| Amendments proposed to the Note - continued | House of Commons |
| back to previous text | |
|
Mrs Theresa Villiers 106 Clause 70, page 57, line 10 [Vol I], at end insert—'184DA Sections 8, 184A and 184B: meaning of "main purpose" For the purposes of sections 8, 184A and 184B "main purpose" means a purpose without which the underlying commercial transaction would not have occurred.'.
Mrs Theresa Villiers 107 Clause 70, page 60, line 4 [Vol I], at end insert—'(4A) At the end of section 176, add— "(10) This section shall not apply to companies for disposals accruing after 5th December 2005."'.
Mrs Theresa Villiers 108 Clause 70, page 60, line 6 [Vol I], leave out from '212)' to end of line 13 and add 'subsections (8H) and (8I) shall cease to have effect.'.
Mrs Theresa Villiers 109 Clause 70, page 60 [Vol I], leave out lines 25 to 28.
Mrs Theresa Villiers 110 Clause 70, page 60, line 29 [Vol I], leave out from beginning to end of line 2 on page 61.
Mrs Theresa Villiers 99 Clause 71, page 61, line 30 [Vol I], at end insert—'(5A) The chargeable gain accruing to a company shall not be taxed as a chargeable gain but instead shall be taxed as income in accordance with section 9 of the Income and Corporation Taxes Act 1988.'.
Mrs Theresa Villiers 100 Clause 71, page 61 [Vol I], leave out lines 31 to 44.
Mrs Theresa Villiers 101 Clause 71, page 62, line 47 [Vol I], at end insert—'(5A) Subsection (2)(b) above shall not apply where, before the end of the accounting period in which the allowable 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. (5B) Subsection (2)(b) shall be subject to the same procedures as those contained in section 138(2) to (5).'.
Mrs Theresa Villiers 111 *Clause 71, page 62, line 47 [Vol 1], at end insert—'(5A) The chargeable gain accruing to a company shall not be taxed as a chargeable gain but instead shall be taxed as income in accordance with section 9 of the Income and Corporation Taxes Act 1988.'.
Mrs Theresa Villiers 102 Clause 71, page 63, line 1 [Vol I], leave out from beginning to end of line 18 on page 65.
Mrs Theresa Villiers 98 Page 61, line 3 [Vol I], leave out Clause 71.
Dawn Primarolo 66 Schedule 6, page 185, line 5 [Vol I], leave out sub-paragraph (1) and insert—
"85C Amounts not fully recognised for accounting purposes (1) This section applies if—
(2) For the purposes of subsection (1) an amount is not fully recognised for the period in respect of any loan relationship or relevant accounting liability of the company if—
(3) In determining the credits and debits to be brought into account by the company in respect of the creditor relationship for the period for the purposes of this Chapter, the applicable assumption (see subsection (6)) must be made. (4) In any case where the condition in subsection (1)(c) is met by reference to a debtor relationship of the company, in determining the credits and debits to be brought into account by the company in respect of that relationship for the period for the purposes of this Chapter, the applicable assumption must be made. (5) But the amount of any debits to be brought into account by the company for any period for the purposes of this Chapter as a result of subsection (4) must not exceed the amount of any credits to be brought into account by the company for the period as a result of subsection (3). (6) For the purposes of this section, in relation to any loan relationship, the applicable assumption is the assumption that an amount in respect of the whole of the relationship is recognised in determining the company's profit or loss for the period. (7) In any case where—
the credits and debits to be so brought into account as a result of this section must be determined on the same basis of accounting on which the credits or debits mentioned in paragraph (a) were determined. (8) In any other case, the credits and debits to be so brought into account as a result of this section must be determined on the amortised cost basis of accounting.".'.
Dawn Primarolo 67 Schedule 6, page 187, line 42 [Vol I], leave out 'relevant'.
Dawn Primarolo 68 Schedule 6, page 188 [Vol I], leave out lines 6 and 7.
Dawn Primarolo 69 Schedule 6, page 188, line 18 [Vol I], at end insert—
(a) the share is redeemable for the purposes of section 91D of FA 1996 as a result of any arrangements mentioned in subsection (2)(b) of that section (as substituted by sub-paragraph (2)), and
(b) the arrangements were entered into after the company acquired the share.
Dawn Primarolo 70 Schedule 6, page 188, line 19 [Vol I], at beginning insert 'In any other case,'.
Dawn Primarolo 73 Schedule 7, page 196, line 31 [Vol I], leave out 'the transfer and any associated operations' and insert 'such of the relevant transactions as were'.
Dawn Primarolo 74 Schedule 7, page 196, line 42 [Vol I], leave out from first 'to' to second 'the' in line 43 and insert 'relevant transactions by reference to which'.
Dawn Primarolo 75 Schedule 7, page 197, line 1 [Vol I], leave out 'other associated operations' and insert 'associated operations not falling within paragraph (a) above'.
Dawn Primarolo 76 Schedule 7, page 197, line 32 [Vol I], at end insert—' "relevant transactions" means—
Dawn Primarolo 112 *Schedule 8, page 214 [Vol I], leave out lines 4 and 5.
Dawn Primarolo 113 *Schedule 8, page 216, line 6 [Vol I], after 'lease' insert '("the new lease")'.
Dawn Primarolo 114 *Schedule 8, page 217, line 11 [Vol I], after 'lease' insert '("the new lease")'.
Dawn Primarolo 115 *Schedule 8, page 245 [Vol I], leave out lines 38 and 39 and insert—'unless the lease was finalised (see paragraph 23) before 21st July 2005 and on 17th May 2006 the lessor was within the charge to tax. As respects any time before 18th May 2006, this sub-paragraph has effect with the omission of the words "and on 17th May 2006 the lessor was within the charge to tax".'.
| |||||||||||||||||||||||||||||||||
