Amendments proposed to the Finance Bill, As Amended - continued House of Commons

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Mr Chancellor of the Exchequer

85

Page     333,     line     42     [Schedule     11],     leave out 'periods ending at a time within that period when' and insert 'the period or periods within the qualifying period during which'.


   

Mr Chancellor of the Exchequer

86

Page     334,     line     20     [Schedule     11],     leave out 'ending'.

   

Mr Chancellor of the Exchequer

87

Page     334,     line     37     [Schedule     11],     leave out 'ending after the end of' and insert 'after'.


   

Mr Chancellor of the Exchequer

88

Page     336,     line     23     [Schedule     11],     leave out 'ending after the end of' and insert 'after'.


   

Mr Chancellor of the Exchequer

89

Page     339,     line     2     [Schedule     11],     leave out 'ending after the end of' and insert 'after'.


   

Mr Chancellor of the Exchequer

90

Page     70,     line     7     [Clause     67],     leave out 'High Court' and insert 'appropriate court.

    (6)   In this section "the appropriate court" means—

      (a) in relation to England and Wales, the High Court;

      (b) in relation to Scotland, the Court of Session, as the Court of Exchequer in Scotland;

      (c) in relation to Northern Ireland, the Court of Appeal in Northern Ireland.'.


   

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

1

Page     356,     line     20     [Schedule     15],     at beginning insert 'Subject to sub-paragraph (6) below,'.

   

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

2

Page     356,     line     26     [Schedule     15],     leave out '17th March 1986' and insert '19th June 2003'.

   

Adam Price

45

Page     356,     line 26     [Schedule 15]     ,leave out '17th March 1986' and insert '9th December 2003'.

   

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

3

Page     356,     line     35     [Schedule     15],     leave out '17th March 1986' and insert '19th June 2003'.

   

Adam Price

46

Page     356,     line     35     [Schedule 15],     leave out '17th March 1986' and insert '9th December 2003'.

   

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

4

Page     356,     line     48     [Schedule     15],     at end insert—

    '(6)   This paragraph will not apply where the chargeable person occupies the relevant land pursuant to a right or interest granted or acquired at least seven years before the earliest date on which the disposal condition or the contribution condition was met.'.


   

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

5

Page     358,     line     36     [Schedule     15],     leave out '17th March 1986' and insert '19th June 2003'.

   

Adam Price

47

Page     358,     line     36     [Schedule 15],     leave out '17th March 1986' and insert '9th December 2003'.

   

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

6

Page     358,     line     44     [Schedule     15],     leave out '17th March 1986' and insert '19th June 2003'.

   

Adam Price

48

Page     358,     line     44     [Schedule 15],     leave out '17th March 1986' and insert '9th December 2003'.


   

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

7

Page     360,     line     17     [Schedule     15],     at beginning insert 'Subject to sub-paragraph (4) below,'.

   

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

8

Page     360,     line     30     [Schedule     15],     leave out '17th March 1986' and insert '19th June 2003'.

   

Adam Price

49

Page     360,     line     30     [Schedule 15],     leave out '17th March 1986' and insert '9th December 2003'.

   

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

9

Page     360,     line     34     [Schedule     15],     at end insert—

    '(4)   This paragraph shall not apply where—

      (a) the chargeable person has a reversionary interest in the settlement (as defined by section 47 Inheritance Tax Act 1984); or

      (b) the chargeable person's interest in the settlement arises only on the termination of the settlement; or

      (c) in the case of a settlement where there is no subsisting interest in possession, the chargeable person is not currently a member of the class of beneficiaries of the settlement; and

      (d) where the chargeable person has no other interest in the settlement.'.

   

Mr Oliver Letwin

Mr Howard Flight

Mr Mark Prisk

Mr Andrew Tyrie

Mr George Osborne

225

Page     360,     line     40     [Schedule 15],     leave out 'of any income tax or capital gains tax' and insert 'on which any income tax or capital gains tax is'.


   

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

10

Page     361,     line     36     [Schedule     15],     at end insert—

      '(f) it is a sale of an interest in land or an undivided share of an interest in land for full consideration in money or money's worth.'.

   

Mr Oliver Letwin

Mr Howard Flight

Mr Mark Prisk

Mr Andrew Tyrie

Mr George Osborne

226

Page     361,     line     48     [Schedule 15],     leave out from 'and' to the end of line 2 on page 362 and insert 'the gift and the acquisition referred to in the said paragraphs were not associated operations as defined by section 268 of IHTA 1984,'.


   

Mr Chancellor of the Exchequer

91

Page     362,     line     30     [Schedule     15],     leave out from 'time' to end of line 31 and insert—

     'when—

            (a)   the relevant property, or

            (b)   any other property—

            (i) which derives its value from the relevant property, and

            (ii) whose value, so far as attributable to the relevant property, is not substantially less than the value of the relevant property,

    falls within sub-paragraph (3B) in relation to him.

    (3A) Where any property which falls within sub-paragraph (3B) in relation to a person includes property—

            (a)   which derives its value from the relevant property, and

            (b)   whose value, so far as attributable to the relevant property, is substantially less than the value of the relevant property,

    the appropriate rental value in paragraph 4, the appropriate amount in paragraph 7 or the chargeable amount in paragraph 9 (as the case may be) is to be reduced by such proportion as is reasonable to take account of that fact.

    (3B) Property falls within this sub-paragraph in relation to a person at a time when it—'

   

Mr Oliver Letwin

Mr Howard Flight

Mr Mark Prisk

Mr Andrew Tyrie

Mr George Osborne

227

Page     362,     line     44     [Schedule 15],     leave out 'and' and insert 'or'.


   

Mr Chancellor of the Exchequer

92

Page     363,     line     10     [Schedule     15],     leave out from 'whether' to first 'in' in line 11 and insert 'any property falls within sub-paragraph (3B)(b), (c) or (d)'.

   

Mr Chancellor of the Exchequer

93

Page     363     [Schedule     15],     leave out line 23 and insert 'Property is not to be treated as falling within sub-paragraph (3B)(b) at any time'.

   

Adam Price

43

Page     363,     line     41     [Schedule 15],     leave out '£5,000' and insert '£50,000'.

   

Adam Price

44

Page     363,     line     45     [Schedule 15],     leave out '£5,000' and insert '£50,000'.


   

Mr Chancellor of the Exchequer

94

Page     364,     line     14     [Schedule     15],     leave out '8(2)' and insert '8(3)'.


   

Mr Chancellor of the Exchequer

95

Page     365,     line     31     [Schedule     15],     after 'to' insert 'his enjoyment of'.

   

Mr Chancellor of the Exchequer

96

Page     365,     line     32     [Schedule     15],     leave out 'by reference to the relevant property'.

   

Mr Chancellor of the Exchequer

97

Page     365,     line     34     [Schedule     15],     at end insert 'by reference to his enjoyment of the relevant property, or of any other property for which the relevant property has been substituted.'.

   

Mr Chancellor of the Exchequer

98

Page     365,     line     36     [Schedule     15],     leave out 'by reference to the relevant property'.

   

Mr Chancellor of the Exchequer

99

Page     365,     line     38     [Schedule     15],     after 'assessment' insert 'by reference to his enjoyment of the relevant property or of any property which may be substituted for the relevant property'.

 
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Prepared 7 Jul 2004