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Energy Bill [HL]


Energy Bill [HL]
Schedule 9 — Taxation provisions relating to nuclear transfer schemes
Part 4 — Transfer of Nuclear Liabilities Investment Portfolio

208

 

      (4)  

The reference in sub-paragraph (2) to the group of companies of which a

company was a member is to be construed—

(a)   

in relation to the 1992 Act in accordance with the provisions of

section 170 of that Act; and

(b)   

in relation to Schedule 29 to the Finance Act 2002 (c. 23), in

5

accordance with Part 8 of that Schedule.

29    (1)  

This paragraph applies where—

(a)   

as a consequence of a transfer in accordance with a nuclear transfer

scheme of securities of a subsidiary of the NDA, that subsidiary

becomes a relevant site licensee;

10

(b)   

as a consequence of a transfer to the NDA or to a subsidiary of the

NDA in accordance with such a scheme of securities of a company,

that company ceases to be a relevant site licensee; or

(c)   

there is a transfer in accordance with such a scheme of securities of a

company that is a relevant site licensee from one person to another

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person for purposes connected with securing that the condition in

section 27(5)(c) continues to be satisfied in relation to the company.

      (2)  

For the purposes of the 1992 Act, the securities shall be treated as disposed

of to the transferee for a consideration of such amount as would secure that,

on the disposal, neither a gain nor a loss accrues to the transferor.

20

30         

In this Part of this Schedule “relevant site licensee” has the same meaning as

in subsection (4) of section 27 (see subsection (5)).

Part 4

Transfer of Nuclear Liabilities Investment Portfolio

Application of Part 4 of Schedule

25

31         

This Part of this Schedule applies to a transfer to the Secretary of State in

accordance with a nuclear transfer scheme containing provision authorised

by section 42 of this Act.

Chargeable gains: assets to be treated as disposed without a gain or a loss

32    (1)  

This paragraph applies for the purposes of the 1992 Act where an asset is

30

transferred by a transfer to which this Part of this Schedule applies.

      (2)  

The asset shall be treated as disposed of to the Secretary of State for a

consideration of such amount as would secure that, on the disposal, neither

a gain nor a loss accrues to BNFL.

Neutral effect of transfer for loan relationships and derivative contracts

35

33         

No credit or debit shall be required or allowed, in respect of a transfer to

which this Part of this Schedule applies, to be brought into account in

BNFL’s case—

(a)   

for the purposes of Chapter 2 of Part 4 of the Finance Act 1996 (c. 8)

(loan relationships); or

40

(b)   

for the purposes of Schedule 26 to the Finance Act 2002.

 

 

Energy Bill [HL]
Schedule 9 — Taxation provisions relating to nuclear transfer schemes
Part 6 — Supplemental provisions of Schedule

209

 

Part 5

Stamp duty etc.

34    (1)  

Stamp duty is not to be chargeable—

(a)   

on a nuclear transfer scheme, or

(b)   

on an instrument certified by the Secretary of State to the

5

Commissioners of Inland Revenue as made for the purposes of such

a scheme, or as made for purposes connected with such a scheme,

           

except to the extent that the scheme or instrument includes provision in

relation to private transfers.

      (2)  

But where, by virtue of sub-paragraph (1), stamp duty is not chargeable at

10

all, or is chargeable only to a reduced extent, on a nuclear transfer scheme or

instrument, the scheme or instrument is to be treated as duly stamped only

if—

(a)   

in accordance with section 12 of the Stamp Act 1891 (c. 39) it has been

stamped with a stamp denoting either that it is not chargeable to

15

duty or that it has been duly stamped; or

(b)   

it is stamped with the duty to which it would be chargeable apart

from sub-paragraph (1).

      (3)  

An agreement which is made for the purposes of a nuclear transfer scheme

or purposes connected with such a scheme is not to give rise to stamp duty

20

reserve tax except to the extent that the agreement relates to private

transfers.

      (4)  

In this paragraph—

“instrument” has the same meaning as in the Stamp Act 1891;

“private transfer” means—

25

(a)   

a transfer of any property, right or liability to a person other

than the Secretary of State, the NDA or a publicly owned

company; or

(b)   

the creation of an interest or right in favour of a person other

than the Secretary of State, the NDA or a publicly owned

30

company.

Part 6

Supplemental provisions of Schedule

Groups of companies

35         

References to a company in the following enactments shall apply to the

35

NDA—

(a)   

sections 170 to 181 of the 1992 Act;

(b)   

Part 8 of Schedule 29 to the Finance Act 2002 (c. 23).

Consequential amendment

36         

In section 35(3)(d) of the 1992 Act (no gain no loss disposals) after sub-

40

paragraph (xiv) insert—

“(xv)   

paragraph 3, 18, 29 or 32 of Schedule 9 to the Energy

Act 2004.”

 

 

Energy Bill [HL]
Schedule 10 — The Civil Nuclear Police Authority
Part 1 — Membership

210

 

Interpretation of Schedule

37    (1)  

In this Schedule—

“the 1992 Act” means the Taxation of Chargeable Gains Act 1992

(c. 12);

“the 2001 Act” means the Capital Allowances Act 2001 (c. 2);

5

“exempt activities” has the same meaning as in section 27 of this Act;

“NDA company” has the same meaning as in section 27 of this Act;

“the Nuclear Liabilities Investment Portfolio” means property and

rights to which BNFL is entitled and which appear to the Board,

from BNFL’s published accounts, to represent assets held by BNFL

10

for the purpose of being able to meet costs or liabilities for which the

NDA has a financial responsibility under Chapter 1 of Part 1 of this

Act;

“section 39 scheme” means a nuclear transfer scheme authorised by

section 39 of this Act;

15

“section 40 scheme” means a nuclear transfer scheme authorised by

section 40 of this Act;

“transferee”, in relation to a transfer in accordance with a nuclear

transfer scheme, means the person to whom the transfer is made;

“transferor”, in relation to a transfer in accordance with a nuclear

20

transfer scheme, means the person from whom the transfer is made;

“the Taxes Act” means the Income and Corporation Taxes Act 1988

(c. 1).

      (2)  

Before determining for the purposes of this Schedule whether an asset was

comprised at a particular time in the Nuclear Liabilities Investment

25

Portfolio, the Board must consult the Secretary of State.

      (3)  

So far as it relates to corporation tax this Schedule is to be construed as one

with the Corporation Tax Acts.

      (4)  

So far as it relates to capital allowances this Schedule is to be construed as

one with the 2001 Act.

30

Schedule 10

Section 51

 

The Civil Nuclear Police Authority

Part 1

Membership

Appointment

35

1     (1)  

The Police Authority shall consist of not fewer than seven and not more than

thirteen members.

      (2)  

The members of the Police Authority are to be appointed by the Secretary of

State.

      (3)  

The Secretary of State must appoint one of the members of the Police

40

Authority to be its chairman.

 

 

Energy Bill [HL]
Schedule 10 — The Civil Nuclear Police Authority
Part 2 — Proceedings

211

 

Terms of appointment

2     (1)  

Subject to what follows, each member of the Police Authority is to hold and

vacate office as chairman, or otherwise as a member, in accordance with the

terms of his appointment.

      (2)  

Each appointment must state the period for which it is made.

5

      (3)  

That period must not exceed five years; but a person is eligible for re-

appointment as chairman, or otherwise as a member of the Police Authority,

(on any number of occasions) from the end of a term of office.

      (4)  

A member of the Police Authority may at any time resign his office as the

chairman or as a member of the Police Authority (or both) by giving notice

10

to the Secretary of State.

      (5)  

If the Secretary of State is satisfied that sub-paragraph (6) applies to the

chairman or another member of the Police Authority, the Secretary of State

may, by giving him notice to that effect, remove him from office.

      (6)  

This sub-paragraph applies to a person if—

15

(a)   

he is an undischarged bankrupt or has had his estate sequestrated

without being discharged;

(b)   

he is subject to a bankruptcy restrictions order or an interim

bankruptcy restrictions order;

(c)   

he has made an arrangement with his creditors, or has entered into a

20

trust deed for creditors, or has made a composition contract with his

creditors;

(d)   

he has been convicted of an offence;

(e)   

he has been absent, on at least three consecutive occasions and

without the consent of the Police Authority, from meetings of that

25

Authority; or

(f)   

he is for any other reason incapable of carrying out, or unfit to carry

out, the functions of his office.

      (7)  

Oral notice is not effective for the purposes of sub-paragraph (4) or (5).

Remuneration

30

3          

The Police Authority may pay to each of its members such remuneration and

allowances as the Secretary of State may determine.

Part 2

Proceedings

Police Authority to regulate procedure

35

4     (1)  

The Police Authority may make such arrangements as it thinks fit for

regulating its proceedings.

      (2)  

Those arrangements may include—

(a)   

arrangements for quorums and the making of decisions by a

majority;

40

(b)   

the establishment of committees and the regulation of their

proceedings;

(c)   

the delegation of functions to committees established by the Police

Authority and to its employees.

 

 

Energy Bill [HL]
Schedule 10 — The Civil Nuclear Police Authority
Part 3 — Employees

212

 

      (3)  

The membership of a committee established by the Police Authority may

include employees of that Authority and persons who are neither members

nor employees of that Authority.

Validity etc.

5          

The validity of proceedings of the Police Authority shall not be affected by—

5

(a)   

a failure by the Secretary of State to comply with paragraph 1; or

(b)   

any other defect in the appointment of a member of the Police

Authority.

Part 3

Employees

10

Employees of the Police Authority

6     (1)  

The Police Authority may employ such persons as it may determine.

      (2)  

Those persons are to be employed by the Police Authority on such terms and

conditions, including terms and conditions as to remuneration, as the Police

Authority determines.

15

      (3)  

The Police Authority may—

(a)   

pay to or in respect of its employees such pensions, allowances or

gratuities, or

(b)   

with the approval of the Secretary of State, provide and maintain for

them such pension schemes (whether contributory or not),

20

           

as it determines.

      (4)  

This paragraph is subject to section 58 and any direction to the Police

Authority under Schedule 13.

UKAEA pensions for employees of the Police Authority

7     (1)  

A pension scheme maintained by the UKAEA under paragraph 7(2)(b) of

25

Schedule 1 to the Atomic Energy Authority Act 1954 (c. 32) (“a UKAEA

pension scheme”) may apply to employees of the Police Authority as it

applies to persons to whom it applies apart from this paragraph.

      (2)  

The Secretary of State may, by direction, require the UKAEA to make such

modifications of a UKAEA pension scheme as the Secretary of State

30

considers appropriate in respect of the participation of persons in such a

scheme by virtue of this paragraph.

      (3)  

A direction under sub-paragraph (2) may also require the UKAEA to make

such supplemental, consequential and transitional provision modifying a

UKAEA pension scheme as the Secretary of State considers appropriate.

35

      (4)  

Before giving a direction under this paragraph, the Secretary of State must

consult—

(a)   

the UKAEA;

(b)   

the Police Authority;

(c)   

the Treasury; and

40

(d)   

such persons as appear to him to represent the employees likely to be

affected by the direction.

      (5)  

The power of the Secretary of State to give directions under this paragraph—

 

 

Energy Bill [HL]
Schedule 10 — The Civil Nuclear Police Authority
Part 4 — Finances

213

 

(a)   

is in addition to the powers of the Secretary of State to give directions

to the UKAEA under paragraphs 5 and 6 of Schedule 8 to this Act or

section 3 of the Atomic Energy Authority Act 1954 (c. 32); and

(b)   

is to be disregarded in construing those powers.

      (6)  

The Police Authority must pay such amounts to the UKAEA in respect of the

5

participation of persons in a pension scheme by virtue of this paragraph as

are—

(a)   

agreed between the Police Authority and the UKAEA; or

(b)   

in the absence of such agreement, determined by the Secretary of

State.

10

      (7)  

References in this paragraph to the modification of a UKAEA pension

scheme include references to the modification of any one or more of the

following—

(a)   

the trust deed of the scheme, if there is one;

(b)   

rules of the scheme; or

15

(c)   

any other instrument relating to the constitution, management or

operation of the scheme.

Part 4

Finances

Borrowing by the Police Authority

20

8     (1)  

The Police Authority may borrow money, but only in accordance with this

paragraph.

      (2)  

The approval of the Treasury is required for borrowing by the Police

Authority.

      (3)  

The Police Authority may borrow from the Secretary of State such sums in

25

sterling as it may require for meeting its obligations and for carrying out its

functions.

      (4)  

The Police Authority may, with the consent of the Secretary of State, borrow

temporarily by way of overdraft from persons other than the Secretary of

State such sums in sterling as it may require for meeting its obligations and

30

for carrying out its functions.

      (5)  

The Police Authority must not borrow if the effect would be—

(a)   

to take the aggregate amount outstanding in respect of the principal

of sums it has borrowed over its borrowing limit; or

(b)   

to increase the amount by which the aggregate amount so

35

outstanding exceeds that limit.

      (6)  

The Police Authority’s borrowing limit is £10 million.

      (7)  

The Secretary of State may by order vary the Police Authority’s borrowing

limit.

      (8)  

The approval of the Treasury is required for the making of an order under

40

sub-paragraph (7).

      (9)  

An order under sub-paragraph (7) is subject to the negative resolution

procedure.

 

 

Energy Bill [HL]
Schedule 10 — The Civil Nuclear Police Authority
Part 4 — Finances

214

 

Guarantees for borrowing by the Police Authority

9     (1)  

The Secretary of State may guarantee—

(a)   

the repayment of the principal of any sum borrowed by the Police

Authority;

(b)   

the payment of interest on such a sum; and

5

(c)   

the discharge of any other financial obligation of the Police Authority

in connection with the borrowing of such a sum.

      (2)  

The Secretary of State may give a guarantee under this paragraph in such

manner, and on such terms, as he thinks fit.

      (3)  

As soon as practicable after giving a guarantee under this paragraph, the

10

Secretary of State must lay a statement of the guarantee before Parliament.

      (4)  

If sums are paid out by the Secretary of State under a guarantee given under

this paragraph, the Police Authority must pay him—

(a)   

such amounts in or towards the repayment to him of those sums as

he may direct; and

15

(b)   

interest, at such rates as he may direct, on amounts outstanding

under this sub-paragraph.

      (5)  

Payments to the Secretary of State under sub-paragraph (4) must be made at

such times, and in such manner, as he may from time to time direct.

      (6)  

Where a sum has been paid out by the Secretary of State under a guarantee

20

given under this paragraph, he must lay a statement relating to that sum

before Parliament—

(a)   

as soon as practicable after the end of the financial year in which that

sum is paid out; and

(b)   

as soon as practicable after the end of each subsequent relevant

25

financial year.

      (7)  

In relation to a sum paid out under a guarantee, a financial year is a relevant

financial year for the purposes of sub-paragraph (6) unless—

(a)   

before the beginning of that year, the whole of that sum has been

repaid to the Secretary of State under sub-paragraph (4); and

30

(b)   

the Police Authority is not at any time during that year subject to a

liability to pay interest on amounts that became due under that sub-

paragraph in respect of that sum.

      (8)  

The consent of the Treasury is required—

(a)   

for the giving of a guarantee under this paragraph; and

35

(b)   

for the giving of a direction under sub-paragraph (4) or (5).

Grants and loans to the Police Authority

10    (1)  

The Secretary of State may—

(a)   

make payments by way of grant to the Police Authority; and

(b)   

also make payments to it by way of loan.

40

      (2)  

The Secretary of State may make any grants made by him to the Police

Authority subject to such conditions as he thinks fit.

      (3)  

Loans made by the Secretary of State to the Police Authority shall be on such

terms, as to repayment and interest and other matters, as the Secretary of

State may determine.

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