House of Commons - Amendments
Finance (No. 2) Bill, As Amended - continued          House of Commons

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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.


Rob Marris
Mr Ken Purchase

1

Page 92, line 2, leave out Clause 99.


Rob Marris
Mr Ken Purchase

2

Page 93, line 40, leave out Clause 100.


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

101

Page 349, line 19 [Schedule 16], leave out from ‘into’ to end of line 20 and insert ‘structured finance arrangements to which section 774B or 774D of ICTA applies (factoring of rent and other income receipts).’.


Mr Alex Salmond
Stewart Hosie
Angus Robertson
Pete Wishart
Mr Mike Weir
Mr Angus MacNeil

64

Page 97, line 14 [Clause 106], leave out ‘6’ and insert ‘5’.

Mr Alex Salmond
Stewart Hosie
Angus Robertson
Pete Wishart
Mr Mike Weir
Mr Angus MacNeil

65

Page 97, line 23 [Clause 106], leave out subsection (5).

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

130

Page 97, line 24 [Clause 106], at end insert ‘or on the Alternative Investment Market of the London Stock Exchange or its equivalent European Union exchanges.’.

Mr Alex Salmond
Stewart Hosie
Angus Robertson
Pete Wishart
Mr Mike Weir
Mr Angus MacNeil

66

Page 97, line 25 [Clause 106], leave out ‘4’ and insert ‘3’.

Mr Alex Salmond
Stewart Hosie
Angus Robertson
Pete Wishart
Mr Mike Weir
Mr Angus MacNeil

67

Page 97, line 34 [Clause 106], leave out ‘5’ and insert ‘4’.

Mr Alex Salmond
Stewart Hosie
Angus Robertson
Pete Wishart
Mr Mike Weir
Mr Angus MacNeil

68

Page 97, line 42 [Clause 106], leave out ‘6’ and insert ‘5’.


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),’.


Sir George Young

60

Page 101, line 5 [Clause 112], at end insert ‘; but no charge shall arise under this section in respect of a company whose predominant purpose is investment in residential property.’.

Sir George Young

61

Page 101, line 36 [Clause 112], at end insert—

      ‘(8) The Treasury may by regulations provide for the applilcation of this section to companies whose predominant purpose is investment in residential property.’.


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.’.


Mr Alex Salmond
Stewart Hosie
Angus Robertson
Pete Wishart
Mr Mike Weir
Mr Angus MacNeil

69

Page 129, line 21 [Clause 152], at end insert—

      ‘(11) The Chancellor of the Exchequer shall bring forward proposals in his pre-budget report to exempt the pipeline infrastructure from the increase in the rate of supplementary charge in subsection (1) above.’.


Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

62

Page 135, line 7 [Clause 159], leave out ‘and (4)’ and insert ‘, (4) and (7)’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

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
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

107

Page 451, line 26 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

108

Page 451, line 28 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

109

Page 451, line 38 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

110

Page 452, line 6 [Schedule 22], after ‘pension’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

111

Page 452, line 29 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

112

Page 452, line 35 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

113

Page 452, line 40 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

114

Page 453, line 4 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

115

Page 453, line 10 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

116

Page 453, line 29 [Schedule 22], at end insert—

      “dependent’s retirement income fund” has the meaning given by paragraph 22A of that Schedule’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

117

Page 453, line 40 [Schedule 22], at end insert—

      “‘retirement income fund” has the same meaning as in paragraph 16D of that Schedule.’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

118

Page 453, line 44 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

119

Page 454, line 6 [Schedule 22], after ‘fund’, insert ‘and retirement income fund’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

120

Page 454, line 20 [Schedule 22], at end insert—

      “‘dependant’s retirement income fund” has the meaning given by paragraph 22A of that Schedule’.


Mr Chancellor of the Exchequer

31

Page 462, line 29 [Schedule 23], at end insert—

    Short service refund lump sum: protected rights etc.

26A In paragraph 5(1)(d) of Schedule 29 (requirement that lump sum under a pension scheme must extinguish member’s entitlement to benefits under the pension scheme in order to be short service refund lump sum), after “scheme” insert “(except to the extent that it is prohibited from being extinguished by the payment of a lump sum by reason of the operation of provision made by or under any enactment).”.’.


Mr Chancellor of the Exchequer

97

Page 470, line 6 [Schedule 23], at end insert—

‘40A In section 256(1) (enhanced lifetime allowance regulations)—

      (a) in paragraph (d), after “7(1)(b)” insert “or 11A(1)(c)”, and

      (b) in paragraph (e), after “12(1)” insert “or 15A(1)(b)”.’.


Mr Chancellor of the Exchequer

102

Page 484, line 34 [Schedule 26], column 2, at beginning insert—

  ‘Sections 43A to 43G.’.

Mr Chancellor of the Exchequer

103

Page 485, line 5 [Schedule 26], at end insert—

‘Finance Act 2000 (c. 17) Section 110.
Capital Allowances Act 2001 (c. 2) In Schedule 2, paragraphs 11 and 12.’.

Mr Chancellor of the Exchequer

104

Page 485, line 6 [Schedule 26], column 2, at beginning insert—

  ‘In section 103(4)(a), the words “43A(1),”.’.

Mr Chancellor of the Exchequer

105

Page 485, line 10 [Schedule 26], at end insert—

‘Income Tax (Trading and Other Income) Act 2005 (c. 5) In Schedule 1, paragraphs 26 to 30.’.

Mr Chancellor of the Exchequer

106

Page 485, line 11 [Schedule 26], column 2, after ‘paragraphs’ insert ‘1,’.

ORDER OF THE HOUSE [24TH APRIL 2006]

       That the following provisions shall apply to the Finance (No. 2) Bill:

    (1) Clauses 13 to 15, 26, 61, 91 and 106, Schedule 14, and new Clauses relating to the effect of provisions of the Bill on section 18 of the Inheritance Tax Act 1984 shall be committed to a Committee of the whole House;

    (2) the remainder of the Bill shall be committed to a Standing Committee;

    (3) when the provisions of the Bill considered, respectively, by the Committee of the whole House and by the Standing Committee have been reported to the House, the Bill shall be proceeded with as if it had been reported as a whole to the House from the Standing Committee.


 
 
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Prepared: 5 July 2006