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S.C.A.

Amendment Paper as at
Tuesday 6th June 2006

STANDING COMMITTEE A


New Amendments handed in are marked thus *

FINANCE (NO. 2) BILL

(except 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 [9th May]

Schedule 9

Another Amendment (No. 165) proposed, in page 260 [Vol I], leave out lines 17 to 31—(Mrs Theresa Villiers)

Question proposed, That the Amendment be made.


   

Dawn Primarolo

119

Schedule     9,     page     261,     line     3     [Vol     I],     after 'treated' insert 'by that person'.

   

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

166

Schedule     9,     page     261,     line     29 [Vol     I],     leave out 'April' and insert 'September'.

   

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

167

Schedule     9,     page     261,     line     37 [Vol     I],     leave out 'April' and insert 'September'.


   

Dawn Primarolo

215

Schedule     10,     page     19,     line     25     [Vol     II],     leave out sub-paragraph (2) and insert—

'(2) No person is to be treated as receiving an amount of income, or as incurring an expense, as a result of any provision of this Schedule in so far as the income or expense arises by reference to the relevant plant or machinery subject to a lease which is disposed of.

(2A) If, as a result of sub-paragraph (2), no income is treated as received by a company, no accounting period of the company ends or begins as a result of any provision of this Schedule.

(2B) In relation to any disposal made before 2nd June 2006—

(a)   sub-paragraph (2) applies as if the words from "in so far as" to the end were omitted, and

(b)   sub-paragraph (2A) applies as if the words from "If" to "a company," and the words "of the company" were omitted.'.


   

Dawn Primarolo

96

Clause     84,     page     79,     line     18     [Vol     I],     leave out from first 'the' to 'all' in line 19 and insert 'lessor remains entitled immediately after the disposal to some or'.

   

Dawn Primarolo

97

Clause     84,     page     79,     line     37     [Vol     I],     leave out from second 'the' to end of line 38 and insert 'lessor remains entitled immediately after the disposal'.


   

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

170

Schedule     11,     page     22,     line     3     [Vol II],     leave out from beginning to end of line 16.

   

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

171

Schedule     11,     page     22     [Vol II],     leave out lines 8 to 16 and insert—

    '(2)   Accordingly, in section 432A of ICTA 1988 in subsection (5) (power to extend orders under subsection (3) in relation to periods of account ending before 1st October 2007), substitute "1st October 2006" with "1st October 2007".'.

   

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

193

Schedule     11,     page     22,     line     30     [Vol II],     at end insert—

'2A (1) Sections 439B and 441 ICTA 1988 shall cease to have effect and section 436 shall be amended by substituting "Gross Roll-up Business" for "Pension Business" in each place that it occurs.

(2) "Gross Roll-up Business" means all long-term business written other than Basic Life Assurance, General Annuity Business and Permanent Health Insurance.'.

   

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

172

Schedule     11,     page     29,     line     30     [Vol II],     leave out from beginning to end of line 41 on page 30.

   

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

173

Schedule     11,     page     33,     line     18     [Vol II],     leave out paragraph 7.

   

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

179

Schedule     11,     page     33,     line     40     [Vol II],     at end insert—

    '(3A)   Where the line 51 amount for the straddling period is greater than the line 51 amount for any subsequent period, and the line 51 amount is then increased in a period following that subsequent period, the adjustment produced by subsection (3) above shall be reduced by an amount equal to the lower of:

(a) the difference between the line 51 amount for the straddling period and the line 51 amount for the current period of account; and

(b) the line 51 amount for the current period of account, and the line 51 amount for the immediately preceding period,

but the amount computed under this subsection shall be reduced by the total sum of adjustments made in periods prior to the current period of account under this subsection.'.

   

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

174

Schedule     11,     page     34,     line     39     [Vol II],     at end insert—

    '(12)   Where this section applies then the company may make a claim requiring that a loss arising under section 436, 439B and sections 441 ICTA 1988 be set off against profits of the same description arising in the proceeding accounting period.'.

   

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

180

Schedule     11,     page     35,     line     9 [Vol II],     leave out 'to' and insert 'from'.

   

Dawn Primarolo

195

Schedule     11,     page     35,     line     9     [Vol II],     leave out 'to' and insert 'by'.

   

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

183

Schedule     11,     page     35,     line     16 [Vol II],     leave out from beginning to end of line 19 and insert—

'(b) the line 51 amount of the transfer or in respect of the business transferred to the company, as computed in the transferor's periodic return.'.

   

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

181

Schedule     11,     page     35,     line     41 [Vol II],     leave out 'to' and insert 'from'.

   

Dawn Primarolo

196

Schedule     11,     page     35,     line     41     [Vol II],     leave out 'to' and insert 'by'.

   

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

182

Schedule     11,     page     35,     line     43 [Vol II],     leave out 'to' and insert 'from'.

   

Dawn Primarolo

197

Schedule     11,     page     35,     line     43     [Vol II],     leave out 'to' and insert 'by'.

   

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

176

Schedule     11,     page     37,     line     1     [Vol II],     leave out 'two-thirds' and insert 'one-sixth'.

   

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

177

Schedule     11,     page     37,     line     5     [Vol II],     leave out 'one-third' and insert 'one-sixth'.

   

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

178

Schedule     11,     page     37,     line     6     [Vol II],     leave out 'period' and insert 'five periods'.


   

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

198

Schedule     12,     page     41,     line     45     [Vol II],     leave out paragraph 2.


   

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

186

Schedule     13,     page     66,     line     19 [Vol II],     leave out paragraph 2.

   

Dawn Primarolo

191

Schedule     13,     page     68 [Vol II],     leave out lines 6 to 8.

   

Dawn Primarolo

192

Schedule     13,     page     72,     line     9 [Vol II],     at end insert—

'(1A) For section 623 of ITTOIA 2005 (calculation of income) substitute—

    "623   Calculation of income

  For the purpose of calculating liability to tax under this Chapter (but for no other purpose), a settlor shall be allowed the same deductions and reliefs as if any amount treated under this Chapter as income of the settlor had actually been received by the settlor."'.


   

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

135

Clause     92,     page     84,     line     34     [Vol I],     leave out subsection (2).

   

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

136

Clause     92,     page     84,     line     35     [Vol I],     leave out 'insert at the beginning "securities"' and insert 'after "options", insert "other than an option which is acquired pursuant to a right or opportunity made available under arrangements the main purpose (or one of the main purposes) of which is the avoidance of income tax or national insurance contributions".'.

 
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Prepared 6 Jun 2006