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Session 2005-06 Publications on the internet Index of Amendments |
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Notices of Amendments given up to and including Tuesday 27th June 2006 New Amendments handed in are marked thus * Consideration of Bill Finance (No. 2) Bill, As Amended New ClauseS No government funds or guarantees for new nuclear power stations Rob Marris
NC1 To move the following Clause:— ‘(1) Subject to subsection (2) below, no Minister of the Crown or Government department shall provide funds to any nuclear power company, or guarantees of a financial or commercial nature relating to the performance of any obligations of any nuclear power company, in respect of the construction or operation of a new nuclear power station or any part of it. (2) Subsection (1) above shall not preclude the provision of funds to a nuclear power company, or the provision of guarantees relating to the performance of any of its obligations, if they are provided under any enactment conferring a power or imposing a duty on any such Minister or department to provide such funds or guarantees— (a) to or for the benefit of persons of any class or description which includes both a nuclear power company, and other organisations or persons; or (b) in respect of expenditure of any class or description which includes expenditure on the construction or operation of a nuclear power station or any part of it. (3) Where anything in contravention of subsection (1) above is done or proposed by or on behalf of a Minister of the Crown or Government department, any person who has suffered, or may suffer, loss in consequence of it may bring an action against the Minister or department concerned. (4) In such an action the court may— (a) grant a delcaration that the thing done or proposed is or would be in contravention of that subsection; or (b) subject to subsection (5) below, make an award of damages. (5) The court may only make an award of damages if the person bringing the action has suffered loss in consequence of something done and if, at the time when it was done, the Minister or Government department concerned knew— (a) that it was in contravention of subsection (1) above; and (b) that it would cause loss of the description suffered either to the person bringing the action or to persons of a class to which he belongs. (6) The Crown Proceedings Act 1947 shall have effect as if anything done in contravention of subsection (1) above were a tort committed by the Minister, or by the Minister in charge of the department, by whom or on whose behalf the thing was done. (7) In this section, a “nuclear power company” means an organisation which, other than predominantly for the purposes of research, either— (a) generates electricity by means of a process involving nuclear fission or nuclear fusion; or (b) deals with the radioactive materials used in connection with the said electricity generation. (8) In this section, the term “guarantees of a financial or commercial nature” includes, but is not restricted to— (a) indemnifying against potential liabilities, (b) guarantees in respect of potential liabilities, (c) insuring of potential liabilities, (d) underwriting of potential liabilities, (e) any form of price support, (f) guaranteed purchases of electricity. (9) In this section, a “new nuclear power station” means a power station generating electricity, other than predominantly for research purposes, by means of a process involving nuclear fission or nuclear fusion, which was not before 1 January 2007 generating electricity by either of those means.’. Trusts relating to divorce, life protection policies and disabled persons Mrs Theresa Villiers
NC2 To move the following Clause:— ‘The provisions of Schedule 20 shall not operate so as to discourage, impede or prevent the use of trusts which are set up— (a) as a result of relationship breakdown and create a “relationship breakdown settlement interest”, as defined in section 59A of the Inheritance Tax Act 1984; or (b) in relation to the proceeds of life protection policies, as defined in section 58(4) of the Inheritance Tax Act 1984; or (c) by or in favour of disabled persons within the definition set out in section 89 of the Inheritance Tax Act 1984.’. Amendments to Finance Act 2004: Retirement Income Fund Mrs Theresa Villiers
NC3 * To move the following Clause:— ‘(1) The Finance Act 2004 is amended as follows. (2) In section 164 at end add “and (g) payments into a Retirement Income Fund.”. (3) In section 165 there is inserted in Pension rule 6 “or (d) a withdrawal from a Retirement Income Fund.”. (4) In section 165 after Pension rule 7 there is inserted— (5) In Schedule 28 after paragraph 16C there is inserted— “Retirement Income Fund 16D (1) Subject to subsections (2) and (3) of this section, a Retirement Income Fund is a vehicle for the reinvestment of savings in retirement, which— (a) has been established by a person designated by subsection (1) of section 154; and (b) is a vehicle by whose investments are— (2) Funds held in the Retirement Income Fund as referred to in subsection (1) may be withdrawn from the Retirement Income Fund by the member as and when he elects. (3) A member may not invest in a Retirement Income Fund unless the requirements of Rule 8 of section 165 have been met. (4) A Retirement Income Fund, and any income derived from it, must not be capable of assignment or surrender by the member. (5) Any withdrawal from the Fund by the member under subsection (2) shall be assessable to tax under Schedule E (and section 203 shall apply accordingly) and shall be treated as earned income of the member. Minimum Retirement Income 16E (1) The amount of Minimum Retirement Income shall be set for each financial year following consultation by the Chancellor of the Exchequer by order. (2) An order under this section shall, in respect of each financial year after that in which this section comes into force, be made on or before 31st January preceding the year in question. (3) An order under this section shall be made by statutory instrument and shall be subject to annulment in pursuance of a resolution of either House of Parliament.”.’. Mr Chancellor of the Exchequer 18 * Page 22, line 6 [Clause 19], at beginning insert ‘An order under this subsection may confer power on the Commissioners to make regulations or exercise any other function,’. Mr Chancellor of the Exchequer 19 * Page 22, line 40 [Clause 19], at end insert— ‘(2A) In section 65 of VATA 1994 (inaccuracies in EC sales statements)— (a) at the end insert— “(7) This section applies in relation to a statement which is required to be submitted to the Commissioners in accordance with regulations under paragraph 2(3A) of Schedule 11 as it applies in relation to an EC sales statement.”, and (b) in consequence of the amendment made by paragraph (a) the heading becomes “Inaccuracies in EC sales statements or in statements relating to section 55A”. (2B) In section 66 of VATA 1994 (failure to submit EC sales statements)— (a) at the end insert— “(10) This section applies in relation to a statement which is required to be submitted to the Commissioners in accordance with regulations under paragraph 2(3A) of Schedule 11 as it applies in relation to an EC sales statement.”, and (b) in consequence of the amendment made by paragraph (a) the heading becomes “Failure to submit EC sales statement or statement relating to section 55A”. (2C) In section 69 of VATA 1994 (breaches of regulatory provisions), in subsection (1) (failure to comply with a requirement imposed under provisions mentioned in the paragraphs in that subsection), after paragraph (b) insert— “(ba) paragraph 2(3B) of Schedule 11; or”.’. Mr Chancellor of the Exchequer 20 * Page 22, line 44 [Clause 19], at end insert— ‘(3A) In Schedule 11 to VATA 1994 (administration, collection and enforcement), in paragraph 2 (accounting for VAT and payment of VAT), after sub-paragraph (3) insert— “(3A) Regulations under this paragraph may require the submission to the Commissioners by taxable persons, at such times and intervals, in such cases and in such form and manner as may be— (a) specified in the regulations, or (b) determined by the Commissioners in accordance with powers conferred by the regulations, of statements containing such particulars of supplies to which section 55A(6) applies in which the taxable persons are concerned, and of the persons concerned in those supplies, as may be prescribed. (3B) Regulations under this paragraph may make provision, in relation to the first occasion on which a person makes a supply of goods to which section 55A(6) applies, for requiring the person to give to the Commissioners such notification of the supply at such time and in such form and manner as may be specified in the regulations.”.’ Rob Marris
1 Page 92, line 2, leave out Clause 99. Rob Marris
2 Page 93, line 40, leave out Clause 100. Mr Chancellor of the Exchequer 27 * Page 98, line 43 [Clause 107], at end insert— ‘(a) no account shall be taken of the fact that a property may fall to be described as owner-occupied by reason only of the provision by the company of services to an occupant who is in exclusive occupation of the property and is not connected with the company (within the meaning given by section 839 of ICTA),’. Mrs Theresa Villiers
13 * Page 135, line 7 [Clause 159], after ‘to’, insert ‘paragraph 2 and’. Mrs Theresa Villiers
14 * Page 135, line 34 [Clause 159], at end insert— ‘(7) The Treasury may make regulations about the application of subparagraph (2) of this section which will be deemed to take effect from 6th April 2006.’. Mrs Theresa Villiers
15 * Page 155, line 21 [Schedule 1], leave out ‘immediately after the end of the currrent period’ and insert ‘when the claim for group relief was made’. Mr Chancellor of the Exchequer 16 * Page 185, line 8 [Schedule 6], at end insert— ‘Multiple holders of securities subject to sale and repurchase agreement: no relief for deemed manufactured payments 3A (1) Section 737A of ICTA (sale and repurchase of securities: deemed manufactured payments) is amended as follows. (2) In subsection (5) (application of Schedule 23A and dividend manufacturing regulations), after “apply” insert “, subject to subsection (5A) below,”. (3) After that subsection insert— “(5A) If the relevant person is not the person to whom the transferor agreed to sell the securities, the relevant person is not entitled, by virtue of anything in Schedule 23A or any provision of dividend manufacturing regulations, or otherwise— (a) to any deduction in computing profits or gains for the purposes of income tax or corporation tax, or (b) to any deduction against total income or total profits, by virtue of subsection (5) above. Where the relevant person is a company, an amount may not be surrendered by way of group relief if a deduction in respect of it is prohibited by this subsection.”. (4) In subsection (6) (interpretation), for— (a) “subsection (5) above”, and (b) “that subsection”, substitute “this section”. (5) The amendments made by this paragraph have effect in relation to securities if— (a) the agreement to sell them was made on or after 27th June 2006, or (b) a person other than the person to whom the transferor agreed to sell them became the relevant person in consequence of any other agreement made on or after that date.’. Mr Chancellor of the Exchequer 17 * Page 192, line 19 [Schedule 6], at end insert— ‘Loan relationships: repo and stock-lending arrangements 13A (1) In Schedule 9 to FA 1996 (loan relationships: special computational provisions), paragraph 15 (disposal or acquisition made in pursuance of repo and stock-lending arrangements not to be related transaction) is amended as follows. (2) In sub-paragraph (2)(b) (transfer to original transferor (“A”) giving effect to entitlement or requirement to rights on re-transfer etc.), after “to A” insert “by B”. (3) The amendment made by this paragraph has effect in relation to any transfer to A (within the meaning of paragraph (a) of sub-paragraph (3) of paragraph 15) under arrangements— (a) consisting in or involving an agreement made on or after 27th June 2006 for the transfer of rights by A to B (within the meaning of that paragraph), or (b) involving an agreement made on or after that date providing for a transfer giving effect to the entitlement or requirement described in paragraph (b) of that sub-paragraph otherwise than by B.’. Mr Chancellor of the Exchequer 21 * Page 203, line 30 [Schedule 8], leave out from ‘the’ to ‘purpose’ in line 31 and insert ‘main’. Mr Chancellor of the Exchequer 24 * Page 209, line 7 [Schedule 8], at end insert— ‘(6) A plant or machinery lease is not a funding lease in the case of the lessor if— (a) before 1st April 2006, the plant or machinery had, for a period or periods totalling at least 10 years, been the subject of one or more leases, and (b) the lessor under the plant or machinery lease was also lessor of the plant or machinery on the last day before 1st April 2006 on which the plant or machinery was the subject of a lease.’. Mr Chancellor of the Exchequer 25 * Page 212, line 43 [Schedule 8], at end insert ‘(but see also subsection (4A))’. Mr Chancellor of the Exchequer 26 * Page 213, line 23 [Schedule 8], at end insert— ‘(4A) A lease is not excluded by virtue of subsection (2) if— (a) the inception of the lease is before 28th June 2006, and (b) by virtue only of section 70J(6), the lease is not a funding lease in the case of the lessor.’. Mr Chancellor of the Exchequer 22 * Page 214, line 32 [Schedule 8], leave out from ‘is’ to ‘that’ in line 33. Mr Chancellor of the Exchequer 23 * Page 216, line 26 [Schedule 8], leave out from ‘if’ to third ‘the’ in line 27. Mr Chancellor of the Exchequer 28 * Page 349, line 5 [Schedule 16], leave out paragraph 1 and insert— ‘1 Incidental letting of property (whether in the United Kingdom or outside) which is held in connection with a trade in property.’. Mr Chancellor of the Exchequer 29 * Page 349, line 15 [Schedule 16], at end insert— ‘2A (1) Letting of property if the following two conditions are satisfied. (2) Condition 1 is that the property is let— (a) by one member of a group to another, or (b) by a member of a group to a company the shares in which are stapled to the shares of a member of the group. (3) Condition 2 is that the property would fall in accordance with generally accepted accounting practice to be described as owner-occupied. (4) For the purpose of sub-paragraph (2)(b), shares of one company are stapled to shares of another if in consequence of the nature of the rights attaching to the shares of the one company (including any terms or conditions attaching to the right to transfer the shares) it is necessary or advantageous for a person who has, disposes of or acquires shares of that company also to have, to dispose of or to acquire a holding of shares of the other company.’. Mr Chancellor of the Exchequer 30 * Page 351, line 9 [Schedule 17], at end insert— ‘(1A) In section 107(7)(a) a reference to the company shall be treated as a reference to a member of the group.’. Mrs Theresa Villiers
34 * Page 386, line 3 [Schedule 20], after ‘interest’, insert ‘, or (d) a relationship breakdown settlement interest.’. Mrs Theresa Villiers
5 Page 388, line 18 [Schedule 20], at beginning insert— ‘6 (1) In section 89 (trusts for disabled persons)— (a) in subsection (4)(a) at end insert— “(aa) a person who lacked capacity within the meaning of section 272 below, or”; (b) in subsection (4)(c), leave out “or middle” and insert “middle or lower”; and (c) after subsection (4)(c) at end insert— “(d) a person who satisfies the Commissioners for Her Majesty’s Revenue and Customs that he had a condition that it was at that time reasonable to expect would have such effects on him as to lead to him becoming a person— (i) falling within subsection (4)(a) or (aa) above, or (ii) in receipt of an attendance allowance mentioned in subsection (4)(b) above, or (iii) in receipt of a disability living allowance mentioned in subsection (4)(c) above.”.’. Mrs Theresa Villiers
6 Page 388, line 29 [Schedule 20], after ‘89(4)(a)’, insert ‘or (aa)’. Mrs Theresa Villiers
7 Page 388, line 34 [Schedule 20], leave out ‘or middle’ and insert ‘, middle or lower’. Mrs Theresa Villiers
8 Page 390, line 26 [Schedule 20], leave out ‘or middle’ and insert ‘, middle or lower’. Mrs Theresa Villiers
9 Page 390, line 46 [Schedule 20], leave out ‘or middle’ and insert ‘, middle or lower’. Mrs Theresa Villiers
10 Page 391, line 2 [Schedule 20], at end insert— ‘(7) The reference in subsection (1) above to a disabled person includes, in relation to any settled property, a reference to a person who satisfied Her Majesty’s Revenue and Customs that he would, when the property was transferred into settlement, have been entitled to an attendance allowance or disability living allowance, by virtue of entitlement to the care component at the highest, middle or lower rate, whether or not such an allowance was actually claimed.’. Mrs Theresa Villiers
32 * Page 393, line 9 [Schedule 20], after ‘interest’, insert— ‘10A (1) Section 10 of IHTA 1984 is amended as follows. (2) In subsection (1)(b) after “with each other”, insert “, or (c) it is made in accordance with or pursuant to a court order in proceedings for the following types of provision— (i) financial relief for the parties to a marriage and any children of the family in connection with proceedings for divorce, nullity of marriage or judicial separation including, but not limited to, property adjustment orders or variation of settlement orders under section 24 of the Matrimonial Causes Act 1973 or orders under section 8 of the Family Law (Scotland) Act 1985 and any successive legislation; or (ii) financial relief for the parties of a civil partnership in connection with proceedings for dissolution of the civil partnership including, but not limited to, property adjustment orders or variation of settlement orders under Schedule 5 of the Civil Partnership Act 2004 and any successive legislation; or (iii) where a marriage has been dissolved or annulled or the parties to a marriage have been legally separated, by means of judicial or other proceedings in an overseas country and the divorce, annulment or legal separation is entitled to be recognised as valid in England and Wales, in Scotland or in Northern Ireland, financial relief for the parties to the marriage and any children of the family including, but not limited to, property adjustment orders or variation of settlement orders under section 17 of the Matrimonial and Family Proceedings Act 1984 or orders under section 8 of the Family Law (Scotland) Act 1985 and any successive legislation; or (iv) financial relief for the benefit of a child including, but not limited to, a transfer or settlement of property under paragraph 1 of Schedule 1 of the Children Act 1989 and any successive legislation.”.’. |
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| © Parliamentary copyright 2006 | Prepared: 28 June 2006 |