Amendments proposed to the Finance Bill - continued | House of Commons |
back to previous text |
Mr Philip Hammond 129 Schedule 7, page 97, leave out lines 7 to 12.
Mr Philip Hammond 126 Schedule 7, page 97, line 29, at end insert'(8) For the purposes of this section, a share is acquired by the investing company for an unallowable purpose if the main purpose, or one of the main purposes, for which the company acquired the share is
(9) The main purpose, or one of the main purposes, for which the investing company acquired a share shall be taken to be the purpose of circumventing Section 95 of the Taxes Act 1988 (Taxation of Dealers in respect of distributions etc) if, at the time when the company acquired the share
(10) In this section"associated company", in relation to any other company, means a company which, within the meaning given by section 413(3)(a) of the Taxes Act 1988, is a member of the same group of companies as that other company;"credit institution" means
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
Mr Philip Hammond 130 Schedule 7, page 100, line 29, leave out sub-paragraph (5).
Mr Philip Hammond 131 Schedule 7, page 101, line 26, at end insert'(2A) But subsection (2) above shall not apply to a share which meets the conditions in paragraphs (a) and (b) of subsection (3) below but does not meet the condition in paragraph (c) of that subsection.'.
Mr Philip Hammond 132 Schedule 7, page 101, line 30, leave out 'and'.
Mr Philip Hammond 133 Schedule 7, page 101, line 32, at end insert
Mr Philip Hammond 134 Schedule 7, page 103, line 26, at end insert
Mr Philip Hammond 135 Schedule 7, page 105, leave out line 29 and insert 'investing in a creditor relationship, with comparable risk and liquidity, issued by an independent party.'.
Mr Philip Hammond 143 Schedule 7, page 105, line 42, at end insert
'Capital redemption policies - capital loss treatment
Mr Philip Hammond 141 Schedule 7, page 105, line 43, leave out from beginning to end of line 36 on page 106.
Mr Philip Hammond 136 Schedule 7, page 109, line 9, leave out from beginning to end of line 23.
Mr Philip Hammond 137 Schedule 7, page 109, line 10, at end insert'(2A) Where two or more associated companies cease to be members of a group at the same time, sub-paragraph (2) does not have effect in relation to a transfer between those companies. (2B) But where
(2C) For the purposes of sub-paragraph (4) there is a relevant connection between the first group and the second group if, at the time when the transferee ceases to be a member of the second group, the company which is the principal company of that group is under the control of
(2D) The provisions of section 416(2) to (6) of the Taxes Act 1988 (meaning of control) have effect for the purposes of sub-paragraph (5) as they have effect for the purposes of Part 11 of that Act.But a person carrying on a business of banking shall not be regarded for those purposes as having control of a company by reason only of having, or of the consequences of having exercised, any rights in respect of loan capital or debt issued or incurred by the company for money lent by that person to the company in the ordinary course of that business.'.
|