| Finance (No. 2) Bill, As Amended - continued | House of Commons |
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Mrs Theresa Villiers
48 Page 401, line 37 [Schedule 20], leave out ‘nor’ and insert ‘or’. Mrs Theresa Villiers
49 Page 401, line 38 [Schedule 20], after ‘interest’, insert ‘or a relationship breakdown settlement interest.’. Mrs Theresa Villiers
50 Page 402, line 2 [Schedule 20], at end insert ‘, or (d) a relationship breakdown settlement interest.”’. Mrs Theresa Villiers
54 Page 403 [Schedule 20], leave out line 1. Mrs Theresa Villiers
55 Page 403, line 2 [Schedule 20], leave out ‘the’ and insert ‘a’. Mr Chancellor of the Exchequer 88 Page 403, line 7 [Schedule 20], leave out ‘property comprised in the testator’s estate’ and insert ‘the property’. Mr Chancellor of the Exchequer 89 Page 403, line 18 [Schedule 20], at end insert— ‘(5) Subsection (4) above also applies where— (a) a person dies before 22nd March 2006, (b) property comprised in the person’s estate immediately before his death is settled by his will, (c) an event occurs— (i) on or after 22nd March 2006, and (ii) within the period of two years after the testator’s death, that involves causing the property to be held on trusts within subsection (6) below, (d) no immediate post-death interest, and no disabled person’s interest, subsisted in the property at any time in the period beginning with the testator’s death and ending immediately before the event, and (e) no other interest in possession subsisted in the property at any time in the period beginning with the testator’s death and ending immediately before 22nd March 2006. (6) Trusts are within this subsection if they would, had they in fact been established by the testator’s will and had the testator died at the time of the event mentioned in subsection (5)(c) above, have resulted in— (a) an immediate post-death interest subsisting in the property, or (b) section 71A or 71D above applying to the property.”.’. Mrs Theresa Villiers
11 Page 403, line 26 [Schedule 20], at end insert— ‘“lacked capacity” means lacked capacity, within the meaning of the Mental Capacity Act 2005, in relation to any financial matter;’. Mrs Theresa Villiers
51 Page 403, line 26 [Schedule 20], at end insert— ‘“relationship breakdown settlement interest” means a relationship breakdown settlement interest for the purposes of Chapter 3 of Part 3 (see section 59A above);”’. Mr Chancellor of the Exchequer 90 Page 403, line 42 [Schedule 20], after ‘if’ insert ‘— (a)’. Mr Chancellor of the Exchequer 91 Page 403, line 43 [Schedule 20], at end insert ‘, or (b) the person dies under the age of 18 years and, immediately before the person’s death, section 71D of the Inheritance Tax Act 1984 (age 18-to-25 trusts) applies to the property in which the interest subsists.’. Mr Chancellor of the Exchequer 92 Page 404, line 6 [Schedule 20], at end insert— ‘(iii) a disabled person’s interest within section 89B(1)(c) or (d) of that Act, or’. Mrs Theresa Villiers
12 Page 404, line 6 [Schedule 20], at end insert— ‘(iii) a disabled person’s interest, within the meaning given by section 89B of that Act; or’. Mrs Theresa Villiers
52 Page 404, line 6 [Schedule 20], at end insert— ‘(iii) a relationship breakdown settlement interest within the meaning given by section 59A of that Act, or’. Mr Chancellor of the Exchequer 93 Page 404, line 20 [Schedule 20], leave out ‘(1B)’ and insert ‘(1B)(a)’. Mr Chancellor of the Exchequer 94 Page 404, line 27 [Schedule 20], after ‘if’ insert ‘— (a)’. Mr Chancellor of the Exchequer 95 Page 404, line 28 [Schedule 20], at end insert ‘, or (b) the person dies under the age of 18 years and, immediately before the person’s death, section 71D of the Inheritance Tax Act 1984 (age 18-to-25 trusts) applies to the property in which the interest subsists.”.’. Mr Chancellor of the Exchequer 96 Page 404, line 33 [Schedule 20], at end insert— ‘(db) by virtue of subsection (2) of section 71E of that Act (age 18-to-25 trusts) does not constitute an occasion on which inheritance tax is charged under that section,”.’. Mrs Theresa Villiers
53 Page 405, line 5 [Schedule 20], after ‘interest’, insert ‘or (iii) a relationship breakdown settlement interest.’. Remaining 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.’. 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.”.’. Fuel duty (remote areas) Danny Alexander
NC4 To move the following Clause:— ‘In the Hydrocarbon Oil Duties Act 1979 (c. 5) section 6 (excise duty on hydrocarbon oil) there is inserted after subsection (1A)— “(1AA) The Treasury may, by order made by statutory instrument, specify lower rates of duty under subsection (1A) in respect of hydrocarbon oil products sold in remote areas. (1AB) For the purposes of this section ‘remote areas’ shall be defined in regulations made by the Treasury by statutory instrument. (1AC) Orders or regulations made under this section shall not come into force unless approved by a resolution of the Commons House of Parliament.”.’. Energy Products Directive Danny Alexander
NC5 To move the following Clause:— ‘The Chancellor of the Exchequer shall— (a) undertake an investigation into the feasibility of applying for a derogation from the Energy Products Directive to allow a lower rate of fuel duty to apply to remote rural parts of the United Kingdom, giving particular consideration to— (i) the financial impact on the Exchequer, (ii) variations in fuel cost and necessity of use of road transport in remote rural areas, (iii) implications for government policy in respect of lowering carbon emissions, (iv) implications for government policy in respect of social inclusion in rural areas; and (b) not later than 1st May 2007 shall lay before Parliament a report on the results of such investigation.’. VAT and hydrocarbon oil duty offset Mr Alex Salmond
NC6 To move the following Clause:— ‘In the Hydrocarbon Oil Duties Act 1979 (c. 5) section 6 (excise duty on hydrocarbon oil) there is inserted after subsection (1A)— “(1AA) In every Budget Statement the Chancellor of the Exchequer shall provide his forecast for oil prices and set out anticipated yield from fuel duty and VAT on fuel for this price and for a range of prices up to 50 per cent. above his forecast. (1AB) In his 2006 pre-budget report the Chancellor of the Exchequer shall bring forward a mechanism for— (a) using additional revenue from VAT on fuel above forecast to offset fuel duty when the oil price rises above his forecast level, and (b) providing specific fuel duty reductions targeted at fuel sold in sparsely populated areas; and the Chancellor of the Exchequer shall by order define ‘sparsely populated areas’ for the purposes of this section. (1AC) Whenever international oil prices rise above the level estimated by the forecast made in accordance with subsection (1AA), indexed fuel duty increases shall be frozen until the international oil prices return to the forecast level.”.’. Dependant’s Retirement Income Fund Mrs Theresa Villiers
NC7 To move the following Clause:— ‘(1) The Finance Act 2004 is amended as follows: (2) In Schedule 28 after paragraph 22 insert— “22A Dependant’s retirement income fund (1) Subject to subsections (2) and (3) of this section, a department’s retirement income fund is a vehicle for the reinvestment of savings in reitrement, which— (a) has been established by a person designated by subsection (1) of section 154; and (i) investments of a kind described in the Insurance Companies Regulations 1994, Schedule X, Part 1; or (ii) approved by HM Revenue and Customs. (2) Funds held in the retirement income fund as referred to in subsection (1) may be withdrawn from the retirement income fund by the members as and when he elects. (3) A dependant may not invest in a dependant’s 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.”.’. Microgeneration: exemption from personal taxation (No. 1) Alan Simpson
NC8 To move the following Clause:— ‘(1) Any person who sells energy that has been generated by microgeneration to any energy supplier shall not be liable for personal taxation on the income from that sale. (2) In this section “microgeneration” has the same meaning as in section 82 of the Energy Act 2004.’. Energy efficiency and water conservation: fiscal and economic report Alan Simpson
NC9 To move the following Clause:— ‘(1) The Chancellor of the Exchequer must, within one year of the passing of this Act and annually thereafter prepare and publish a report on such fiscal measures he considers appropriate to assist with— (a) energy efficiency; and (b) microgeneration; and (c) small scale local energy generation; (d) the conservation of water by householders. (2) In preparing the report under subsection (1), the Chancellor of the Exchequer shall take reasonable steps to consult local authorities and such persons as in his opinion have an interest in— (a) enhancing the United Kingdom contribution to combating climate change; and (b) alleviating fuel poverty; and (c) conserving supplies of water. (3) In this section— “microgeneration” has the same meaning as in section 82 of the Energy Act 2004; “small scale local energy generation” means generation of energy— (a) in the case of electricity, generation by plant not exceeding 20 megawatts, and (b) in the case of heat, production by plant not exceeding 100 megawatts thermal.’. Energy efficiency: lower rate of stamp duty land tax Mr Alan Simpson
NC10 To move the following Clause:— ‘(1) The Finance Act 2003 (c. 14) is amended according to the provisions of Schedule—(Stamp Duty Land Tax: lower rate for certain measures). (2) The Schedule (Stamp Duty Land Tax: lower rate for certain measures) has effect.’. Use of moneys for new nuclear weapons Mr Alan Simpson
NC11 To move the following Clause:— ‘(1) The Chancellor shall within six months of the passing of this Act and thereafter annually report to Parliament on the amount of money raised by measures in this Act that in his opinion have been, and are likely to be, spent on: (a) new nuclear weapons; and (b) any research and development programmes relating to the provision of new nuclear weapons; and (2) It shall be the duty of the Chancellor to make a motion for a resolution approving in the House of Commons every report before Parliament under subsection (1). Mr Alan Simpson
NC12 To move the following Clause:— ‘(1) The Chancellor shall within six months of the passing of this Act and thereafter annually report to Parliament on the amount of money raised by measures in this Act that in his opinion have been, and are likely to be, spent on: (a) maintaining a military presence in Iraq; and (b) the deployment of troops or use of equipment for armed conflict. (2) It shall be the duty of the Chancellor to make a motion for a resolution approving in the House of Commons every report before Parliament under subsection (1).’. |
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