(b) rights under the pension scheme which are attributable (directly or indirectly) to pension credits;

       and such a person is a member whether or not there are presently arrangements made under the pension scheme for the accrual of benefits to or in respect of that person and whether or not the person is entitled to the present payment of benefits under the pension scheme.'.


   

Mr Paul Boateng

553

Schedule     40,     page     564,     line     17,     at end insert—

'( ) Employment-related securities and options
Short title and chapterExtent of repeal
Income Tax (Earnings and Pensions) Act 2003 (c. 1)Section 421G.
Section 429(5).
Section 443(5).
Section 446R(5).
Section 449(4).
In section 519(1), the word "and" at the end of paragraph (a).
In section 524(1), the word "and" at the end of paragraph (a).
Section 701(2)(c)(ii).
Finance Act 2003 (c. 14)In Schedule 21, paragraph 18(4).

 1. The repeals in sections 429, 443, 446R and 449 of the Income Tax (Earnings and Pensions) Act 2003 have effect in accordance with section (Employee-controlled companies and unconnected companies)(8).

 2. The remaining repeals have effect in accordance with section (Approved plans and schemes)(11).'.

 
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Prepared 24 Jun 2004