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†
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2
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WAYS AND MEANS: Adjourned debate on Question [22nd March].
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[Until 10.00 p.m.]
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(1)
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That it is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision
in connection with finance.
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(2)
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This Resolution does not extend to the making of any amendment with respect to value added tax so as to provide—
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(a)
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for zero-rating or exempting a supply, acquisition or importation;
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(b)
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for refunding an amount of tax;
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(c)
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for any relief, other than a relief that—
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(i)
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so far as it is applicable to goods, applies to goods of every description, and
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(ii)
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so far as it is applicable to services, applies to services of every description—(Mr Chancellor of the Exchequer).
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The remaining Motions in this item, numbered 2 to 66, and those relating to Procedure are to be moved at the conclusion of
the Budget Debate after the decision on the Motion before the House. They will be decided without debate (Standing Order No.
51(3)).
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2. Rates of tobacco products duty
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(1)
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For the Table of rates of duty in Schedule 1 to the Tobacco Products Duty Act 1979 there shall be substituted—
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An amount equal to 22 per cent of the retail price plus £105.10 per thousand cigarettes.
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£153.07 per kilogram.
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£110.02 per kilogram.
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4.
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Other smoking tobacco and chewing tobacco |
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£67.30 per kilogram.
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(2)
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This Resolution shall have effect as from 6 o’clock in the evening of 22nd March 2006.
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And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
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(1)
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In section 36(1AA)(a) of the Alcoholic Liquor Duties Act 1979 for “£12.92” there shall be substituted “£13.26”.
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(2)
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This Resolution shall have effect as from midnight on 26th March 2006.
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And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
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4. Rates of duty on wine and made-wine
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(1)
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For Part 1 of the Table of rates of duty in Schedule 1 to the Alcoholic Liquor Duties Act 1979 there shall be substituted—
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Part 1
Wine and made-wine of a strength not exceeding 22 per cent
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Description of wine or made-wine
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Rates of duty per hectolitre
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£
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Wine or made-wine of a strength not exceeding 4 per cent
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53.06
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Wine or made-wine of a strength exceeding 4 per cent but not exceeding 5.5 per cent
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72.95
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Wine or made-wine of a strength exceeding 5.5 per cent but not exceeding 15 per cent and not sparkling
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172.17
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Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent but less than 8.5 per cent
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166.70
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Sparkling wine or sparkling made-wine of a strength of 8.5 per cent or of a strength exceeding 8.5 per cent but not exceeding
15 per cent
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220.54
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Wine or made-wine of a strength exceeding 15 per cent but not exceeding 22 per cent
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229.55
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(2)
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This Resolution shall have effect as from midnight on 26th March 2006.
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And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
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5. Hydrocarbon oil etc (rates and rebates)
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That provision may be made amending rates of duty and rebate in the Hydrocarbon Oil Duties Act 1979.
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6. Hydrocarbon oil etc (road vehicles)
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That provision may be made enabling amendment of the definition of road vehicle in the Hydrocarbon Oil Duties Act 1979.
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7. Amusement machine licence duty
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That provision may be made amending provisions of the Betting and Gaming Duties Act 1981 relating to amusement machine licence
duty.
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8. Vehicle excise duty (rates)
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(1)
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Schedule 1 to the Vehicle Excise and Registration Act 1994 shall be amended as follows.
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(2)
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In paragraph 1(2), for “£170” there shall be substituted “£175”.
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(3)
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For paragraph 1B there shall be substituted—
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“ 1B
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The annual rate of vehicle excise duty applicable to a vehicle to which this Part of this Schedule applies shall be determined
in accordance with Table A, where the vehicle is first registered before 23rd March 2006, or Table B, where the vehicle is
first registered on or after that date, by reference to—
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(a)
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the applicable CO2 emissions figure, and
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(b)
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whether the vehicle qualifies for the reduced rate of duty, or is liable to the standard rate or the premium rate of duty.
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Table A: Vehicles first registered before 23rd March 2006
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CO2 emissions figure
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Rate
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(1)
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(2)
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(3)
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(4)
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(5)
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Exceeding
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Not exceeding
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Reduced rate
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Standard rate
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Premium rate
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g/km
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g/km
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£
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£
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£
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100
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120
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30
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40
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50
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120
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150
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90
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100
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110
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150
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165
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115
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125
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135
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165
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185
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140
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150
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160
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185
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–
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180
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190
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195
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Table B: Vehicles first registered on or after 23rd March 2006
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CO2 emissions figure
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Rate
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(1)
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(2)
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(3)
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(4)
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(5)
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Exceeding
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Not exceeding
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Reduced rate
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Standard rate
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Premium rate
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g/km
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g/km
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£
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£
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£
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100
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120
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30
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40
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50
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120
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150
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90
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100
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110
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150
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165
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115
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125
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135
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165
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185
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140
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150
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160
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185
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225
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180
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190
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195
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225
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–
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200
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210
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215
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(a)
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for sub-paragraph (2) substitute—
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“(2)
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Condition A is that the vehicle—
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(i)
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so as to be propelled by a relevant type of fuel, or
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(ii)
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so as to be capable of being propelled by any of a number of relevant types of fuel, or
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(b)
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is constructed or modified—
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(i)
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so as to be propelled by a prescribed type of fuel, or
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(ii)
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so as to be capable of being propelled by any of a number of prescribed types of fuel,
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and complies with any other requirements prescribed for the purposes of this condition.”, and
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(b)
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after sub-paragraph (5) there shall be inserted—
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“bioethanol” has the meaning given in section 2AB of the Hydrocarbon Oil Duties Act 1979,
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“relevant type of fuel” means—
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(b)
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a mixture of bioethanol and unleaded petrol, if the proportion of bioethanol by volume is at least 85%, and
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“unleaded petrol” has the meaning given in section 1(3C) of the Hydrocarbon Oil Duties Act 1979.
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(5)
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In paragraph 1J(a), for “£165” there shall be substituted “£170”.
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(6)
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In paragraph 1K(a), after “1st March 2003” there shall be inserted “and before 1st January 2007”.
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(a)
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in paragraph (b), for “£30” there shall be substituted “£31”,
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(b)
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in paragraph (c), for “£45” there shall be substituted “£46”, and
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(c)
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in paragraph (d), for “£60” there shall be substituted “£62”.
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(8)
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In Schedule 2 to the Vehicle Excise and Registration Act 1994, after paragraph 24 there shall be inserted—
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“Light passenger vehicles with low CO2 emissions
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25
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A vehicle is an exempt vehicle if—
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(a)
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it is a vehicle to which Part 1A of Schedule 1 applies, and
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(b)
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the applicable CO2 emissions figure (as defined in paragraph 1A(3) and (4) of that Schedule) for the vehicle does not exceed 100 g/km.”
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(9)
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Paragraph (8) shall come into force on 23rd March 2006; but nothing in that paragraph shall have the effect that a nil licence
is required to be in force in respect of a vehicle while a vehicle licence is in force in respect of it.
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(10)
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The rest of this Resolution shall have effect in relation to licences taken out on or after that date.
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And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
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9. Value added tax (gaming machines)
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That provision (including provision having retrospective effect) may be made amending section 23 of the Value Added Tax Act
1994.
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10. Value added tax (buildings and land)
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That provision may be made for, and in connection with, conferring power on the Treasury—
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(a)
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to substitute Schedule 10 to the Value Added Tax 1994 for the purpose of rewriting that Schedule with amendments, and
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(b)
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to amend Group 1 of Schedule 9 to that Act.
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11. Value added tax (works of art, antiques, etc)
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That provision may be made amending section 21 of the Value Added Tax Act 1994 in relation to works of art, antiques, collections
and collector’s pieces.
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12. Value added tax (missing trader intra-community fraud)
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That, for the purposes of value added tax, provision may be made for, and in connection with, securing that—
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(a)
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supplies of goods made to persons carrying on businesses are treated for the purposes of Schedule 1 to the Value Added Tax
Act 1994 as their taxable supplies made in the course or furtherance of their businesses, and
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(b)
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taxable persons carrying on businesses to whom supplies of goods are made by other taxable persons account for and pay value
added tax on those supplies.
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13. Value added tax (face-value vouchers)
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That provision may be made amending, or making amendments connected with, Schedule 10A to the Value Added Tax Act 1994.
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14. Income tax (charge and rates for 2006-07)
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That income tax shall be charged for the year 2006-07, and for that year—
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(a)
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the starting rate shall be 10%;
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(b)
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the basic rate shall be 22%;
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(c)
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the higher rate shall be 40%.
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And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
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15. Corporation tax (charge and rate for 2007)
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That corporation tax shall be charged for the financial year 2007 at the rate of 30%.
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16. Corporation tax (small companies’ rate and fraction for 2006)
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That for the financial year 2006—
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(a)
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the small companies’ rate shall be 19%, and
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(b)
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the fraction mentioned in section 13(2) of the Income and Corporation Taxes Act 1988 shall be 11/400ths.
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17. Corporation tax (starting rate and non-corporate distribution rate)
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That provision may be made for, and in connection with, the abolition of—
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(a)
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the corporation tax starting rate,
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(b)
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the relief from corporation tax under section 13AA(2) of the Income and Corporation Taxes Act 1988, and
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(c)
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the non-corporate distribution rate.
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18. Group relief (corporation tax)
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That, for the purposes of corporation tax, provision may be made (including provision having retrospective effect) in relation
to group relief.
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19. Tax relief for R&D expenditure of small or medium-sized companies
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That provision may be made in relation to relief under Schedule 20 to the Finance Act 2000.
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20. Tax relief for R&D expenditure of large companies etc
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That provision may be made in relation to relief under Schedule 12 to the Finance Act 2002.
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21. Tax relief for expenditure on vaccine research etc
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That provision may be made in relation to relief under Schedule 13 to the Finance Act 2002.
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22. Films and sound recordings
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That provision may be made about the taxation of activities in connection with films and sound recordings.
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23. Charities (relief on income tax and corporation tax)
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That provision may be made amending and supplementing sections 505 and 506 of and Schedule 20 to the Income and Corporation
Taxes Act 1988.
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24. Gift aid (payments by companies)
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That provision may be made amending section 339 of the Income and Corporation Taxes Act 1988.
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25. Income tax (mobile telephones)
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(1)
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In section 266(2) of the Income Tax (Earnings and Pensions) Act 2003 there shall be inserted at the end “or
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(d)
|
section 319 (mobile telephones).”
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(2)
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In section 267(2) of that Act there shall be inserted at the end “and
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|
|
(g)
|
section 319 (mobile telephones).”
|
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(3)
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For section 319 of that Act there shall be substituted—
|
|
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“319 Mobile telephones
|
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(1)
|
No liability to income tax arises by virtue of section 62 (general definition of earnings) or Chapter 10 of Part 3 (taxable
benefits: residual liability to charge) in respect of the provision of one mobile telephone for an employee without any transfer
of property in it.
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(2)
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In this section “mobile telephone” means telephone apparatus which—
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(a)
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is not physically connected to a land-line, and
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(b)
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is not used only as a wireless extension to a telephone which is physically connected to a land-line,
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or any thing which may be used in such apparatus for the purpose of gaining access to, or using, a public electronic communications
service.
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(3)
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In this section the reference to the provision of a mobile telephone includes a reference to the provision, together with
the mobile telephone provided, of access to, or the use of, a public electronic communications service by means of one mobile
telephone number.
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(4)
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For the purposes of subsection (2) “telephone apparatus” means wireless telegraphy apparatus designed or adapted for the primary
purpose of transmitting and receiving spoken messages and used in connection with a public electronic communications service.”
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(4)
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The amendments made by this Resolution shall have effect for the year 2006-07 and subsequent years of assessment.
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(5)
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But the amendment made by paragraph (3) shall not cause any liability to income tax to arise in respect of the provision of
a mobile telephone for an employee, or a member of an employee’s family or household, if the mobile telephone was first provided
to him before 6th April 2006.
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And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
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26. Income tax (computer equipment)
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(1)
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Section 320 of the Income Tax (Earnings and Pensions) Act 2003 shall be omitted.
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(2)
|
This Resolution shall have effect for the year 2006-07 and subsequent years of assessment.
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(3)
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But this Resolution shall not cause any liability to income tax to arise in respect of the provision of computer equipment
by making it available to an employee, or a member of an employee’s family or household, if the computer equipment was first
made available to him before 6th April 2006.
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And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
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| |
That provision (including provision having retrospective effect) may be made amending, or making amendments connected with,
the Taxation of Chargeable Gains Act 1992.
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28. Income tax (interest relief: film partnership)
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| |
That provision (including provision having retrospective effect) may be made restricting the relief available under sections
353 and 362 of the Income and Corporation Taxes Act 1988 in respect of certain loans to buy into partnerships carrying on
trade in relation to films or other recordings.
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29. Transfers of income arising from securities
|
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That provision (including provision having retrospective effect) may be made amending section 730 of the Income and Corporation
Taxes Act 1988.
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|
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| |
That provision (including provision having retrospective effect) may be made for the purposes of income tax and corporation
tax—
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(a)
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in relation to stock lending arrangements, and
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(b)
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for and in connection with treating arrangements which are not stock lending arrangements as if they were such arrangements.
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31. Loan relationships etc
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That provision may be made for the purposes of corporation tax in relation to—
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(a)
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loan relationships, and
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(b)
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other relationships where a company stands, or is to be treated as standing, in the position of a creditor or debtor in relation
to a debt.
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| |
That provision may be made for the purposes of corporation tax in relation to derivative contracts.
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33. Intangible fixed assets
|
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| |
That provision (including provision having retrospective effect) may be made amending Schedule 29 to the Finance Act 2002.
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34. Controlled foreign companies
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That provision may be made amending section 90 of the Finance Act 2002.
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35. Transfer of assets abroad
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That provision (including provision having retrospective effect) may be made amending, or making amendments connected with,
Chapter 3 of Part 17 of the Income and Corporation Taxes Act 1988.
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36. Income tax (benefits received by former owner of property)
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That provision (including provision having retrospective effect) may be made amending Schedule 15 to the Finance Act 2004.
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37. Leases of plant or machinery
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| |
That, for the purposes of income tax and corporation tax, provision (including provision having retrospective effect) may
be made in relation to leases of plant or machinery.
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38. Corporation tax (companies carrying on leasing business)
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| |
That, for the purposes of corporation tax, provision (including provision having retrospective effect) may be made in relation
to any company carrying on (whether alone or in partnership) a business which consists of or includes leasing plant or machinery.
|
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| |
That provision (including provision having retrospective effect) may be made about insurance companies.
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40. Income tax (settlements)
|
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| |
That provision may be made in relation to settlors, beneficiaries and trustees of settlements.
|
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|
41. Investment reliefs (limits on value of gross assets of issuers of shares etc)
|
|
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(1)
|
In section 293(6A) of the Income and Corporation Taxes Act 1988 (“ICTA”)—
|
|
|
(a)
|
in paragraph (a), for “£15 million” there shall be substituted “£7 million”, and
|
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|
(b)
|
in paragraph (b), for “£16 million” there shall be substituted “£8 million”.
|
|
|
(2)
|
In paragraph 8(1) of Schedule 28B to ICTA—
|
|
|
(a)
|
in paragraph (a), for “£15 million” there shall be substituted “£7 million”, and
|
|
|
(b)
|
in paragraph (b), for “£16 million” there shall be substituted “£8 million”.
|
|
|
(3)
|
In paragraph 22(1) and (2) of Schedule 15 to the Finance Act 2000—
|
|
|
(a)
|
in paragraph (a), for “£15 million” there shall be substituted “£7 million”, and
|
|
|
(b)
|
in paragraph (b), for “£16 million” there shall be substituted “£8 million”.
|
|
|
(4)
|
Paragraphs (1) and (3) of this Resolution have effect in relation to shares issued on or after 6th April 2006, subject to
paragraphs (5) and (6) of this Resolution.
|
|
|
(5)
|
Neither of paragraphs (1) and (3) of this Resolution has effect in relation to shares issued on or after 6th April 2006 to
a person who subscribed for them before 22nd March 2006.
|
|
|
(6)
|
Paragraph (1) of this Resolution does not have effect in relation to shares issued on or after 6th April 2006 to the managers
of an investment fund approved for the purposes of section 311 of ICTA by the Commissioners for Her Majesty’s Revenue and
Customs if—
|
|
|
(a)
|
the fund was approved before 22nd March 2006,
|
|
|
(b)
|
investments in the fund have been accepted before 6th April 2006, and
|
|
|
(c)
|
the shares are issued to the managers as nominee for an individual who has (whether or not before 6th April 2006) invested
in the fund.
|
|
|
(7)
|
Paragraph (2) of this Resolution has effect in relation to relevant holdings issued on or after 6th April 2006, subject to
paragraph (8) of this Resolution.
|
|
|
(8)
|
Paragraph (2) of this Resolution does not have effect for the purpose of determining whether any shares or securities acquired
by a company (“the trust company”) by means of the investment of protected money are, for the purposes of section 842AA of
ICTA, to be regarded as comprised in qualifying holdings of the company at any time.
|
|
|
(9)
|
In paragraph (8) of this Resolution “protected money” means—
|
|
|
(a)
|
money raised by the issue before 6th April 2006 of shares in or securities of the trust company, or
|
|
|
(b)
|
money derived from the investment by the trust company of any such money.
|
|
| |
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
42. Venture capital trusts (relief from income tax)
|
|
| |
That provision may be made amending Schedule 15B to the Income and Corporation Taxes Act 1988.
|
|
|
43. Venture capital trusts (meaning of “investments”)
|
|
| |
That provision may be made amending the meaning of “investments” for the purposes of approvals, and withdrawals of approvals,
under section 842AA of the Income and Corporation Taxes Act 1988.
|
|
|
44. Securities and securities options
|
|
|
|
|
(1)
|
Section 420 of the Income Tax (Earnings and Pensions) Act 2003 shall be amended as follows.
|
|
|
(2)
|
In subsection (1)(f), at the beginning there shall be inserted “options and”.
|
|
|
(3)
|
In subsection (5)(e), at the beginning there shall be inserted “securities”.
|
|
|
(4)
|
In subsection (8), in the definition of “securities option”, after “acquire securities” there shall be inserted “other than
a right to acquire securities which is acquired pursuant to a right or opportunity made available under arrangements the main
purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions”.
|
|
|
(5)
|
The amendments made by this Resolution shall have effect in relation to options acquired on or after 2nd December 2004; but
paragraph (4) shall also have effect in relation to an option acquired before that date where something is done on or after
that date as part of the arrangements under which it was made available.
|
|
| |
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
45. PAYE (retrospective notional payments)
|
|
| |
That provision may be made for and in connection with facilitating the operation of pay as you earn in relation to notional
payments treated by any Act as made before the date on which the Act is passed.
|
|
|
|
| |
That provision may be made—
|
|
|
(a)
|
amending, and permitting amendment of, Chapter 5 of Part 2 of the Finance Act 2005, and
|
|
|
(b)
|
about the treatment of alternative finance arrangements as loans to employees.
|
|
|
47. Corporation tax (nuclear decommissioning)
|
|
| |
That provision may be made amending Chapter 1 of Part 1 of the Energy Act 2004.
|
|
|
48. Securitisation companies
|
|
| |
That provision (including provision having retrospective effect) may be made about the taxation of securitisation companies.
|
|
|
49. Real Estate Investment Trusts
|
|
| |
That provision may be made enabling companies which carry on property rental business to acquire a status that provides certain
exemptions and liabilities (in relation to companies and shareholders).
|
|
|
|
| |
That provision may be made in relation to the market value of oil (within the meaning of Part 1 of the Oil Taxation Act 1975).
|
|
|
51. Oil (nominated contracts and blended oil)
|
|
| |
That provision may be made—
|
|
|
(a)
|
for allocating blended oil to different fields for the purposes of section 2 of the Oil Taxation Act 1975, and
|
|
|
(b)
|
amending section 61 of and Schedule 10 to the Finance Act 1987.
|
|
|
52. Ring fence trades (rate of supplementary charge)
|
|
|
|
|
(1)
|
In section 501A of the Income and Corporation Taxes Act 1988, in subsection (1), for “10 per cent” there shall be substituted
“20 per cent”.
|
|
|
(2)
|
The amendment made by paragraph (1) shall have effect in relation to any accounting period beginning on or after 1st January
2006 (but see also paragraph (3)).
|
|
|
(3)
|
For the purpose of calculating the amount of the supplementary charge on a company for an accounting period (a “straddling
period”) beginning before 1st January 2006 and ending on or after that date—
|
|
|
(a)
|
so much of the straddling period as falls before 1st January 2006, and so much of the straddling period as falls on or after
that date, shall be treated as separate accounting periods, and
|
|
|
(b)
|
the company’s adjusted ring fence profits for the straddling period shall be apportioned to the two separate accounting periods
in proportion to the number of days in those periods.
|
|
|
(4)
|
The amount of the supplementary charge on the company for the straddling period shall be the sum of the amounts of supplementary
charge that would, in accordance with paragraph (3), be chargeable on the company for those separate accounting periods.
|
|
|
(5)
|
In the case of a company’s straddling period—
|
|
|
(a)
|
the Instalment Payments Regulations shall apply as if the amendment made by paragraph (1) had not been made, but
|
|
|
(b)
|
those Regulations shall also apply separately, in accordance with the following paragraph, in relation to the increase in
the amount of any supplementary charge on the company for that period that arises as a result of that amendment.
|
|
|
(6)
|
In that separate application of those Regulations as mentioned in paragraph (5)(b), those Regulations shall have effect as
if, for the purposes of those Regulations,—
|
|
|
(a)
|
the straddling period were an accounting period beginning on 1st January 2006,
|
|
|
(b)
|
supplementary charge were chargeable on the company for that period, and
|
|
|
(c)
|
the amount of that charge were equal to the increase in the amount of the supplementary charge for the straddling period that
arises as a result of the amendment made by paragraph (1).
|
|
|
(7)
|
Any reference in the Instalment Payments Regulations to the total liability of a company shall, accordingly, be read—
|
|
|
(a)
|
in their application as a result of paragraph (5)(a), as a reference to the amount that would be the company’s total liability
for the straddling period if the amendment made by paragraph (1) had not been made, and
|
|
|
(b)
|
in their application as a result of paragraph (5)(b), as a reference to the amount of the supplementary charge on the company
for the deemed accounting period under paragraph (6)(a).
|
|
|
(8)
|
For the purposes of the Instalment Payments Regulations—
|
|
|
(a)
|
a company shall be regarded as a large company as respects the deemed accounting period under paragraph (6)(a) if (and only
if) it is a large company for those purposes as respects the straddling period, and
|
|
|
(b)
|
any question whether a company is a large company as respects the straddling period shall be determined as it would have been
determined if the amendment made by paragraph (1) had not been made.
|
|
|
(9)
|
If the Instalment Payments Regulations—
|
|
|
(a)
|
apply in relation to a company’s liability to supplementary charge for the deemed accounting period under paragraph (6)(a),
and
|
|
|
(b)
|
would (but for this paragraph) treat any instalment payment in respect of that liability as being due and payable on a date
falling on or before 22nd March 2006,
|
|
| |
those Regulations shall have effect as if the payment were due and payable instead at the end of the period of 14 days beginning
with that date.
|
|
|
|
|
(a)
|
“adjusted ring fence profits” has the meaning given by section 501A of the Income and Corporation Taxes Act 1988,
|
|
|
(b)
|
“the Instalment Payments Regulations” means the Corporation Tax (Instalment Payments) Regulations 1998,
|
|
|
(c)
|
“supplementary charge” means any sum chargeable under section 501A(1) of the Income and Corporation Taxes Act 1988 as if it
were an amount of corporation tax.
|
|
| |
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
53. Ring fence trades (exploration expenditure supplement)
|
|
| |
That provision (including provision having retrospective effect) may be made amending Schedule 19B to the Income and Corporation
Taxes Act 1988.
|
|
|
54. Inheritance tax (rates and rate bands for years 2008-09 and 2009-10)
|
|
| |
That provision may be made for successive substitutions of the Table in Schedule 1 to the Inheritance Tax Act 1984.
|
|
|
55. Inheritance tax (rules for trusts etc)
|
|
| |
That provision may be made—
|
|
|
(a)
|
amending provisions of the Inheritance Tax Act 1984 relating to settled property, and
|
|
|
(b)
|
amending, in connection with cases where a person’s interest in settled property has come to an end, provisions relating to
property that, for purposes of that Act, is property subject to a reservation.
|
|
|
56. Inheritance tax (purchase of interests in foreign trusts)
|
|
| |
That provision (including provision having retrospective effect) may be made amending section 48 of the Inheritance Tax Act
1984.
|
|
|
|
| |
That provision may be made in relation to pension schemes and similar schemes under which benefits are provided to or in respect
of employees or former employees.
|
|
|
58. Stamp duty land tax (thresholds)
|
|
|
|
|
(1)
|
In section 55 of the Finance Act 2003 in subsection (2), in Table A, for “£120,000”, in both places, there shall be substituted
“£125,000”.
|
|
|
(2)
|
In Schedule 5 to the Finance Act 2003, in paragraph 2(3), in Table A, for “£120,000”, in both places, there shall be substituted
“£125,000”.
|
|
|
(3)
|
The amendments made by this Resolution shall have effect in relation to any transaction of which the effective date (within
the meaning of Part 4 of the Finance Act 2003) is after 22nd March 2006.
|
|
| |
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
59. Stamp duty (thresholds)
|
|
| |
That the following provisions shall have effect for the period beginning with 23rd March 2006 and ending 31 days after the
earliest of the dates mentioned in section 50(2) of the Finance Act 1973—
|
|
|
(1)
|
In Schedule 13 to the Finance Act 1999, in paragraph 4, for “£120,000”, in both places, there shall be substituted “£125,000”.
|
|
|
(2)
|
The amendment made by this Resolution shall have effect in relation to instruments executed after 22nd March 2006.
|
|
| |
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of section 50 of the Finance Act 1973.
|
|
|
60. Stamp duty land tax (leases)
|
|
| |
That provision may be made amending Schedules 5 and 17A to the Finance Act 2003.
|
|
|
61. Stamp duty land tax (unit trust schemes)
|
|
|
|
|
(1)
|
Part 4 of the Finance Act 2003 shall be amended as follows.
|
|
|
(2)
|
Section 64A shall be omitted.
|
|
|
|
|
(a)
|
in subsection (1) for “provisions” there shall be substituted “provision”, and
|
|
|
(b)
|
in subsection (7) the words from “section 53” to “companies), or” shall be omitted.
|
|
|
(4)
|
This Resolution shall have effect in relation to any land transaction of which the effective date is, or is after, 22nd March
2006 (but see paragraphs (5) and (6)).
|
|
|
(5)
|
This Resolution shall not have effect in relation to—
|
|
|
(a)
|
any land transaction which is effected in pursuance of a contract entered into and substantially performed before 2 p.m. on
22nd March 2006 (“the relevant time”), or
|
|
|
(b)
|
any other land transaction which is effected in pursuance of a contract entered into before the relevant time and which is
not an excluded transaction.
|
|
|
(6)
|
For this purpose, a land transaction effected in pursuance of a contract is an excluded transaction if—
|
|
|
(a)
|
any provision of the contract has effect by reference to a unit trust scheme and the scheme is not established before the
relevant time,
|
|
|
(b)
|
at or after the relevant time the contract is varied in a way that significantly affects the land transaction (see paragraph
(7)),
|
|
|
(c)
|
the subject-matter of the land transaction is not identified in the contract in a way that would have enabled its acquisition
before the relevant time,
|
|
|
(d)
|
rights under the contract are assigned at or after the relevant time,
|
|
|
(e)
|
the land transaction is effected in consequence of the exercise, at or after the relevant time, of any option, right of pre-emption
or similar right, or
|
|
|
(f)
|
at or after the relevant time there is an assignment, subsale or other transaction (relating to the whole or part of the contract’s
subject-matter) as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance
to him.
|
|
|
(7)
|
For the purposes of paragraph (6)(b) the contract is varied in a way that significantly affects the land transaction if (and
only if)—
|
|
|
(a)
|
it is varied so as to substitute a different purchaser in relation to the land transaction,
|
|
|
(b)
|
it is varied so as to alter the subject-matter of the land transaction, or
|
|
|
(c)
|
it is varied so as to alter the consideration for the land transaction.
|
|
|
(8)
|
Expressions which are used in Part 4 of the Finance Act 2003 and in this Resolution have the same meaning in this Resolution
as in that Part.
|
|
| |
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
62. Stamp duty land tax (alternative finance)
|
|
| |
That provision may be made amending and supplementing sections 71A to 73 of the Finance Act 2003.
|
|
|
|
|
|
|
(1)
|
In section 42 of the Finance Act 1996, for the amount specified in subsection (1)(a), and the corresponding amount specified
in subsection (2), there shall be substituted “£21”.
|
|
|
(2)
|
This Resolution shall have effect in relation to taxable disposals made, or treated as made, on or after 1st April 2006.
|
|
| |
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
64. Climate change levy (rates)
|
|
| |
That provision may be made substituting the Table in paragraph 42(1) of Schedule 6 to the Finance Act 2000.
|
|
|
65. Climate change levy (abolition of half-rate supplies)
|
|
|
|
|
(1)
|
For the purposes of climate change levy, no supply made on or after 1st April 2006 shall be a half-rate supply.
|
|
|
(2)
|
Paragraphs (3) to (6) shall have effect for determining when a supply is to be regarded as made for the purposes of paragraph
(1).
|
|
|
|
|
|
|
(b)
|
of gas that is in a gaseous state and is of a kind supplied by a gas utility,
|
|
| |
is to be regarded as made at the time when the electricity or gas is actually supplied.
|
|
|
(4)
|
In the case of a supply of a taxable commodity not falling within paragraph (3) by a person who is resident in the United
Kingdom—
|
|
|
(a)
|
if the commodity is to be removed, the supply is to be regarded as made at the time of the removal,
|
|
|
(b)
|
if the commodity is not to be removed, the supply is to be regarded as made when the commodity is made available to the person
to whom it is supplied.
|
|
| |
This paragraph shall not apply if paragraph (6) applies in the case of the supply.
|
|
|
(5)
|
In the case of a supply of a taxable commodity not falling within paragraph (3) by a person who is not resident in the United
Kingdom, the supply is to be regarded as made—
|
|
|
(a)
|
when the commodity is delivered to the person to whom it is supplied, or
|
|
|
(b)
|
if earlier, when it is made available in the United Kingdom to that person.
|
|
| |
This paragraph shall not apply if paragraph (6) applies in the case of the supply.
|
|
|
(6)
|
In any case where, by virtue of paragraph 23(3) of Schedule 6 to the Finance Act 2000, a person is, for the purposes of that
Schedule, deemed to make a supply to himself of a quantity of a taxable commodity—
|
|
|
(a)
|
which he has produced, and
|
|
|
(b)
|
which does not fall within paragraph (3),
|
|
| |
the supply is to be regarded as made at the time when he produced that particular quantity of the taxable commodity.
|
|
| |
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under
the provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
66. Relief from tax (incidental and consequential charges)
|
|
| |
That it is expedient to authorise any incidental or consequential charges to any duty or tax (including charges having retrospective
effect) that may arise from provisions designed in general to afford relief from taxation.
|
|
|
PROCEDURE RESOLUTIONS
|
| |
PROCEDURE (EVASION OF TOBACCO PRODUCTS DUTY): That, notwithstanding anything to the contrary in the practice of the House
relating to the matters that may be included in Finance Bills, any Finance Bill of the present Session may include provision
requiring manufacturers of tobacco products not to facilitate smuggling and enabling the imposition of a penalty for breach
of that requirement.
|
|
| |
PROCEDURE (FILM TAX CREDITS): That, notwithstanding anything to the contrary in the practice of the House relating to the
matters that may be included in Finance Bills, any Finance Bill of the present Session may contain provision for tax credits
to be paid to film production companies in respect of expenditure on film making activities.
|
|
| |
PROCEDURE (INTERNATIONAL TAX ENFORCEMENT ARRANGEMENTS): That, notwithstanding anything to the contrary in the practice of
the House relating to the matters that may be included in Finance Bills, any Finance Bill of the present Session may contain
provision about arrangements made in relation to any territory or territories outside the United Kingdom and concerning the
exchange of information, the recovery of debts or the service of documents relating to taxes imposed under the domestic law
of the United Kingdom or taxes imposed under the law of that territory or any of those territories.
|
|
| |
PROCEDURE (FUTURE TAXATION): That, notwithstanding anything to the contrary in the practice of the House relating to the matters
that may be included in Finance Bills, any Finance Bill of the present Session may contain the following provisions taking
effect in a future year—
|
|
|
(a)
|
provision for corporation tax to be charged for the financial year 2007;
|
|
|
(b)
|
provision amending, or making amendments connected with, section 139 of the Income Tax (Earnings and Pensions) Act 2003;
|
|
|
(c)
|
provision enabling regulations to be made about taxation in respect of income arising from participation in, or the provision
of certain services in relation to, the 2012 London Olympic Games and Paralympic Games;
|
|
|
(d)
|
provision in relation to the residence of trustees of settlements;
|
|
|
(e)
|
provision for substituting the Table in Schedule 1 to the Inheritance Tax Act 1984 in relation to chargeable transfers made
on or after 6th April 2008 or made on or after 6th April 2009;
|
|
|
(f)
|
provision amending provisions of the Inheritance Tax Act 1984 relating to settled property;
|
|
|
(g)
|
provision about the rates of climate change levy.
|
|
|
Debate may continue until 10.00 p.m.
|
|
A Bill is to be brought in upon the foregoing Resolutions if they are agreed to by the House.
|
|
†
|
3
|
SITTINGS OF THE HOUSE
|
[No debate after 10.00 p.m.]
|
|
|
|
| |
That, at the sitting on Wednesday 29th March, the Speaker shall not adjourn the House until any message from the Lords has
been received and any Committee to draw up Reasons which has been appointed at that sitting has reported.
|
|
|
If opposed, this item cannot be taken after 10.00 p.m.
|
indicates a question for oral answer.
