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| | (Clauses 13 to 15, 26, 61, 91 and 106, Schedule 14, and new Clauses relating to the effect of
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| | provisions of the Bill on section 18 of the Inheritance Tax Act 1984)
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| | Mr Chancellor of the Exchequer |
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| | | To move, That the order in which proceedings in the Committee of the whole House |
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| | | on the Finance Bill (No. 2) are to be taken shall be: new Clauses relating to the effect of |
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| | | provisions of the Bill on section 18 of the Inheritance Tax Act 1984, Clause 61, Clause |
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| | | 26, Clause 91, Schedule 14, Clause 106 and Clauses 13 to 15. |
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| | new clause relating to the effect of provisions of the bill on section 18 |
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| | of the inheritance tax act 1984 |
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| | | Application of section 18 IHTA 1984 |
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| | | Negatived on division nc1 |
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| | To move the following Clause:— |
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| | | ‘Notwithstanding any provision of this Act, section 18 of the Inheritance Tax Act |
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| | | 1984 (transfers between spouses) shall continue to apply to transfers of value |
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| | | between spouses to the extent to which they are exempt transfers under the |
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| | | provisions of that section.’. |
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| | | As Amendments to Mrs Theresa Villiers’ proposed New Clause (Application of section |
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| | Line 1, leave out from ‘Act’ to end of line 4 and insert ‘all transfers of value made |
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| | on or after 22nd March 2006 which would have been exempt under section 18 |
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| | of the Inheritance Tax Act 1984 (transfers between spouses) if made |
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| | immediately prior to 22nd March 2006 shall continue to be exempt.’. |
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| | Line 2, at end insert ‘written into trust by will, life assurance policy and lifetime |
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| | Line 3, after ‘spouses’, insert ‘and civil partners’. |
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| | | Application of section 18 IHTA 1984 (No. 2) |
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| | To move the following Clause:— |
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| | | ‘Notwithstanding any provision of this Act, section 18 of the Inheritance Tax Act |
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| | | 1984 (transfers between spouses) shall continue to apply to transfers of value |
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| | | written into trust by will, life assurance policy and lifetime gift to spouses and |
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| | | civil partners for two years until— |
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| | | (a) | a full consultation has been undertaken about the operation of that |
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| | | (b) | a Regulatory Impact Assessment of the operation of that section has been |
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| | | (c) | the impact of the Act on transfers of value written into trust through wills, |
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| | | lifetime gifts and life assurance policies has been calculated.’. |
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| | | Application of section 18 IHTA 1984 (No. 3) |
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| | To move the following Clause:— |
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| | | ‘Notwithstanding any provision of this Act, all transfers of value made on the |
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| | | death of a person on or after 22nd March 2006 but before 6th April 2008 which |
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| | | would have been exempt under section 18 of the Inheritance Tax Act 1984 |
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| | | (transfers between spouses) if made immediately prior to 22nd March 2006, shall |
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| | Clause 61, page 46, line 30 [Vol I], leave out subsection (1) and insert— |
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| | | ‘(1) | Amend section 3200 of ITEPA 2003 (employment income: limited exemption for |
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| | | computer equipment) by substituting “desktop computers, laptops, printers, |
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| | | scanners and modems provided to the employee or director himself or to a |
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| | | member of his family or household” for “computer or peripheral equipment”.’. |
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| | Clause 61, page 46, line 32 [Vol I], leave out ‘2006–07’ and insert ‘2007–08’. |
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| | Clause 61, page 46, line 36 [Vol I], leave out ‘2006’ and insert ‘2007’. |
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| | Clause 61, page 46, line 36 [Vol I], at end add— |
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| | | ‘(4) | The Chancellor of the Exchequer shall— |
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| | | (a) | consult representatives of industry and scheme users regarding the list of |
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| | | products to which this section applies; and |
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| | | (b) | not later than 6th April 2007 shall lay before Parliament a report on the |
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| | Clause 61, page 46, line 36 [Vol I], at end add— |
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| | | ‘(4) | On or before 1st March 2007 the Chancellor of the Exchequer shall lay before |
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| | | Parliament a report containing any evidence available to him that the exemption |
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| | | under section 320 of ITEPA has been abused.’. |
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| | Clause 61, page 46, line 36 [Vol I], at end add— |
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| | | ‘(4) | It does not cause any liability to income tax to arise in respect of the provision of |
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| | | computer equipment by making it available to an employee, or a member of an |
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| | | employee’s family or household, if the computer equipment is subsequently |
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| | | utilised for any private use which is not significant, such use to be defined in |
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| | | guidance notes to be issued by HM Revenue and Customs.’. |
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| | Page 46, line 29 [Vol I], leave out Clause 61. |
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| | | Clause Agreed to on division. |
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| | Clause 26, page 26, line 19 [Vol I], at end insert— |
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| | | ‘( ) | At the end of section 8 of ICTA there is inserted— |
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| | | “(3A) | Notwithstanding the provisions of this section— |
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| | | (a) | corporation tax shall not be charged on the profits of a company |
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| | | where the profits of the company for any accounting period in |
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| | | question do not exceed a limit of £500; |
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| | | (b) | where an accounting period is shorter than 12 months that £500 |
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| | | limit shall be reduced in proportion to the reduction in |
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| | | (c) | where a company has associated companies, that £500 limit shall |
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| | | be reduced in proportion to the number of associates during the |
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| | Page 26, line 19 [Vol I], leave out Clause 26. |
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| | | Clause Agreed to on division. |
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