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Index of Amendments

Amendment Paper as at
Wednesday 3rd May 2006

COMMITTEE OF THE WHOLE HOUSE

FINANCE (No. 2) BILL

(Clauses 13 to 15, 26, 61, 91 and 106, Schedule 14, and new Clauses relating to the effect of provisions of the Bill on section 18 of the Inheritance Tax Act 1984)

NOTE
The Amendments have been arranged in accordance with the Order of the Committee (2nd May), as follows:—
New Clauses relating to the effect of provisions of the Bill on section 18 of the Inheritance Tax Act 1984, Clause 61, Clause 26, Clause 91, Schedule 14, Clause 106 and Clauses 13 to 15


Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

6
Schedule     14,     page     74 [Vol II],     leave out lines 5 to 26.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

7
Schedule     14,     page     74 [Vol II],     leave out from beginning of line 27 to end of line 4 on page 75.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

8
Schedule     14,     page     75 [Vol II],     leave out lines 5 to 18.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

9
Schedule     14,     page     75,     line     18 [Vol II],     at end insert—

'Part 1A

Definition of gross assets

3A In section 293 of The Taxes Act 1988 insert new subsection—

    "(6CA)   For the purposes of subsection (6B) above assets of any member of the company's group that consist of capitalised internal costs of the company relating to research and development expenditure shall be disregarded.".

3B In paragraph 8 of Schedule 28B to The Taxes Act 1988 insert new sub-paragraph—

    "(3A)   For the purposes of this paragraph assets of any member of the company's group that consist of capitalised internal costs of the company relating to research and development expenditure shall be disregarded.".

3C In paragraph 22(3) of Schedule 15 to FA 2000, at end add "and disregarding assets that consist of capitalised internal costs of the company relating to research and development expenditure".'.


Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

10
Schedule     14,     page     75,     line     25 [Vol II],     leave out '30' and insert '40'.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

11
Schedule     14,     page     75,     line     30 [Vol II],     leave out '30' and insert '40'.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

12
Schedule     14,     page     76 [Vol II],     leave out lines 1 to 13.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

13
Schedule     14,     page     77,     line     3 [Vol II],     at end add—

'(3) Sub-paragraph (1) shall not apply to protected money as defined in paragraph 2(4) of this Schedule.'.


Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

5
Schedule     14,     page     77,     line     3 [Vol II],     at end add—

'Part 6

Inheritance tax

9 In section 104(1)(a) of IHTA 1984 for "(b) or (bb)" substitute "(b) (bb) or (bc)".

10 In section 105(1) of IHTA 1984 after subsection (bb) insert—

"(bc) eligible shares in a venture capital trust as defined by section 842AA(14) of the Taxes Act 1988;"

Part 7

Longer holding periods

11 (1) Schedule 15B to The Taxes Act 1988 is amended as follows.

(2) In paragraph 1, after subparagraph (2) insert—

    "(2A)   An individual shall also be eligible for relief in the 6th year after subscribing for eligible shares if those shares are held by him at the 6th anniversary of the subscription.

(2B) The amounts on which an individual shall be taken for the purposes of sub-paragraph (2A) above to be eligible for relief shall be the original subscription amount for such shares.

(3) In paragraph 3(1)(b) leave out "those shares were issued to that individual" and insert "the shares became eligible for relief under paragraph 1(2) or (2A) above. But relief claimed for a subscription of eligible shares more than five years before the date of disposal shall not be withdrawn.".'.


Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr Andrew Selous

24
Clause     106,     page     97,     line     13     [Vol I],     at end add—
    '(1A)   Not later than 31st March 2007, and annually thereafter, the Chancellor of the Exchequer shall lay before Parliament a report of the number and estimated market capitalisation of the companies that have given notice to register as Real Estate Investment Trusts under section 109.'.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

4
Clause     106,     page     97,     line     23 [Vol I],     at end insert 'or are permitted to be dealt in on the Alternative Investment Market of the Stock Exchange.'.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr Andrew Selous

23
Clause     106,     page     97,     line     24     [Vol I],     leave out subsection (6).


Rob Marris

14
Clause     13,     page     14,     line     15     [Vol I],     after 'date', insert 'but before 1st December 2006, or Table C where the vehicle is first registered on or after 1st December 2006 but before 6th April 2009, or Table D where the vehicle is first registered on or after 6th April 2009'.

Julia Goldsworthy
Mr Colin Breed

25
Clause     13,     page     14,     line     20     [Vol I],     leave out Table A and insert—

CO2 Emissions figure Rate

(1) (2) (3) (4) (5)

Exceeding Not Exceeding Reduced Rate Standard Rate Premium Rate

Households with a postcode in a sparsely populated rural area Households with a postcode in a sparsely populated rural a rea Households with a postcode in a sparsely populated rural area

g/km g/km £ £ £ £ £ £

100 120 30 15 40 20 50 25

120 150 90 45 100 50 110 55

150 165 115 57.50 125 62.50 135 67.50

165 185 140 70 150 75 160 80

185 — 180 90 190 95 195 97.50


Rob Marris

15
Clause     13,     page     15,     line     1     [Vol I],     at end insert 'but before 1st December 2006'.

Julia Goldsworthy
Mr Colin Breed

21
*Clause     13,     page     15,     line     2     [Vol I],     leave out Table B and insert—

CO2 Emissions figure Rate

(1) (2) (3) (4) (5)

Exceeding Not Exceeding Reduced Rate Standard Rate Premium Rate

Households with a postcode in a sparsely populated rural area Households with a postcode in a sparsely populated rural a rea Households with a postcode in a sparsely populated rural area

g/km g/km £ £ £ £ £ £

100 120 30 15 40 20 50 25

120 150 90 45 100 50 110 55

150 165 115 57.50 125 62.50 135 67.50

165 185 140 70 150 75 160 80

185 225 180 90 190 95 195 97.50

225 — 200 200 210 210 215 215


Julia Goldsworthy
Mr Colin Breed

26
*Clause     13,     page     15,     line     2     [Vol I],     leave out Table B and insert—

CO2 Emissions figure Rate

(1) (2) (3) (4) (5)

Exceeding Not Exceeding Reduced Rate Standard Rate Premium Rate

Households with a postcode in a sparsely populated rural area Households with a postcode in a sparsely populated rural a rea Households with a postcode in a sparsely populated rural area

g/km g/km £ £ £ £ £ £

100 120 30 15 40 20 50 25

120 150 90 45 100 50 110 55

150 165 115 57.50 125 62.50 135 67.50

165 185 140 70 150 75 160 80

185 225 180 90 190 95 195 97.50

225 — 2000 2000 2000 2000 2000 2000


Rob Marris

16
Clause     13,     page     15,     line     12     [Vol I],     at end insert—

'Table C: Vehicles first registered on or after 1st December 2006 but before 6th April 2009

CO2 emissions figure Rate

(1) (2) (3) (4) (5)

Exceeding Not exceeding Reduced rate Standard rate Premium rate

g/km g/km £ £ £

100 120 30 40 50

120 150 90 100 110

150 165 115 125 135

165 185 140 150 160

185 225 180 190 195

225 250 200 210 215

250 — 490 500 510

Table D: Vehicles first registered on or after 6th April 2009

CO2 emissions figure Rate

(1) (2) (3) (4) (5)

Exceeding Not exceeding Reduced rate Standard rate Premium rate

g/km g/km £ £ £

100 120 30 40 50

120 150 90 100 110

150 165 115 125 135

165 185 140 150 160

185 225 180 190 195

225 250 200 210 215

250 — 2,000 2,100 2,150

Julia Goldsworthy
Mr Colin Breed

Clause 13, page 15, line 12 [Vol I], at end insert—

'(3A) after paragraph 1B insert—

"1BB For the purposes of paragraph 1B above, 'households with a postcode in a rural area' shall be defined in regulations; and before making such regulations the Chancellor of the Exchequer shall consult the Countryside Agency.".'.

Mr Alex Salmond
Mr Elfyn Llwyd
Stewart Hosie
Hywel Williams
Adam Price
Pete Wishart

Mr Mike Weir Angus Robertson Mr Angus MacNeil

Clause 13, page 16, line 21 [Vol I], at end insert—

'(11) The Chancellor of the Exchequer shall bring forward a report on the effect on working vehicles of the measures contained in this section in his 2006 pre-budget report.'.