|
Dawn Primarolo
219
*Clause 150, page 124, line 37 [Vol I], after '(9)', insert—
| '(a) | omit "subsection (7) or", and |
Dawn Primarolo
220
*Clause 151, page 126, line 32 [Vol I], leave out subsection (8) and insert—
'(8) In paragraph 6—
| (a) | in sub-paragraph (1) omit "Subject to sub-paragraph (3) below," and |
| (b) | omit sub-paragraphs (2) and (3).'. |
Dawn Primarolo
221
*Clause 152, page 127, line 25 [Vol I], after 'field),', insert—
Dawn Primarolo
222
*Clause 152, page 127, line 28 [Vol I], at end insert—
| (b) | for the purposes of corporation tax, that amount shall be available to the person as a deduction in computing the profits of any trade to which section 492(1) does not apply.'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
287
*Schedule 20, page 111, line 13 [Vol II], leave out 'settled property (including property settled before 22nd March 2006)' and insert 'property settled on or after 22nd March 2006'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
270
*Schedule 20, page 111, line 24 [Vol II], leave out 'parent' and insert 'relative'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
280
*Schedule 20, page 111, line 30 [Vol II], leave out from beginning to end of line 7 on page 112 and insert—
| '(a) | that the bereaved minor, if he has not done so before attaining the age of 18, will on attaining that age become absolutely entitled to the settled property or to the income arising from it, |
| (b) | that the bereaved minor, if he has not done so before attaining the age of 25, will on attaining that age become absolutely entitled to— |
| (i) | the settled property, and |
| (ii) | any income that has arisen from the property held on the trusts for his benefit and been accumulated before he became beneficially entitled to the property in accordance with paragraph (a) above, |
| (c) | that, for so long as the bereaved minor is living and under the age of 25, if any of the settled property is applied for the benefit of a beneficiary, it is applied for the benefit of the bereaved minor, and |
| (d) | that, for so long as the bereaved minor is living and under the age of 18, either— |
| (i) | the bereaved minor is entitled to all of the income (if there is any) arising from any of the settled property, or |
| (ii) | no such income may be applied for the benefit of any other person.'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
272
*Schedule 20, page 111, line 31 [Vol II], leave out '18' and insert '25'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
271
*Schedule 20, page 112, line 24 [Vol II], at end insert—
'(5A) In this section "relative" has the same meaning as in the Taxation of Chargeable Gains Act 1992 section 286 as if the reference to "lineal descendant" in that section were omitted.'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
281
*Schedule 20, page 112, line 41 [Vol II], leave out 'on attaining the age of 18 or becoming, under that age, absolutely entitled as mentioned in' and insert 'becoming entitled as mentioned in paragraph (a) or (b) of'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
273
*Schedule 20, page 112, line 41 [Vol II], leave out '18' and insert '25'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
282
*Schedule 20, page 112, line 44 [Vol II], leave out 'that age' and insert 'the age at which he would have become absolutely entitled as mentioned in paragraph (a) or (b) of section 71A(3) above'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
288
*Schedule 20, page 113, line 12 [Vol II], leave out from 'subsection,' to end of line 23 and insert 'there were substituted for the reference to 13th March 1975 in subsection 8(b) a reference to 22nd March 2006.'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
274
*Schedule 20, page 113, line 26 [Vol II], leave out '18' and insert '25'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
289
*Schedule 20, page 113, line 36 [Vol II], leave out 'at any particular time on or'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
290
*Schedule 20, page 113 [Vol II], leave out lines 42 to 44.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
291
*Schedule 20, page 114 [Vol II], leave out lines 9 to 23.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
275
*Schedule 20, page 114 [Vol II], leave out lines 10 to 14 and insert—
'(1) Subject to subsections (1A) to (2) below, this section applies to settled property if—
| (a) | one or more persons (in this section referred to as "beneficiaries") will, on or before attaining a specified age not exceeding twenty-five, become absolutely entitled to it, and |
| (b) | until a beneficiary becomes entitled to the settled property or the income arising from it, the settled property and the income from the settled property is to be accumulated so far as not applied for the maintenance, education or benefit of a beneficiary.'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
284
*Schedule 20, page 114 [Vol II], leave out lines 10 to 14 and insert—
'(1) Subject to subsections (1A) to (2) below, this section applies to settled property if—
| (a) | one or more persons (in this section referred to as beneficiaries) will, on or before attaining a specified age not exceeding eighteen, become absolutely entitled to it or to any income arising from it, |
| (b) | where a beneficiary becomes entitled pursuant to paragraph (a) above to the income arising from the settled property rather than to the property itself, that beneficiary subsequently becomes absolutely entitled to the property concerned on or before attaining a specified age not exceeding twenty-five, and |
| (c) | until a beneficiary becomes entitled to the settled property or the income arising from it pursuant to paragraph (a) above, the settled property and the income from the settled property is to be accumulated so far as not applied for the maintenance, education or benefit of a beneficiary.'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
276
*Schedule 20, page 114, line 14 [Vol II], at end insert—
'(1A) Section 71(4) shall be replaced with the following provision with effect from 6th April 2008—
"(4) Tax shall not be charged under this section—
| (a) | on a beneficiary's becoming absolutely entitled to, or to the income arising from, settled property on or before attaining the specified age, |
| (b) | on the death of a beneficiary before attaining the specified age.".'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
285
*Schedule 20, page 114, line 14 [Vol II], at end insert—
'(1A) Section 71(4) shall be replaced with the following provision with effect from 6th April 2008—
"(4) Tax shall not be charged under this section—
| (a) | on a beneficiary's becoming absolutely entitled to, or to the income arising from, settled property on or before attaining the age specified for the purposes of paragraph (a) of subsection (1) above or, if later, on the beneficiary becoming absolutely entitled to the settled property on or before the age specified for the purposes of paragraph (b) of subsection (1) above, or |
| (b) | on the death of a beneficiary under the age at which he would have become absolutely entitled to the settled property pursuant to paragraph (a) or (b) of subsection (1) above.".'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
286
*Schedule 20, page 114, line 14 [Vol II], at end insert—
'(1B) In section 71(6) IHTA 1984 leave out 'and' after 'paragraphs (a)' and insert 'and (c)' after '(b)'.'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
230
*Schedule 20, page 114, line 30 [Vol II], leave out '22nd March 2006' and insert '6th April 2007'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
300
*Schedule 20, page 114, line 34 [Vol II], after 'interest', insert '; or
| (d) | an immediate self-settled interest.'. |
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