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S.C.B.

9

 
 

House of Commons

 
 

Thursday 23rd June 2005

 

Standing Committee Proceedings

 

Standing Committee B

 

Finance Bill

 

(except Clauses 11, 18, 40, 43, 44 and 69 and Schedule 8)

 

 

[Third And Fourth Sittings]

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Withdrawn  15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

 

Not called  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

 

Not called  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

 

Not called  30

 

Clause  24,  page  21,  line  20,  leave out from ‘question’ to end of line 21 and insert

 
 

S.C.B.  Standing Committee Proceedings: 23rd June 2005            

10

 

Finance Bill, continued

 
 

‘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

 

Not called  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

 

Not called  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

 

Not called  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

 

Withdrawn  58

 

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

 

‘(8A)    

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.

 

(8B)    

For the purposes of subsection (8A), 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.’.

 

Clause Agreed to on division.

 

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Withdrawn  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’.

 
 

S.C.B.  Standing Committee Proceedings: 23rd June 2005            

11

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  47

 

Schedule  3,  page  69,  line  19,  after third ‘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

 

Withdrawn  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,’.

 

Schedule Agreed to.

 

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Withdrawn  32

 

Clause  25,  page  22,  line  3,  leave out ‘no amount is’ and insert ‘an amount’.

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  33

 

Clause  25,  page  22,  line  4,  after ‘Acts’, insert ‘is reduced’.

 

Dawn Primarolo

 

Agreed to  70

 

Clause  25,  page  22,  line  5,  leave out ‘same expense’ and insert ‘expense in

 

question’.

 

Dawn Primarolo

 

Agreed to  71

 

Clause  25,  page  22,  line  5,  leave out from ‘be’ to ‘for’ in line 6 and insert

 

‘otherwise deducted or allowed in computing the income, profits or losses of any person’.

 
 

S.C.B.  Standing Committee Proceedings: 23rd June 2005            

12

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  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

 

Not called  35

 

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

 

Dawn Primarolo

 

Agreed to  72

 

Clause  25,  page  22,  line  11,  leave out from ‘amount’ to ‘for’ in line 12 and insert

 

‘otherwise deducted or allowed in computing the income, profits or losses of any person’.

 

Dawn Primarolo

 

Agreed to  73

 

Clause  25,  page  22,  line  34,  leave out ‘For the purposes’ and insert ‘Without

 

prejudice to the generality’.

 

Dawn Primarolo

 

Agreed to  74

 

Clause  25,  page  22,  line  36,  leave out ‘is’ and insert ‘shall be treated for the

 

purposes of subsection (6)(c) as’.

 

Clause, as amended, Agreed to.

 

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  20

 

Clause  26,  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,’.

 
 

S.C.B.  Standing Committee Proceedings: 23rd June 2005            

13

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Withdrawn  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

 

Not called  21

 

Clause  26,  page  24,  line  6,  leave out ‘or may be’.

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  38

 

Clause  26,  page  24,  line  22,  after ‘income’, insert ‘, capital gain, or chargeable

 

profits computed under setion 747(3) of ICTA,’.

 

Dawn Primarolo

 

Agreed to  75

 

Clause  26,  page  24,  line  35,  after ‘(9)’, insert ‘or (9A)’.

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  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.’.

 

Dawn Primarolo

 

Agreed to  76

 

Clause  26,  page  24,  line  39,  at end insert ‘or’.

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  40

 

Clause  26,  page  24,  line  41,  leave out ‘a corresponding’ and insert ‘an’.

 
 

S.C.B.  Standing Committee Proceedings: 23rd June 2005            

14

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  41

 

Clause  26,  page  24,  line  41,  after ‘period’, insert ‘ending within two years from the

 

date on which the qualifying payment was made.’.

 

Dawn Primarolo

 

Agreed to  77

 

Clause  26,  page  24,  line  41,  leave out from ‘period’ to end of line 45 and insert—

 

‘(9A)    

This subsection applies to an amount that is taken into account in determining the

 

debits and credits to be brought into account by a company for the purposes of

 

Chapter 2 of Part 4 of FA 1996 as respects a share in another company by virtue

 

of section 91A or 91B of FA 1996 (shares treated as loan relationships).’.

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  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

 

Not called  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

 

Not called  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

 

Not called  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.

 
 

S.C.B.  Standing Committee Proceedings: 23rd June 2005            

15

 

Finance Bill, continued

 
 

(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

 

Not called  22

 

Clause  26,  page  25,  line  5,  after second ‘the’, insert ‘Special’.

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  23

 

Clause  26,  page  25,  line  8,  at beginning insert ‘Special’.

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  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.’.

 

Clause, as amended, Agreed to.

 

 

Mr Philip Hammond

 

Mr Richard Spring

 

Mr Mark Field

 

Mr Mark Francois

 

Mr David Ruffley

 

Not called  37

 

Clause  27,  page  25,  line  24,  leave out ‘E’ and insert ‘G’.

 

Clause Agreed to.

 

 
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