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NOTICES OF AMENDMENTS

given up to and including

Thursday 9th June 2005


New Amendments handed in are marked thus *

COMMITTEE OF THE WHOLE HOUSE

FINANCE BILL


(Clauses 11, 18, 40, 43, 44 and 69 and Schedule 8)

Mr Chancellor of the Exchequer To move, That the Order in which proceedings in the Committee of the whole House on the Finance Bill are to be taken shall be Clauses 11, 18 and 40, Schedule 8, Clauses 43, 44 and 69.


   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

36

*Clause     11,     page     11,     line     40,     at end insert—

      '(h) interactive experiments with an educational purpose.'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

35

*Clause     11,     page     12,     line     1,     leave out 'one year' and insert 'three months'.

   

Stephen Hammond

1

*Clause     11,     page     12,     line     8,     after 'family', insert 'or of that person and an accompanying group of no more than twenty individuals.'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

2

*Clause     18,     page     17,     line     9,     at end insert—

      '(i) in relation to unit trust schemes and open-ended investment companies mainly invested in interests or rights in or over land, determine the rate of corporation tax for the year 2005 and subsequent financial years, to be nil, or the rate at which income tax at the lower rate is charged for year of assessment which begins on 6th April in the financial year concerned.

      (j) include provision for unit trust schemes and open-ended investment companies to have different classes of units or shares, and to allow different distributions to be made in respect of such different classes subject always to any rules preventing discrimination between unit holders or shareholders made under section 64(2)(e).'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

3

*Clause     18,     page     17,     line     21,     at end insert—

      '(f) make special provision for any interest or rights in or over land held by a unit trust scheme or open-ended investment company and may make special provision for withholding tax on distributions from an authorised investment fund, mainly invested in interests or rights over land, and may determine specific circumstances when such tax must be withheld'.'

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

10

*Schedule     8,     page     124,     line     23,     leave out 'in relation to the financing arrangements'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

8

*Schedule     8,     page     124,     leave out lines 29 and 30.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

38

*Schedule     8,     page     124,     line     32,     leave out 'the'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

9

*Schedule     8,     page     124,     line     33,     after 'arrangements', insert 'for A'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

7

*Schedule     8,     page     125,     leave out lines 3 and 4.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

12

*Schedule     8,     page     125,     line     5,     leave out 'B' and insert 'One of the affected persons (B)'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

13

*Schedule     8,     page     125,     line     6,     leave out 'the'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

14

*Schedule     8,     page     125,     line     7,     after 'arrangements', insert 'for B'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

40

*Schedule     8,     page     125,     line     8,     leave out 'B' and insert 'One of the affected persons (B)'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

17

*Schedule     8,     page     125,     line     9,     leave out 'person' and insert 'persons'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

15

*Schedule     8,     page     125,     line     35,     after 'provision', leave out 'relates to' and insert 'has been made or imposed in connection with'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

39

*Schedule     8,     page     125,     line     35,     at end insert 'and would not have been made or imposed in the absence of those financing arrangements'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

16

*Schedule     8,     page     125,     line     35,     at end insert—

    '(8)   This paragraph shall apply only to a person where that person, or a connected party to that person, owns shares or an interest in shares, in either A or B.'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

18

*Schedule     8,     page     125,     line     45,     leave out from beginning to end of line 23 on page 126.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

19

*Schedule     8,     page     126,     line     23,     at end insert—

    '(6) after paragraph 13 insert—

      "Transfer pricing guidelines

      Schedule 28AA ICTA 1988 is amended as follows.

    13A  The Treasury may for the purposes of paragraph 4A Schedule 28AA ICTA 1988, by regulations—

    (1) make provisions determining what may constitute arm's length provision for any financing arrangement, by making reference to—

            (a)   income cover; and

            (b)   debt: equity ratios in respect of a company's financing arrangements as defined in paragraph 4A.

    (2) Under subparagraph (1) different provisions may be made for different categories of business.

    13B (1) Where, for an accounting period, the financing arrangements of a company or group of companies come within the parameters set in the regulations made in accordance with paragraph 13A then paragraph 5(1) of this Schedule shall not apply to such financing arrangements unless they differ from the financing arrangements that would have been made as between independent enterprises.

    (2) For the purposes of this paragraph and paragraph 13A of this Schedule, "financing arrangements" means arrangements made for providing or guaranteeing, or otherwise in connection with, any debt, capital or other form of finance.".'

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

26

*Schedule     8,     page     126,     line     23,     at end insert—

    '( ) Paragraph 5D shall be amended as follows—Leave out subparagraphs (1) to (6) and replace with—

        "(1) Small enterprise means an enterprise that has no more than 50 staff, and either an annual turnover in the preceding accounting period or a net asset value at the end of the preceeding accounting period of less than £7 million.

        (2) Medium enterprise means an enterprise that has no more than 250 staff, and either an annual turnover in the preceding accounting period of less than £35 million or a net asset value at the end of the preceding accounting period of less than £30 million.

        (3) "Annual turnover" and "net asset value" shall be defined in accordance with generally accepted accounting practice.

        (4) The number of staff shall be determined on the basis that staff that are not full time should be counted at the appropriate fraction.".'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

20

*Schedule     8,     page     126,     line     25,     leave out paragraph 2.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

21

*Schedule     8,     page     127,     line     5,     leave out from 'time' to end of line 7.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

24

*Schedule     8,     page     127,     line     7,     after 'the', insert 'accounting period immediately preceding the'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

22

*Schedule     8,     page     127,     line     16,     leave out from 'satisfied' to end of line 18.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

25

*Schedule     8,     page     127,     line     18,     after 'the', insert 'accounting period immediately preceding the'.

   

Mr George Osborne
Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois

23

*Schedule     8,     page     127,     line     23,     leave out from '1988' to end of line 25.

 
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Prepared 9 Jun 2005