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

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

          (d) 13th March 1975,

        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—

      'Interest

    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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Prepared 9 Jun 2006