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| | (except Clauses 13 to 15, 26, 61, 91 and 106, Schedule 14, and new Clauses relating to the effect
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| | of provisions of the Bill on section 18 of the Inheritance Tax Act 1984)
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| | [Fourteenth and Fifteenth Sittings]
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| | | Clauses 103 and 104 Agreed to. |
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| | Schedule 16, page 84, line 32 [Vol II], leave out paragraph 11. |
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| | Clause 107, page 98, line 23 [Vol I], at end insert— |
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| | | ‘(4A) | Condition 2A is that a percentage of the assets of the property rental business to |
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| | | be prescribed in regulations made by the Commissioners for Her Majesty’s |
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| | | Revenue and Customs is invested in residential property.’. |
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| | | Clauses 108 to 110 Agreed to. |
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| | Clause 111, page 100, line 39 [Vol I], at end add— |
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| | | ‘(8) | Where assets involved in the property rental business are held as trading stock, |
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| | | any profit accruing by reason of this section shall not be a taxable profit.’. |
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| | | Clauses 112 to 115 Agreed to. |
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| | Clause 116, page 103, line 28 [Vol I], after ‘section’, insert ‘106(5) or (6),’. |
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| | Clause 116, page 103, line 32 [Vol I], after ‘section’, insert ‘106(5) or (6),’. |
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| | Clause 116, page 103, line 34 [Vol I], at end insert— |
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| | | ‘(a) | provide for this Part to cease to apply to a company at a time specified by |
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| | | or determined in accordance with the regulations (which may be before |
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| | | the breach of a requirement); |
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| | | (b) | provide for this Part to continue to apply to a company with specified |
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| | | Clause, as amended, Agreed to. |
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| | | Clauses 117 to 120 Agreed to. |
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| | Clause 121, page 106, line 26 [Vol I], after ‘company’, insert ‘within the |
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| | charge to corporation tax’. |
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| | Clause 121, page 106, line 28 [Vol I], leave out ‘not a company’ and insert ‘a |
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| | person other than a company within the charge to corporation tax’. |
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| | Clause 121, page 107, line 7 [Vol I], leave out ‘Section 231 of ICTA’ and |
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| | insert ‘Sections 231 of ICTA and 397 of ITTOIA 2005’. |
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| | | Clause, as amended, Agreed to. |
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| | | Clauses 122 to 124 Agreed to. |
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| | Clause 125, page 110, line 5 [Vol I], leave out ‘earlier’ and insert ‘later’. |
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| | | Negatived on division 210 |
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| | Clause 125, page 110, line 7 [Vol I], at end insert— |
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| | | ‘(7A) | For the purposes of this section completion of development shall be taken to |
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| | | occur on practical completion of the main contract for the relevant building |
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| | Clause 125, page 110, line 7 [Vol I], at end insert— |
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| | | ‘(7B) | For the purposes of subparagraph 7(b) of this section, each development of |
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| | | property shall be assessed separately to establish if the costs exceed 30 per cent |
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| | | of the fair value of the property.’. |
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| | Clause 125, page 110, line 7 [Vol I], at end insert— |
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| | | ‘(7C) | Where a property acquired by a company to which this Part applies is developed |
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| | | and held for three years before disposal, the asset shall be treated as being |
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| | | disposed of in the course of the business of C (tax exempt).’. |
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| | | Clause, as amended, Agreed to. |
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| | | Clauses 126 to 128 Agreed to. |
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| | Clause 129, page 111, line 23 [Vol I], leave out ‘Commissioners’ and insert |
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| | | Clause, as amended, Agreed to. |
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| | Clause 130, page 111, line 35 [Vol I], leave out ‘a requirement’ and insert |
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| | ‘Condition 1, 2, 5 or 6’. |
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| | Clause 130, page 111, line 40 [Vol I], leave out ‘a requirement’ and insert |
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| | ‘Condition 1, 2, 5 or 6’. |
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| | | Clause, as amended, Agreed to. |
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| | | Clauses 131 to 134 Agreed to. |
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| | Schedule 17, page 87, line 39 [Vol II], at end insert— |
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| | | ‘(i) | as if section 111 applied to UK property rental business |
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| | | (within the meaning given by paragraph 32(1)) carried on by |
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| | Schedule 17, page 87, line 40 [Vol II], after ‘tax’, insert ‘under Case VI of |
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| | Schedule 17, page 87, line 41 [Vol II], leave out ‘under Chapter 9 of Part 6 of |
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| | Schedule 17, page 88, line 38 [Vol II], leave out ‘UK property’ and insert |
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| | Schedule 17, page 88, line 42 [Vol II], leave out ‘property’. |
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| | Schedule 17, page 88, line 44 [Vol II], after ‘another’, insert ‘, as set out in the |
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| | financial statement under paragraph 31(2)(a).’. |
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| | Schedule 17, page 93, line 10 [Vol II], leave out sub-paragraph (2) and |
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| | | ‘(2) | Business carried on by a non-UK resident company is property rental business |
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| | | for the purposes of this Part if the business would be property rental business |
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| | | within the meaning given by section 104 if it were carried on by a UK resident |
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| | Schedule 17, page 93, line 30 [Vol II], leave out from first ‘dividend’ to ‘shall’ |
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| | in line 31 and insert ‘which represents (wholly or partly and directly or indirectly) profits |
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| | of UK property rental business of a non-UK resident member of the group, such |
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| | proportion of the dividend as represents those profits’. |
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| | Schedule 17, page 93, line 39 [Vol II], at end insert— |
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| | | 33 (1) | This paragraph applies if a company to which Part 4 applies, or a member of a |
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| | | group to which Part 4 applies, becomes a member of a group (or of another |
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| | | group) to which Part 4 applies. |
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| | | (2) | Where this paragraph applies, the following provisions of Part 4 shall not have |
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| | | (a) | section 111 (as modified by paragraphs 9 and 10 above), |
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| | | (b) | section 112 (as modified by paragraph 11 above), and |
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| | | (c) | section 131 (or section 131 as modified by paragraphs 25 and 26 |
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| | | Schedule, as amended, Agreed to. |
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| | | Clauses 135 to 142 Agreed to. |
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