Amendments proposed to the Finance Bill - continued House of Commons

back to previous text
   

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

98

Schedule     10,     page     146,     line     6,     leave out 'that does not consist wholly or mainly of dealing in chargeable interests'.

   

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

99

Schedule     10,     page     147,     line     34,     at beginning insert 'Subject to sub-paragraph (5)'.

   

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

100

Schedule     10,     page     147,     line     41,     at end add—

    '(5) Sub-paragraph (2) shall not apply where the grant to or by a nominee is associated with, incidental to or preparatory to, a transaction involving a securitisation company within the meaning of Section 83(2) of the Finance Act 2005.'.

   

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

101

Schedule     10,     page     149,     line     23,     leave out paragraph 15.

   

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

146

Schedule     10,     page     151,     line     1,     leave out paragraph 19.

   

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

102

Schedule     10,     page     151,     line     9,     after 'duty', insert 'stamp duty reserve tax and stamp duty land tax.'.

   

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

147

Schedule     10,     page     151,     line     9,     leave out 'income tax, corporation tax, capital gains tax or tax under this Part' .

   

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

103

Schedule     10,     page     151,     line     9,     leave out 'corporation tax, capital gains tax or tax under this Part'.


   

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

148

Clause     51,     page     42,     line     12,     after 'State', insert 'and'.

   

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

149

Clause     51,     page     42,     leave out lines 13 and 14.

   

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

150

Clause     51,     page     43,     leave out line 18.

   

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

151

Clause     51,     page     43,     leave out line 45.


   

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

152

Clause     52,     page     44,     leave out line 21.


   

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

153

Clause     53,     page     45,     leave out line 20.


   

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

154

Clause     54,     page     46,     leave out line 34.

   

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

155

Clause     54,     page     47,     line     28,     at end add 'and section 138 of TCGA 1992 (clearance in advance) shall apply to this sub-paragraph as it applies to section 137 of that Act (with any necessary modifications).'.


   

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

156

Clause     55,     page     48,     leave out line 2.

   

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

157

Clause     55,     page     48,     line     29,     after 'a', insert 'formation of an SE by'.

   

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

158

Clause     55,     page     48,     line     39,     at end add 'and section 138 of TCGA 1992 (clearance in advance) shall apply to this sub-paragraph as it applies to section 137 of that Act (with any necessary modifications).'.


   

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

159

Clause     56,     page     49,     line     5,     leave out ' a qualifying' and insert 'an'

   

Dawn Primarolo

144

Clause     56,     page     49,     line     7,     after 'applies', insert '(or would apply but for section 140E(1)(d)).'.

   

Dawn Primarolo

145

Clause     56,     page     49,     leave out lines 17 and 18 and insert—

    '(3)   For the purposes of subsection (1) an asset is a "qualifying asset" if—

      (a) it is transferred to the SE as part of the merger forming it, and

      (b) subsections (4) and (5) are satisfied in respect of it.

    (4)   This subsection is satisfied in respect of an asset if—

      (a) the transferor is resident in the United Kingdom at the time of the transfer, or

      (b) the asset is an asset of a permanent establishment in the United Kingdom of the transferor.

    (5)   This subsection is satisfied in respect of an asset if—

      (a) the transferee SE is resident in the United Kingdom on formation, or

      (b) the asset is an asset of a permanent establishment in the United Kingdom of the transferee SE on its formation.".'.

   

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

160

Clause     56,     page     49,     leave out lines 17 and 18.


   

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

161

Clause     65,     page     54,     line     11,     leave out 'resident in the United Kingdom'.

   

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

162

Clause     65,     page     54,     line     19,     leave out from 'the' to end of line 24 and insert 'most recent relevant event in relation to the company from which the asset was so transferred;".'.

   

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

163

Clause     65,     page     54,     line     28,     leave out subsections (4) and (5).


NEW CLAUSES

Advance clearance

   

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

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.'.


Right of appeal

   

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

NC2

To move the following Clause:—

    'Appeals against a notice issued by the Commissioners of Her Majesty's Customs and Revenue under section 24 or section 26.

          (1)   Any company to whom a notice has been given under section 24 or 26 may within 30 days by notice to the Special Commissioners appeal on the grounds that section 24 or section 26, as appropriate, does not apply to the company in respect of the transaction or transactions in question, or that the adjustments directed to be made are not appropriate adjustments.

          (2)   If the Commissioners or the company are dissatisfied with the determination of the Special Commissioners the company or the Commissioners may, on giving notice to the clerk to the Special Commissioners within 30 days after the determination, require the appeal to be re-heard by the tribunal, and the Special Commissioners shall transmit to the tribunal any document in their possession which was delivered to them for the purposes of the appeal.

          (3)   Where notice is given under subsection (2) above, the tribunal shall re-hear and re-determine the appeal and shall have and exercise the same powers and authorities in relation to the appeal as the Special Commissioners might have and exercise, and the determination of the tribunal thereon shall be final and conclusive.

          (4)   On an appeal under subsection (1) and (3) above the Special Commissioners or the tribunal shall have power to cancel or vary a notice under section 24 or section 26 of this Act, or to vary or quash an assessment made in accordance with such a notice, but the bringing of an appeal or the statement of a case shall not affect the validity of a notice given or of any other thing done in pursuance of those sections pending the determination of the proceedings.'.


Treasury consent

   

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

NC3

To move the following Clause:—

    'Sections 765, 765A, 766 and 767 of ICTA shall cease to have effect from 1st September 2005.'.


Pension scheme regulation

   

Chris Huhne
Susan Kramer
Stephen Williams

NC4

To move the following Clause:—

    '(1)   Section 158 of the Finance Act 2004 is amended as follows.

    (2)   At the end of subsection (1)(f) insert—

           ", or

          (g) that the investments of the scheme of 20 per cent. or more by value of the pension scheme over a three year period are invested in prohibited investments."

    (3)   After subsection (5) insert—

          "(6)   For the purposes of subsection (1), "prohibited investments" are—

          (a) investments of a nature that are not normally held for the purposes of producing an income return; or

          (b) residential property occupied other than under an agreement with a housing association or owned by an investment trust properly regulated for the purpose.".'.


   

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

57

Schedule     11,     page     155,     line     27,     at end insert—

'Income and Corporation Taxes Act 1988Section 765

Section 765A

Section 766

Section 767'.


 
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Prepared 30 Jun 2005