Amendments proposed to the Finance (No. 2I Bill - continued House of Commons

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

137

Clause     92,     page     84,     line     39     [Vol I],     after third 'of', insert 'income'.

   

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

138

Clause     92,     page     85,     line     1 [Vol I],     at beginning insert 'Subject to subsection (6) below,'.

   

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

140

Clause     92,     page     85,     line     1 [Vol I],     leave out from 'after' to end of line 4 and insert '22nd March 2006.'.

   

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

139

Clause     92,     page     85,     line     4 [Vol I],     at end add—

    '(1)   Where any liability to income tax or national insurance contributions arises by virtue of this section, such liability shall not fall to be collected through the PAYE system unless the option in question was acquired on or after the date Royal Assent is received to this Act, and it shall be sufficient defence for an employer to any proceedings concerning non-compliance with the PAYE regulations that they have taken all reasonable steps to notify any employee or former employee of their obligation to pay any liability created by this section.'.


   

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

216

Schedule     15,     page     77,     line     13     [Vol     II],     leave out '22nd June' and insert '10th March'.

   

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

217

Schedule     15,     page     80,     line     27     [Vol     II],     leave out '22nd June' and insert '10th March'.


   

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

208

Schedule     16,     page     84,     line     32     [Vol     II],     leave out paragraph 11.


   

Sir George Young

218

*Clause     107,     page     98,     line     23     [Vol     I],     at end insert—

    '(4A)   Condition 2A is that a percentage of the assets of the property rental business to be prescribed in regulations made by the Commissioners for Her Majesty's Revenue and Customs is invested in residential property.'.


   

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

209

Clause     111,     page     100,     line     39     [Vol     I],     at end add—

    '(8)   Where assets involved in the property rental business are held as trading stock, any profit accruing by reason of this section shall not be a taxable profit.'.


   

Dawn Primarolo

168

Clause     116,     page     103,     line     28     [Vol I],     after 'section', insert '106(5) or (6),'.

   

Dawn Primarolo

169

Clause     116,     page     103,     line     32     [Vol I],     after 'section', insert '106(5) or (6),'.

   

Dawn Primarolo

146

Clause     116,     page     103,     line     34     [Vol     I],     at end insert—

      '(a) provide for this Part to cease to apply to a company at a time specified by or determined in accordance with the regulations (which may be before the breach of a requirement);

      (b) provide for this Part to continue to apply to a company with specified modifications;'.


   

Dawn Primarolo

147

Clause     121,     page     106,     line     26      [Vol     I],     after 'company', insert 'within the charge to corporation tax'.

   

Dawn Primarolo

148

Clause     121,     page     106,     line     28      [Vol     I],     leave out 'not a company' and insert 'a person other than a company within the charge to corporation tax'.

   

Dawn Primarolo

149

Clause     121,     page     107,     line     7      [Vol     I],     leave out 'Section 231 of ICTA' and insert 'Sections 231 of ICTA and 397 of ITTOIA 2005'.


   

Dawn Primarolo

150

Clause     125,     page     110,     line     5      [Vol     I],     leave out 'earlier' and insert 'later'.

   

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

210

Clause     125,     page     110,     line     7     [Vol     I],     at end insert—

    '(7A)   For the purposes of this section completion of development shall be taken to occur on practical completion of the main contract for the relevant building works.'.

   

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

211

Clause     125,     page     110,     line     7     [Vol     I],     at end insert—

    '(7B)   For the purposes of subparagraph 7(b) of this section, each development of property shall be assessed separately to establish if the costs exceed 30 per cent of the fair value of the property.'.

   

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

212

Clause     125,     page     110,     line     7     [Vol     I],     at end insert—

    '(7C)   Where a property acquired by a company to which this Part applies is developed and held for three years before disposal, the asset shall be treated as being disposed of in the course of the business of C (tax exempt).'.


   

Dawn Primarolo

151

Clause     129,     page     111,     line     23      [Vol     I],     leave out 'Commissioners' and insert 'Treasury'.


   

Dawn Primarolo

152

Clause     130,     page     111,     line     35      [Vol     I],     leave out 'a requirement' and insert 'Condition 1, 2, 5 or 6'.

   

Dawn Primarolo

153

Clause     130,     page     111,     line     40      [Vol     I],     leave out 'a requirement' and insert 'Condition 1, 2, 5 or 6'.


   

Dawn Primarolo

154

Schedule     17,     page     87,     line     39      [Vol     II],     at end insert—

            '(i) as if section 111 applied to UK property rental business (within the meaning given by paragraph 32(1)) carried on by them,'.

   

Dawn Primarolo

155

Schedule     17,     page     87,     line     40      [Vol     II],     after 'tax', insert 'under Case VI of Schedule D'.

   

Dawn Primarolo

156

Schedule     17,     page     87,     line     41      [Vol     II],     leave out 'under Chapter 9 of Part 6 of ITTOIA (other income)'.

   

Dawn Primarolo

157

Schedule     17,     page     88,     line     38      [Vol     II],     leave out 'UK property' and insert 'property rental'.

   

Dawn Primarolo

158

Schedule     17,     page     88,     line     42      [Vol     II],     leave out 'property'.

   

Dawn Primarolo

159

Schedule     17,     page     88,     line     44      [Vol     II],     after 'another', insert ', as set out in the financial statement under paragraph 31(2)(a).'.

   

Dawn Primarolo

160

Schedule     17,     page     93,     line     10      [Vol     II],     leave out sub-paragraph (2) and insert—

    '(2) Business carried on by a non-UK resident company is property rental business for the purposes of this Part if the business would be property rental business within the meaning given by section 104 if it were carried on by a UK resident company.'.

   

Dawn Primarolo

161

Schedule     17,     page     93,     line     30      [Vol     II],     leave out from first 'dividend' to 'shall' in line 31 and insert 'which represents (wholly or partly and directly or indirectly) profits of UK property rental business of a non-UK resident member of the group, such proportion of the dividend as represents those profits'.

   

Dawn Primarolo

162

Schedule     17,     page     93,     line     39      [Vol     II],     at end insert—

      'Takeovers

    33 (1) This paragraph applies if a company to which Part 4 applies, or a member of a group to which Part 4 applies, becomes a member of a group (or of another group) to which Part 4 applies.

    (2) Where this paragraph applies, the following provisions of Part 4 shall not have effect—

            (a)   section 111 (as modified by paragraphs 9 and 10 above),

            (b)   section 112 (as modified by paragraph 11 above), and

            (c)   section 131 (or section 131 as modified by paragraphs 25 and 26 above).'.


   

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

213

Page     117,     line     23     [Vol     I],     leave out Clause 143.


   

Julia Goldsworthy
Mr Colin Breed
John Thurso
John Hemming

199

Schedule     20,     page     116,     line     41     [Vol II],     at end insert—

    '(1A) After subsection (1) insert—

          "(1A)   This section also applies to settled property, whenever transferred into settlement, which is held on trusts in which an interest in possession subsists, and in which the person beneficially entitled to the interest in possession is a disabled person." '.

   

Julia Goldsworthy
Mr Colin Breed
John Thurso
John Hemming

200

Schedule     20,     page     117,     line     1     [Vol II],     after 'means' insert '—

       (a)'.

   

Julia Goldsworthy
Mr Colin Breed
John Thurso
John Hemming

201

Schedule     20,     page     117,     line     3     [Vol II],     at end insert—

      '(b) an interest in possession in settled property to which a disabled person is beneficially entitled.

    (2A)   For subsection (4)(a) substitute—

          "(a) a person who lacked capacity, within the meaning of the Mental Capacity Act 2005, or was expected to lack capacity at some time in the future;".

    (2B)   In subsection (4)(c), omit the words "by virtue of" to the end.'.

 
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Prepared 6 Jun 2006