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

384

*Schedule     20,     page     113,     line     27     [Vol II],     at end insert—

    '71H   Sections 71A to 71G: meaning of "parent"

       In sections 71A to 71G above "parent" includes step-parent.".'.

   

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—     'For section 71(1) of IHTA 1984 substitute—

    "(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     'For section 71(1) of IHTA 1984 substitute—

    "(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.'.

   

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

319

Schedule     20,     page     114,     line     34     [Vol     II],     after 'interest', insert ', or

(d)	a relationship breakdown settlement interest.'.

   

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

231

Schedule     20,     page     114,     line     36     [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

292

Schedule     20,     page     114,     line     38     [Vol     II],     after 'section', insert '71 or'.

   

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

232

Schedule     20,     page     114,     line     40     [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

226

Schedule     20,     page     115,     line     12     [Vol II],     leave out from beginning to end of line 25.

   

Dawn Primarolo

359

Schedule     20,     page     115     [Vol II],     leave out lines 12 to 25.

   

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

293

Schedule     20,     page     115,     line     22     [Vol     II],     after 'section', insert '71 or'.

   

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

227

Schedule     20,     page     115,     line     26     [Vol II],     leave out '5' and insert '3'.

   

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

294

Schedule     20,     page     115,     line     27     [Vol     II],     after 'section', insert '71 or'.

   

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

228

Schedule     20,     page     115,     line     30     [Vol II],     leave out from beginning to end of line 18 on page 31.

   

Dawn Primarolo

360

Schedule     20,     page     115,     line     30     [Vol II],     leave out 'Conditions 3 to 5 have' and insert 'Condition 5 has'.

   

Dawn Primarolo

361

Schedule     20,     page     115,     line     32     [Vol II],     leave out from beginning to end of line 18 on page 116.

   

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

354

Schedule     20,     page     116,     line     8     [Vol     II],     at end insert 'or

(c)	L is excluded from exercise of the power or participation in its exercise wholly to ensure compliance with religious rules.'.

   

Dawn Primarolo

385

*Schedule     20,     page     116,     line     23     [Vol II],     after 'only' insert '— (a)'.

   

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

298

Schedule     20,     page     116,     line     23     [Vol     II],     after 'if', insert 'section 49D below applies or'.

   

Dawn Primarolo

386

*Schedule     20,     page     116,     line     23     [Vol II],     at end insert ', or

(b)	if, and to the extent that, section 49D below so provides.'.

   

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

233

Schedule     20,     page     116,     line     25     [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

234

Schedule     20,     page     116,     line     26     [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

295

Schedule     20,     page     116,     line     29     [Vol     II],     after 'possession', insert 'or was property to which section 71 applied'.

   

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

229

Schedule     20,     page     116,     line     30     [Vol II],     after 'that', insert 'unless B is the spouse or civil partner of the person beneficially entitled to the prior interest'.

Prepared 9 Jun 2006