S.C.A.
Amendment Paper as at
Thursday 15th June 2006
STANDING COMMITTEE A
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]
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 116.
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'.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous
235
Schedule 20, page 116, line 31 [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
296
Schedule 20, page 116, line 31 [Vol II], leave out 'but before 6th April 2008'.
