| Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr Philip Hammond 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 22 Clause 26, page 25, line 5, after second 'the', insert 'Special'.
Mr Philip Hammond 23 Clause 26, page 25, line 8, at beginning insert 'Special'.
Mr Philip Hammond 59 Clause 26, page 25, line 18, 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 37 Clause 27, page 25, line 24, leave out 'E' and insert 'G'.
Mr Philip Hammond 24 Clause 28, page 25, line 37, leave out from 'the' to 'give' in line 38 and insert 'Special Commissioners'.
Mr Philip Hammond 25 Clause 28, page 26, line 5, at beginning insert 'Special'.
Mr Philip Hammond 26 Clause 28, page 26, line 9, at beginning insert 'Special'.
Mr Philip Hammond 27 Clause 28, page 26, line 12, after 'the', insert 'Special'.
Mr Philip Hammond 28 Clause 28, page 26, line 23, after third 'the', insert 'Special'.
Mr Philip Hammond 29 Clause 28, page 26, line 24, leave out 'have been reasonably' insert 'reasonably have been'.
Mr Philip Hammond 49 Clause 31, page 28, line 10, leave out '16th March 2005' and insert '31st July 2005'.
Mr Philip Hammond 50 Clause 31, page 28, line 12, leave out '16th March 2005' and insert '31st July 2005'.
Mr Philip Hammond 51 Clause 31, page 28, line 15, leave out '15th March 2005' and insert '30th July 2005'.
Mr Philip Hammond 52 Clause 31, page 28, line 17, leave out '16th March 2005' and insert '31st July 2005'.
Mr Philip Hammond 53 Clause 31, page 28, line 22, leave out '16th March 2005' and insert '31st July 2005'.
Mr Philip Hammond 56 Clause 31, page 28, line 24, leave out subparagraph (a).
Mr Philip Hammond 54 Clause 31, page 28, line 24, leave out '16th March 2005' and insert '31st July 2005'.
Mr Philip Hammond 55 Clause 31, page 28, line 26, leave out '31st August 2005' and insert '31st December 2005'.
Chris Huhne 69 Schedule 7, page 89, line 5, leave out sub-paragraphs (5) and (6).
Dawn Primarolo 78 *Schedule 7, page 97, line 32, leave out 'are not income producing but'.
Dawn Primarolo 79 *Schedule 7, page 97, line 39, at end insert—'(1A) But Condition 1 is not satisfied if the whole or substantially the whole by fair value of the assets of the issuing company are income producing.'.
Dawn Primarolo 80 *Schedule 7, page 97, line 43, at end insert—
Dawn Primarolo 81 *Schedule 7, page 97, line 45, at end insert 'or would, apart from subsection (1)(c) of that section (excepted shares), be satisfied'.
Dawn Primarolo 82 *Schedule 7, page 98, line 4, at end insert—
Dawn Primarolo 83 *Schedule 7, page 98, line 30, leave out 'subsection (4)' and insert 'subsections (4) and (4A)'.
Dawn Primarolo 84 *Schedule 7, page 98, line 40, at end insert—'(4A) But a share is not a qualifying publicly issued share for those purposes if the investing company's purpose in acquiring the share is an unallowable purpose by virtue of subsection (8)(a) below.'.
Dawn Primarolo 85 *Schedule 7, page 99, line 5, leave out 'of the investing company'.
Dawn Primarolo 86 *Schedule 7, page 99, line 17, leave out 'of the investing company'.
Dawn Primarolo 87 *Schedule 7, page 99, line 25, leave out 'except where the share is a qualifying publicly issued share,'.
Dawn Primarolo 88 *Schedule 7, page 99, line 33, leave out from 'if' to end of line 39 and insert 'the investing company was an associated company of a bank (see subsection (10)) at the time when the investing company acquired the share, unless the investing company shows that—
Dawn Primarolo 89 *Schedule 7, page 99, line 45, leave out from beginning to end of line 2 on page 100 and insert—
Dawn Primarolo 90 *Schedule 7, page 100, line 17, at end insert—'(1A) But Condition 3 is not satisfied if—
NEW CLAUSESAdvance clearance
Mr Philip Hammond NC1 To move the following Clause:—'(1) This Chapter shall not have effect in respect of any company falling within either section 24(1) or section 26(1), in any case where the commissioners for Her Majesty's Revenue and Customs have on application of the company notified the company that the Board are satisfied that the transaction does not have a main purpose of achieving a UK tax advantage. (2) Any application made under subsection (1) above shall be in writing, delivered either by post or by electronic mail, and shall contain particulars of the operations that are to be effected and the Commissioners may, within 30 days of the receipt of the application or of any further particulars previously required under this subsection, by notice require the applicant to furnish further particulars for the purpose of enabling the Commissioners to make their decision and if any such notice is not complied with within 30 days or such longer period as the Commissioners may allow, the Commissioners need not proceed further on the application. (3) The Board shall notify their decision to the applicant within 30 days of receiving the application or, if they give a notice under subsection (2) above, within 30 days of the notice being complied with. (4) If the Commissioners notify the applicant that they are not satisfied that the transaction in question does not have a main purpose of achieving a UK tax advantage or do not notify their decision to the applicant within the time required by subsection (3) above, the applicant may within 30 days of the due date for a decision in accordance with this section require the Commissioners to transmit the application, together with any notice given and further particulars furnished under subsection (2) above, to the Special Commissioners and in that event any notification by the Special Commissioners shall have effect for the purposes of subsection (1) above as if it were a notification by the Commissioners. (5) If any particulars furnished under this section do not fully and accurately disclose all facts and considerations material for the decision of the Commissioners or the Special Commissioners, any resulting notification of a decision by the Commissioners or Special Commissioners shall be void.'.
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