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NOTICES OF AMENDMENTSgiven up to and includingMonday 4th July 2005New Amendments handed in are marked thus * CONSIDERATION OF BILLNOTEThe Amendments have been arranged in accordance with the Order of Consideration Motion to be proposed by Mr Chancellor of the Exchequer.Mr Chancellor of the Exchequer To move, That the Finance Bill, as amended, be considered in the following order, namely, New Clauses, amendments relating to Clauses 1 to 6, Schedule 1, Clauses 7 to 12, Schedule 2, Clauses 13 to 24, Schedule 3, Clauses 25 to 34, Schedule 4, Clause 35, Schedule 5, Clauses 36 and 37, Schedule 6, Clauses 38 and 39, Schedule 7, Clause 40, Schedule 8, Clauses 41 and 42, Schedule 9, Clauses 43 to 49, Schedule 10 and Clauses 50 to 69, new Schedules, amendments relating to Clause 70, Schedule 11 and Clauses 71 and 72.
NEW CLAUSESInheritance Tax
Mr Philip Hammond NC1 To move the following Clause:—'The Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2004 (S.I., 2004, No. 2543) are amended as follows:— "Regulations 6,7,8,9 and 10 shall cease to have effect in respect of a person who dies on or after 31st July 2005.".'.
Pensions annuities
Mr Philip Hammond NC2 To move the following Clause:—'(1) The Income and Corporation Taxes Act 1988 is amended as follows:— (2) In subsection (1) of section 630 (interpretation)—
(3) In section 633 (scope of benefits)—
(4) In section 634 (annuity to member)—
"(1A) Subject to subsection (7) below, the annuity must provide the member with an annual income not less than the Minimum Retirement Income.
"(7) Section 45 of the Sex Discrimination Act 1975 shall not apply to the annuity provided under subsection (1A). (8) The income provided each year from the annuity under section (1A) must increase by reference to increases in the retail price index, so far as not exceeding 5%". (5) Sections 634A and 636A are repealed. (6) Subsection (4) shall not apply to schemes executed before the date of entry into effect of this Act. (7) After section 637A (Return of contributions on death of a member), the following section is inserted— "637B Retirement Income Fund (1) Subject to subsections (2) and (3) of this section, a Retirement Income Fund is a vehicle for the reinvestment of savings in retirement, which
(2) Funds held in a Retirement Income Fund as referred to in subsection (1) may be withdrawn from the Retirement Income Fund by the member as and when he elects. (3) A member may not invest in a Retirement Income Fund unless the requirements of subsection (1A) of section 634, in relation to the Minimum Retirement Income, are satisfied. (4) A Retirement Income Fund, and any income derived from it, must not be capable of assignment or surrender by the member. (5) Any withdrawal from the Fund by the member under subsection (2) shall be regarded as 'income' within section 1 of this Act." (8) 'Minimum Retirement Income' means such amount as shall be set annually by the Chancellor of the Exchequer by order.".'.
Independent Fiscal Projections Committee
Mr Philip Hammond NC3 To move the following Clause:—'(1) There shall be established an Independent Fiscal Projections Committee of the Bank of England. (2) The Independent Fiscal Projections Committee shall have as its principal functions the review and monitoring of fiscal projections made by the Treasury in pre-Budget and Budget reports and the expression of an opinion as to the timing of the beginning and the end of each economic cycle. (3) The committee shall publish reports concerning its functions as often as the committee shall deem appropriate, but not less than twice in each year. (4) The committee shall have not fewer than six and not more than twelve members. (5) The members of the committee shall be appointed by the Governor for the time being of the Bank of England.'.
Tax Law Commission
Mr Philip Hammond NC4 To move the following Clause:—'(1) The Treasury shall prepare and present to Parliament a proposal for the establishment of a Tax Law Commission, to act in parallel to and to complement the work of the Law Commission. (2) The Tax Law Commission shall have as its purpose the bringing forward of proposals for the review, modernisation, improvement and simplification of the tax law of the United Kingdom. (3) The report shall have regard to all factors that seem to the Treasury to be relevant following consultation with any bodies appearing to Her Majesty's Revenue and Customs to have an interest in tax law reform. (4) The report shall be presented to Parliament by 31st July 2006.
Inheritance tax: mitigation of double charges
Mr Philip Hammond NC5 To move the following Clause:—'The Finance Act 1986 is amended as follows:—After section 104 there is inserted—
(a) an individual ('the deceased') makes a transfer of value to a person ('the transferee') of property which comprises a debt owed to him by another ('the debt'), and
(b) the transfer is or proves to be a chargeable transfer, and
(c) the deceased dies on or after 31st July 2005 and within seven years of the transfer of value, and
(d) at the date of the deceased's death all or part of the debt has been written off, waived or released by the transferee or by any other person and such write off, waiver or release was made otherwise than for full consideration in money or money's worth, and
(e) that part of the debt which is written off, waived or released was before such event, represented by or was attributable to or its value was derived in part or whole directly or indirectly from, other property being relevant property within the meaning given in paragraph 21 or 22 of Schedule 15 to the Finance Act 2004, and
(f) the deceased is for the purposes of IHTA 1984 or section 102(3) Finance Act 1986 beneficially entitled immediately before his death to the relevant property or if not so beneficially entitled the relevant property was the subject of a potentially exempt transfer by virtue of section 102(4) of the Finance Act 1986, and
(g) the relevant property—
(a) disregarding so much of the value transferred by the transfer of value of the debt (being the property to which paragraph (2)(a) refers) to the extent that the debt has been written off in accordance with paragraph (2)(d) above, and
(b) disregarding so much of the value transferred by the transfer of value of the relevant property (being property to which paragraph (2)(g) refers) as is represented by or attributable to the value of that part of the debt which has been written off, waived or released in accordance with sub-paragraph (2)(d).
(a) Whichever of the two amounts of tax calculated under paragraphs (3)(a) or (b) is the lower amount shall be treated as reduced to nil but subject to sub-paragraph (4)(b) the higher amount shall be payable.
(b) Where the amount calculated under paragraph (3)(a) is higher than the amount calculated under (3)(b)—
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