Amendments proposed to the Finance Bill - continued House of Commons

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Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

13

Clause     16,     page     14,     line     39,     at end insert—

    '(4)   In relation to an open-ended investment company mainly invested in interests or rights over land, the rate of corporation tax for the year 2005 and subsequent financial years may be determined under Regulations made under section 18 of this Act to be nil.'.


   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

15

*Clause     24,     page     21,     line     4,     leave out from 'the' to 'that' in line 5 and insert 'Special Commissioners find, on the balance of probability, following an application by the Commissioners for Her Majesty's Revenue and Customs'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

16

*Clause     24,     page     21,     line     5,     leave out 'or may be'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

31

*Clause     24,     page     21,     line     18,     leave out 'or one of the main purposes'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

30

*Clause     24,     page     21,     line     20,     leave out from 'question' to end of line 21 and insert 'is significantly greater than it would have been if the relevant transaction was part of a qualifying scheme.'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

17

*Clause     24,     page     21,     line     23,     after second 'the', insert 'Special'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

18

*Clause     24,     page     21,     line     26,     at beginning insert 'Special'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

19

*Clause     24,     page     21,     line     30,     after 'the', insert 'Special'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

20

*Clause     24,     page     24,     line     5,     leave out from 'the' to 'that' in line 6 and insert 'Special Commissioners find, on the balance of probability, following an application by the Commissioners for Her Majesty's Revenue and Customs,'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

21

*Clause     24,     page     24,     line     6,     leave out 'or may be'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

22

*Clause     24,     page     25,     line     5,     after second 'the', insert 'Special'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

23

*Clause     24,     page     25,     line     8,     at beginning insert 'Special'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

58

*Clause     24,     page     21,     line     32,     at end insert—

    '(9)   No notice may be issued pursuant to this section in respect of any transaction which is subject to the operation of any anti-avoidance provision already in force at the date of coming into force of this chapter.

    (10)   For the purposes of subsection (10), anti-avoidance provisions include but are not limited to Chapter II of Part VI of ICTA, Part XVII of ICTA, and paragraph 13 of Schedule 9 to the FA 1996.'.


   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

46

*Schedule     3,     page     69,     line     18,     at end insert 'in so far as it applies to profits or gains not of a capital nature'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

47

*Schedule     3,     page     69,     line     19,     after second 'tax', insert 'in so far as it applies to profits or gains not of a capital nature'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

48

*Schedule     3,     page     69,     line     25,     at end insert 'and the instrument, shares, securities or debt instrument involved is not of a class of instrument, share, security or debt instrument which is traded upon a recognised stock exchange or upon a recognised investment exchange within the meaning of section 841 of ICTA,'.


   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

32

*Clause     25,     page     22,     line     3,     leave out 'no amount is' and insert 'amount'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

33

*Clause     25,     page     22,     line     4,     after 'Acts', insert 'is reduced'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

34

*Clause     25,     page     22,     line     10,     at end insert—

        'and to the extent that the entitlement to such deduction or allowance had arisen as a result of a scheme the main purpose of which is to achieve a UK tax advantage.'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

35

*Clause     25,     page     22,     line     11,     leave out subsections (4) and (5).


   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

36

*Clause     26,     page     24,     line     6,     leave out 'E' and insert 'G'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

38

*Clause     26,     page     24,     line     22,     after 'income', insert ', capital gain, or changeable profits computed under setion 747(3) of ICTA,'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

37

*Clause     26,     page     25,     line     24,     leave out 'E' and insert 'G'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

39

*Clause     26,     page     24,     line     38,     leave out from 'company' to end of line 39 and insert 'in an accounting period within two years from the date on which the qualifying payment was made.'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

40

*Clause     26,     page     24,     line     41,     leave out 'a corresponding' and insert 'an'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

41

*Clause     26,     page     24,     line     41,     after 'period', insert 'ending within two years from the date on which the qualifying payment was made.'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

42

*Clause     26,     page     24,     line     41,     leave out 'or'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

43

*Clause     26,     page     24,     line     45,     after 'obligations)', insert ', and

      (d) income or gains which are included within chargeable profits of a controlled foreign company and the company is subject to a charge in accordance with section 747(4)(a) of ICTA or is exempt from an apportionment under section 747(3) ICTA due to the company meeting the conditions of section 748(1)(a) ICTA.'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

44

*Clause     26,     page     25,     line     2,     leave out 'benefit' and insert 'UK tax advantage'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

45

*Clause     26,     page     25,     line     3,     at end insert—

    '(10A)   Condition F is that the main purpose of the scheme is to achieve a UK tax advantage for the company.

    (10B)   Condition G is that the amount of the UK tax advantage in question is more than a minimal amount'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

59

*Clause     26,     page     25,     line     19,     at end add—

    '(14)   No notice may be issued pursuant to this section in respect of any transaction which is subject to the operation of any anti-avoidance provision already in force at the date of coming into force of this chapter.

    (15)   For the purposes of subsection (14), anti-avoidance provisions include but are not limited to Chapter II of Part VI of ICTA, Part XVII of ICTA, and paragraph 13 of Schedule 9 to the FA 1996.'.


   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

24

*Clause     28,     page     25,     line     37,     leave out from 'the' to 'give' and insert 'Special Commissioners'.

   

Mr Philip Hammond
Mr Richard Spring
Mr Mark Field
Mr Mark Francois
Mr David Ruffley

25

*Clause     28,     page     26,     line     5,     at beginning insert 'Special'.

 
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Prepared 17 Jun 2005