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

back to previous text
   

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

28

Page     152,     line     44     [Clause     164],     leave out '70% of the basis amount for the alternatively secured pension year' and insert 'the greater of—

      (a) 70% of the basis amount for that alternatively secured pension year, or

      (b) in an alternatively secured pension year other than the first alternatively secured pension year, the aggregate of:

      (i) the total amount of alternatively secured pension which could have been paid to the dependant in all previous alternatively secured pension years less the amount actually paid to the dependant in those alternatively secured pension years ("the undrawn alternatively secured pension"), and

      (ii) 70% of the basis amount for that alternatively secured pension year (calculated after deducting from the sums and assets representing the dependant's alternatively secured pension fund on the nominated date the amount of the undrawn alternatively secured pension).'.


   

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

18

Page     441,     line     3     [Schedule     28],     leave out '50 members' and insert '20 members or such other number of members as may be prescribed from time to time'.

   

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

19

Page     441,     line     9     [Schedule     28],     leave out 'with 50 or more members' and insert 'to which sub-paragraph (1) does not apply'.


   

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

29

Page     445,     line     22     [Schedule     28],     at beginning insert 'Where this sub-paragraph (4) applies by virtue of sub-paragraph (3), when the member dies,'.

   

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

30

Page     445,     line     37     [Schedule     28],     leave out second 'the' and insert 'that'.

   

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

31

Page     445,     line     39     [Schedule     28],     leave out second 'the' and insert 'that'.


   

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

20

Page     446,     line     26     [Schedule     28],     leave out '50 members' and insert '20 members or such other number of members as may be prescribed from time to time'.

   

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

21

Page     446,     line     33     [Schedule     28],     leave out 'with 50 or more members' and insert 'to which sub-paragraph (1) does not apply'.


   

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

32

Page     450,     line     31     [Schedule     28],     leave out second 'the' and insert 'that'.

   

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

33

Page     450,     line     33     [Schedule     28],     leave out second 'the' and insert 'that'.


   

Mr Chancellor of the Exchequer

112

Page     455,     line     41     [Schedule     29],     at beginning insert 'For the purposes of this Part'.


   

Mr Chancellor of the Exchequer

113

Page     461,     line     18     [Schedule     29],     at beginning insert 'For the purposes of this Part'.


   

Mr Chancellor of the Exchequer

114

Page     153,     line     33     [Clause     166],     leave out 'recognised overseas pension scheme which is not a registered' and insert 'qualifying recognised overseas'.

   

Mr Chancellor of the Exchequer

115

Page     153,     line     35     [Clause     166],     at end insert—

    '(2)   For the purposes of this Part a recognised overseas pension scheme is a qualifying recognised overseas pension scheme if—

      (a) the scheme manager has given to the Inland Revenue notification that it is a recognised overseas pension scheme and has provided any such evidence that it is a recognised overseas pension scheme as the Inland Revenue may require,

      (b) the scheme manager has undertaken to the Inland Revenue to inform the Inland Revenue if it ceases to be a recognised overseas pension scheme,

      (c) the scheme manager has undertaken to the Inland Revenue to comply with any prescribed information requirements imposed on the scheme manager, and

      (d) the recognised overseas pension scheme is not excluded from being a qualifying recognised overseas pension scheme by subsection (5).

    (3)   In this Part "scheme manager", in relation to a pension scheme, means the person or persons administering, or responsible for the management of, the pension scheme.

    (4)   In this section "prescribed information requirements" means—

      (a) requirements imposed by or under regulations made by the Board of Inland Revenue to provide to the Inland Revenue any information of a description prescribed by regulations so made, and

      (b) requirements specified by regulations so made to provide information to an authority so specified in circumstances so specified.

    (5)   A recognised overseas pension scheme is excluded from being a qualifying recognised overseas pension scheme by this subsection if the Inland Revenue has decided that—

      (a) there has been a failure to comply with any prescribed information requirements imposed on the scheme manager and the failure is significant, and

      (b) by reason of the failure it is not appropriate that transfers of sums or assets held for the purposes of, or representing accrued rights under, registered pension schemes so as to become held for the purposes of, or to represent rights under, the recognised overseas pension scheme should be recognised transfers,

    and has notified the person or persons appearing to be the scheme manager of that decision (but subject to subsection (7) and section (Appeal against decision to exclude recognised overseas pension scheme)).

    (6)   A failure to comply with prescribed information requirements imposed on the scheme manager is significant if—

      (a) the amount of the information which has not been provided is substantial, or

      (b) the failure to provide the information is likely to result in serious prejudice to the assessment or collection of tax.

    (7)   The Inland Revenue—

      (a) may at any time after a recognised overseas pension scheme becomes excluded from being a qualifying recognised overseas pension scheme decide that the pension scheme is to cease to be so excluded, and

      (b) must notify the scheme manager of the decision.'.


   

Mr Chancellor of the Exchequer

116

Page     163,     line     32     [Clause     184],     after first 'contributions"' insert ', in relation to an individual and a pension scheme,'.


   

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

34

Page     165,     line     31     [Clause     186],     at end insert—

    '(6)   An individual may by notice to the Board of Inland Revenue elect that contributions made on or before 31st January in any tax year are to be treated as having been paid during the preceding tax year.'.


   

Mr Quentin Davies

15

Page     470,     line     12     [Schedule     31],     at end insert—

    '(2A)   In that subsection, immediately before the entry relating to section 616, insert—

       "section 607 (retirement annuity contracts)".'.


   

Mr Chancellor of the Exchequer

117

Page     184,     line     16     [Clause     212],     leave out from 'an' to end of line 19 and insert 'increased annual rate which exceeds by more than the permitted margin the rate at which it was payable on the day on which the individual became entitled to it'.

   

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

23

Page     184,     line     20     [Clause     212],     leave out 'The aggregate of the amount of such of the sums, and the market value of such of the assets, representing the individual's rights under the arrangement as are applied to purchase the lifetime annuity' and insert 'The lesser of:

      (a) the aggregate of the amount of such of the sums, and the market value of such of the assets, representing the individual's rights under the arrangement as are applied to purchase the lifetime annuity; and

      (b) AAF x A'.

   

Mr Chancellor of the Exchequer

118

Page     184,     line     44     [Clause     212],     at end insert 'qualifying'.


   

Mr Chancellor of the Exchequer

119

Page     472,     line     27     [Schedule     32],     leave out from 'that' to end of line 38 and insert 'at the time when the annual rate of the individual's pension is increased there are at least 50 pensioner members of the pension scheme, and

            (b)   all the scheme pensions being paid under the pension scheme to all the pensioner members of the pension scheme are at that time increased at the same rate.'.

   

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

22

Page     472,     line     27     [Schedule     32],     leave out '50 pensioner members' and insert '20 members or such other number of members as may be prescribed from time to time'.


 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page Search page Enquiries index

©Parliamentary copyright 2004
Prepared 7 Jul 2004