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S.C.A.    Standing Committee Proceedings: 18th May 2006            

254

 

Finance (N, continued

 
 

arm’s length rate’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  78

 

Clause  54,  page  38,  line  35  [Vol  I],  at end insert ‘at a rate that is less than an

 

arm’s length rate’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  79

 

Clause  54,  page  38,  line  36  [Vol  I],  at end insert ‘at a rate that is less than an

 

arm’s length rate’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  80

 

Clause  54,  page  38,  line  37  [Vol  I],  at end insert ‘at a rate that is less than an

 

arm’s length rate’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  81

 

Clause  54,  page  38,  line  39  [Vol  I],  at end insert ‘at a value that differs from

 

market value so that the charity is disadvantaged by the transaction’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  82

 

Clause  54,  page  39,  line  3  [Vol  I],  after ‘investment’, insert ‘other than a

 

Qualifying Investment for the purposes of Schedule 20 of ICTA 1988’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  83

 

Clause  54,  page  39  [Vol  I],  leave out lines 15 to 17.


 
 

S.C.A.    Standing Committee Proceedings: 18th May 2006            

255

 

Finance (N, continued

 
 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  84

 

Clause  54,  page  39  [Vol  I],  leave out lines 18 to 23.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  85

 

Clause  54,  page  39,  line  26  [Vol  I],  after ‘remuneration’, insert ‘unless it is

 

paid either under a contract of employment at a rate not exceeding an arm’s length rate or’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  86

 

Clause  54,  page  39  [Vol  I],  leave out lines 37 and 38.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  87

 

Clause  54,  page  40,  line  9  [Vol  I],  leave out ‘on a recognised stock exchange’

 

and insert ‘or admitted to trading on any market which from time to time appears on the

 

most-recently updated list of regulated markets as published by the European

 

Commission under Acticle 16 of Directive 93/22/EEC (OJL 141, 11.6.1993) or Article 47

 

of Directive 2004/39/EC (OJL 145, 30.4.2004) together with securities admitted to

 

trading on the Alternative Investment Market of the London Stock Exchange PLC; or is

 

a Qualifying Investment for the purposes of Schedule 20 of ICTA 1988’.

 

Dawn Primarolo

 

Agreed to  62

 

Clause  54,  page  40,  line  21   [Vol  I],  leave out ‘value’ and insert ‘limit’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  88

 

Clause  54,  page  40,  line  23  [Vol  I],  leave out ‘which is wholly’ and insert ‘of

 

which 50 per cent. or more of the shares is’.

 

Dawn Primarolo

 

Agreed to  63

 

Clause  54,  page  40,  line  25  [Vol  I],  at end insert—


 
 

S.C.A.    Standing Committee Proceedings: 18th May 2006            

256

 

Finance (N, continued

 
 

‘(9)    

A registered social landlord or housing association shall not be treated as a

 

substantial donor in relation to a charity with which it is connected; and for that

 

purpose—

 

(a)    

“registered social landlord or housing association” means a body entered

 

on a register maintained under—

 

(i)    

section 1 of the Housing Act 1996,

 

(ii)    

section 57 of the Housing (Scotland) Act 2001, or

 

(iii)    

Article 14 of the Housing (Northern Ireland) Order 1992, and

 

(b)    

a body and a charity are connected if (and only if)—

 

(i)    

the one is wholly owned, or subject to control, by the other, or

 

(ii)    

both are wholly owned, or subject to control, by the same

 

person.’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  89

 

Clause  54,  page  41  [Vol  I],  leave out lines 1 to 6 and insert—

 

‘(4)    

Subsection 3 of section 506A shall not apply to any transaction to which

 

subsection 4 applies.’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  90

 

Clause  54,  page  41,  line  28  [Vol  I],  at end insert—

 

‘(10)    

Where a person who considers that subsection 3 or 4 of Section 506A above may

 

apply to any transaction or proposed transaction, supplies to the inspector to

 

whom he makes his return of income written particulars of the transaction or

 

proposed transaction—

 

(a)    

the inspector shall, within 30 days from his receipt of the particulars,

 

notify that person whether or not he is satisfied that, in the circumstances

 

as described in the particulars, the transaction would not be chargeable to

 

tax on that person under this section; and

 

(b)    

if the inspector notifies that person that he is so satisfied, the transaction

 

shall not be chargeable on that person under this section.

 

(11)    

If the particulars given under this section with respect to the transaction are not

 

such as to make full and accurate disclosure of all facts and considerations

 

relating thereto which are material to be known to the inspector, any notification

 

given by the inspector under subsection (10) above shall be void.’.

 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Andrew Selous

 

Not called  91

 

Clause  54,  page  41,  line  31  [Vol  I],  leave out ‘by reference to gifts made at any

 

time’ and insert ‘only by reference to gifts made on or after that date’.


 
 

S.C.A.    Standing Committee Proceedings: 18th May 2006            

257

 

Finance (N, continued

 
 

Clause, as amended, Agreed to.

 

Clause 55 Agreed to.

 

Further consideration adjourned—(Mr John Heppell.)

 

[Adjourned till Tuesday next at 9.05 a.m.


 
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