Amendments proposed to the Note - continued House of Commons

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

51

Clause     47,     page     35,     line     4     [Vol I],     after 'film' insert 'by a film production company'.

   

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

52

Clause     47,     page     35,     line     7     [Vol I],     after 'incurred' insert 'by a film production company'.


   

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

77

Clause     54,     page     38,     line     34     [Vol     I],     at end insert 'at a rate that is less than an arm's length rate'.

   

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

78

Clause     54,     page     38,     line     35     [Vol     I],     at end insert 'at a rate that is less than an arm's length rate'.

   

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

79

Clause     54,     page     38,     line     36     [Vol     I],     at end insert 'at a rate that is less than an arm's length rate'.

   

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

80

Clause     54,     page     38,     line     37     [Vol     I],     at end insert 'at a rate that is less than an arm's length rate'.

   

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

81

Clause     54,     page     38,     line     39     [Vol     I],     at end insert 'at a value that differs from market value so that the charity is disadvantaged by the transaction'.

   

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

82

Clause     54,     page     39,     line     3     [Vol     I],     after 'investment', insert 'other than a Qualifying Investment for the purposes of Schedule 20 of ICTA 1988'.

   

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

83

Clause     54,     page     39     [Vol     I],     leave out lines 15 to 17.

   

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

84

Clause     54,     page     39     [Vol     I],     leave out lines 18 to 23.

   

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

85

Clause     54,     page     39,     line     26     [Vol     I],     after 'remuneration', insert 'unless it is paid either under a contract of employment at a rate not exceeding an arm's length rate or'.

   

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

86

Clause     54,     page     39     [Vol     I],     leave out lines 37 and 38.

   

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

87

Clause     54,     page     40,     line     9     [Vol     I],     leave out 'on a recognised stock exchange' and insert 'or admitted to trading on any market which from time to time appears on the most-recently updated list of regulated markets as published by the European Commission under Acticle 16 of Directive 93/22/EEC (OJL 141, 11.6.1993) or Article 47 of Directive 2004/39/EC (OJL 145, 30.4.2004) together with securities admitted to trading on the Alternative Investment Market of the London Stock Exchange PLC; or is a Qualifying Investment for the purposes of Schedule 20 of ICTA 1988'.

   

Dawn Primarolo

62

Clause     54,     page     40,     line     21      [Vol     I],     leave out 'value' and insert 'limit'.

   

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

88

Clause     54,     page     40,     line     23     [Vol     I],     leave out 'which is wholly' and insert 'of which 50 per cent. or more of the shares is'.

   

Dawn Primarolo

63

Clause     54,     page     40,     line     25     [Vol     I],     at end insert—

    '(9)   A registered social landlord or housing association shall not be treated as a substantial donor in relation to a charity with which it is connected; and for that purpose—

(a) "registered social landlord or housing association" means a body entered on a register maintained under—

(i) section 1 of the Housing Act 1996,

(ii) section 57 of the Housing (Scotland) Act 2001, or

(iii) Article 14 of the Housing (Northern Ireland) Order 1992, and

(b) a body and a charity are connected if (and only if)—

(i) the one is wholly owned, or subject to control, by the other, or

(ii) both are wholly owned, or subject to control, by the same person.'.

   

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

89

Clause     54,     page     41     [Vol     I],     leave out lines 1 to 6 and insert—

    '(4)   Subsection 3 of section 506A shall not apply to any transaction to which subsection 4 applies.'.

   

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

90

Clause     54,     page     41,     line     28     [Vol     I],     at end insert—

    '(10)   Where a person who considers that subsection 3 or 4 of Section 506A above may apply to any transaction or proposed transaction, supplies to the inspector to whom he makes his return of income written particulars of the transaction or proposed transaction—

(a) the inspector shall, within 30 days from his receipt of the particulars, notify that person whether or not he is satisfied that, in the circumstances as described in the particulars, the transaction would not be chargeable to tax on that person under this section; and

(b) if the inspector notifies that person that he is so satisfied, the transaction shall not be chargeable on that person under this section.

    (11)   If the particulars given under this section with respect to the transaction are not such as to make full and accurate disclosure of all facts and considerations relating thereto which are material to be known to the inspector, any notification given by the inspector under subsection (10) above shall be void.'.

   

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

91

Clause     54,     page     41,     line     31     [Vol     I],     leave out 'by reference to gifts made at any time' and insert 'only by reference to gifts made on or after that date'.


   

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

92

Clause     56,     page     43,     line     20     [Vol     I],     leave out 'shall' and insert 'may at the election of the charity'.

   

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

93

Clause     56,     page     43,     line     26     [Vol     I],     leave out 'shall' and insert 'may at the election of the charity'.


   

Dawn Primarolo

71

Clause     57,     page     43     [Vol     I],     leave out line 36.


   

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

94

Page     44,     line     3     [Vol     I],     leave out Clause 58.

   

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

95

Clause     58,     page     44,     line     11     [Vol     I],     at end insert—

    '(3A)   After subsection (3E) insert—

    "(3F)   Reliefs under this section shall be as follows—

(a) for donations not exceeding £100, 25 per cent. of the gift;

(b) for donations exceedings £100 but not exceeding £1000, £25; and

(c) for donations exceeding £1000, 2.5 per cent. of the gift up to a maximum of £2500.".'.


   

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

103

Clause     69,     page     54,     line     10     [Vol     I],     at end insert—

    '(2D)   Arrangements where the tax advantage arises due to the creation or utilisation of an allowable loss shall not be treated as arrangements for the purposes of Part VII of the Finance Act 2004.

    (2E)   Where an allowable loss accrues to a company in circumstances that are not disqualifying circumstances, then for the purposes of the Tax Acts it should be assumed that the Promoter and the company did not wish that the element of the arrangements that secured a tax advantage not to be disclosed to any other promoter or Her Majesty's Revenue and Customs."'.

   

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

105

Clause     69,     page     54,     line     10     [Vol     I],     at end insert—

    '(2D)   Subsection (2)(b) above shall not apply where, before the end of the accounting period in which the allowance loss accrues, the Board have on the application of the company notified the company that the Board are satisfied that the disposal or deemed disposal does not accrue in disqualifying circumstances.

    (2E)   Subsection (2D) shall be subject to the same procedures contained within section 138(2) to (5)."'.

   

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

104

Clause     69,     page     55,     line     4     [Vol     I],     after 'enforceable)', insert 'but arrangements shall not include any election under section 24, 161 or 171A and shall not apply to either the whole or part of the loss to the extent that the allowable loss corresponds to an equivalent economic loss suffered by the company'.



 
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