Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
338
Schedule 20, page 127, line 13 [Vol II], at end insert
'(iii) | a relationship breakdown settlement interest within the meaning given by section 49D of that Act, or'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
352
Schedule 20, page 127, line 13 [Vol II], at end insert
'(iii) | a disabled person's interest, within the meaning given by subsection (2A) of section 89 of that Act, or'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
265
Schedule 20, page 127, line 21 [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
266
Schedule 20, page 127, line 32 [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
339
Schedule 20, page 128, line 9 [Vol II], after 'interest', insert 'or,
(iii) | a relationship breakdown settlement interest.'. |
Dawn Primarolo
401
*Schedule 20, page 129, line 20 [Vol II], at end insert
Conditional exemption: relief from charges
| (1) | Section 79 of IHTA 1984 (subsection (3) of which provides for charges to tax where, in the case of settled property designated under section 31 on a claim under section 79, an event occurs that would be chargeable under section 32 or 32A if the claim had been under section 30) is amended as follows. |
(2) | After subsection (5) (amount on which tax charged under subsection (3)) insert |
"(5A) Where the event giving rise to a charge to tax under subsection (3) above is a disposal on sale, and the sale
(a) | was not intended to confer any gratuitous benefit on any person, and |
(b) | was either a transaction at arm's length between persons not connected with each other or a transaction such as might be expected to be made at arm's length between persons not connected with each other, |
the value of the property at the time of that event shall be taken for the purposes of subsection (5) above to be equal to the proceeds of the sale."
(3) | For subsection (7) (which provides that the "relevant period" mentioned in subsection (6) begins with the latest of certain listed days and ends with the day before the event giving rise to the charge under subsection (3)) substitute |
"(7) In subsection (6) above "the relevant period" means the period given by subsection (7A) below or, if shorter, the period given by subsection (7B) below.
(7A) The period given by this subsection is the period beginning with the latest of
(a) | the day on which the settlement commenced, |
(b) | the date of the last ten-year anniversary of the settlement to fall before the day on which the property became comprised in the settlement, |
(c) | the date of the last ten-year anniversary of the settlement to fall before the day on which the property was designated under section 31 above on a claim under this section, and |
and ending with the day before the event giving rise to the charge.
(7B) The period given by this subsection is the period equal in length to the number of relevant-property days in the period
(a) | beginning with the day that is the latest of those referred to in paragraphs (a) to (d) of subsection (7A) above, and |
(b) | ending with the day before the event giving rise to the charge. |
(7C) For the purposes of subsection (7B) above, a day is a "relevant-property day" if at any time on that day the property was relevant property."
(4) | After subsection (9) insert |
"(9A) Subsection (9B) below applies where the same event gives rise
(a) | to a charge under subsection (3) above in relation to any property, and |
(b) | to a charge under section 32 or 32A above in relation to that property. |
(9B) If the amount of each of the charges is the same, each charge shall have effect as a charge for one half of the amount that would be charged apart from this subsection; otherwise, whichever of the charges is lower in amount shall have effect as if it were a charge the amount of which is nil.".'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
120
Schedule 21, page 140, line 25 [Vol II], leave out from beginning to end of line 24 on page 142.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
121
Schedule 21, page 141, line 12 [Vol II], leave out '50' insert '10'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
122
Schedule 21, page 142, line 33 [Vol II], leave out 'residential property' and insert 'property that is normally used or adapted for use as one or more dwellings'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
123
Schedule 21, page 142, line 34 [Vol II], leave out from 'is' to end of line 34 and add 'any personal chattels other than choses in action (or in Scotland any moveable property other than incorporeal moveable property).'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
124
Schedule 21, page 142, line 36 [Vol II], leave out paragraph 7.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
125
Schedule 21, page 143, line 11 [Vol II], at end insert 'but subject to paragraph 8(2)'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
126
Schedule 21, page 143, line 21 [Vol II], after '(2)', insert 'Except where a member or related person as defined in section 4 is resident,'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
127
Schedule 21, page 145, line 12 [Vol II], leave out 'any' and insert 'the'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
128
Schedule 21, page 145 [Vol II], leave out lines 18 to 22.
Dawn Primarolo
393
*Schedule 21, page 151, line 31 [Vol II], at beginning insert 'For the purposes of paragraph 23'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
129
Schedule 21, page 152, line 8 [Vol II], leave out '10% or more' and insert 'more than 10%'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
130
Schedule 21, page 152, line 10 [Vol II], leave out '10% or more' and insert 'more than 10%'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
133
Schedule 21, page 152, line 11 [Vol II], leave out '10% or more' and insert 'more than 10%'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
131
Schedule 21, page 154, line 34 [Vol II], leave out '(a) any member of the pension scheme'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
132
Schedule 21, page 159, line 27 [Vol II], leave out from 'occurs' to end of line 30 and insert
'(a) | the property becoming residential property;'. |
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
141
Clause 160, page 134, line 39 [Vol I], leave out 'because' and insert 'following the receipt'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
142
Clause 160, page 135, line 1 [Vol I], leave out 'envisaged' and insert 'intended'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
143
Clause 160, page 135, line 7 [Vol I], leave out '1' and insert '10'.
Dawn Primarolo
381
Schedule 22, page 176, line 40 [Vol II], at end insert
8A | | In section 233(1)(c) (interest on unpaid tax), for "or 126" substitute ", 126 or 151B".'. |
Dawn Primarolo
394
*Schedule 23, page 180, line 36 [Vol II], leave out lines 36 to line 42 and insert
'(a) where no employment of the member to which the pension scheme relates is or has been other than contracted-out employment by reference to the pension scheme, is 125% of the rate of the basic pension at that time or such higher percentage of that rate as the Treasury may by regulations prescribe,
(b) where no such employment of the member is or has been contracted-out employment by reference to the pension scheme, is 250% of the rate of the basic pension at that time or such higher percentage of that rate as the Treasury may by regulations prescribe, and
(c) otherwise, is such percentage of the rate of the basic pension at that time falling between the percentages for the time being specified under or by virtue of paragraphs (a) and (b) as the Treasury by regulations prescribe;
and regulations under paragraph (c) may prescribe different percentages for different cases.'.
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