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†
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1
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WAYS AND MEANS: Adjourned debate on Question [21st March].
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[Until 6.00 p.m.]
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(1)
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That it is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision
in connection with finance.
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(2)
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This Resolution does not extend to the making of any amendment with respect to value added tax so as to provide—
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(a)
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for zero-rating or exempting a supply, acquisition or importation,
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(b)
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for refunding an amount of tax,
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(c)
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for any relief, other than a relief that—
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(i)
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so far as it is applicable to goods, applies to goods of every description, and
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(ii)
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so far as it is applicable to services, applies to services of every description—(Mr Chancellor of the Exchequer).
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The remaining Motions in this item, numbered 2 to 64, and that relating to Procedure are to be moved at the conclusion of
the Budget Debate after the decision on the Motion before the House. They will be decided without debate (Standing Order No.
51(3)).
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2. Income tax (charge and rates for 2007-08)
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That income tax is charged for the tax year 2007-08; and for that tax year—
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(a)
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the starting rate is 10%,
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(b)
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the basic rate is 22%, and
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(c)
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the higher rate is 40%.
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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3. Corporation tax (charge and main rates for financial year 2008)
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That corporation tax is charged for the financial year 2008; and for that year the rate of corporation tax is—
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(a)
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28% on profits of companies other than ring fence profits, and
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(b)
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30% on ring fence profits of companies.
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4. Corporation tax (small companies’ rates and fractions for financial year 2007)
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That for the financial year 2007—
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(a)
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the small companies’ rate is 20% on profits of companies other than ring fence profits and 19% on ring fence profits of companies,
and
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(b)
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the fraction mentioned in section 13(2) of the Income and Corporation Taxes Act 1988 is 1/40th in relation to profits of companies
other than ring fence profits and 11/400ths in relation to ring fence profits of companies.
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5. Inheritance tax (rates and bands for 2010-11)
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That provision may be made for substituting the Table in Schedule 1 to the Inheritance Tax Act 1984 in relation to chargeable
transfers made on or after 6th April 2010.
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6. Rates of duty on alcoholic liquor
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(1)
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The Alcoholic Liquor Duties Act 1979 is amended as follows.
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(2)
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In section 36(1AA)(a) (standard rate of duty on beer), for “£13.26” substitute “£13.71”.
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(3)
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In section 62(1A) (rates of duty on cider)—
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(a)
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in paragraph (a) (rate of duty per hectolitre in the case of sparkling cider of a strength exceeding 5.5 per cent), for “£166.70”
substitute “£172.33”,
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(b)
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in paragraph (b) (rate of duty per hectolitre in the case of cider of a strength exceeding 7.5 per cent which is not sparkling
cider), for “£38.43” substitute “£39.73”, and
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(c)
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in paragraph (c) (rate of duty per hectolitre in any other case), for “£25.61” substitute “£26.48”.
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(4)
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For Part 1 of the Table in Schedule 1 substitute—
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“ Part 1
Wine and made-wine of a strength not exceeding 22 per cent
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Description of wine or made-wine
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Rates of duty per hectolitre
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£
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Wine or made-wine of a strength not exceeding 4 per cent
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54.85
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Wine or made-wine of a strength exceeding 4 per cent but not exceeding 5.5 per cent
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75.42
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Wine or made-wine of a strength exceeding 5.5 per cent but not exceeding 15 per cent and not sparkling
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177.99
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Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent but less than 8.5 per cent
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172.33
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Sparkling wine or sparkling made-wine of a strength of 8.5 per cent or of a strength exceeding 8.5 per cent but not exceeding
15 per cent
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227.99
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Wine or made-wine of a strength exceeding 15 per cent but not exceeding 22 per cent
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237.31”
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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7. Rates of tobacco products duty
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(1)
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For the Table in Schedule 1 to the Tobacco Products Duty Act 1979 there is substituted—
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An amount equal to 22 per cent of the retail price plus £108.65 per thousand cigarettes.
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£158.24 per kilogram.
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£113.74 per kilogram.
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4.
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Other smoking tobacco and chewing tobacco |
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£69.57 per kilogram.”
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(2)
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The amendment made by this Resolution comes into force at 6 p.m. on 21st March 2007.
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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That provision may be made for and in connection with replacing the Table in section 11(2) of the Finance Act 1997.
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That provision may be made for a duty on remote gaming.
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10. Amusement machine licence duty
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(1)
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In section 23(3) of the Betting and Gaming Duties Act 1981, in the definition of “Category C”, in paragraph (ii)(b), for “£25” there is substituted “£35”.
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(2)
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The amendment made by this Resolution comes into force on 22nd March 2007.
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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11. Fuel duty rates and rebates
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That provision may be made amending rates of duty and rebate in the Hydrocarbon Oil Duties Act 1979.
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12. Rates of vehicle excise duty
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(1)
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Schedule 1 to the Vehicle Excise and Registration Act 1994 (annual rates of duty) is amended as follows.
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(2)
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In paragraph 1 (general)—
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(a)
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in sub-paragraph (2) (vehicle not covered elsewhere in Schedule otherwise than with engine cylinder capacity not exceeding
1,549cc), for “£175” substitute “£180”, and
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(b)
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in sub-paragraph (2A) (vehicle not covered elsewhere in Schedule with engine cylinder capacity not exceeding 1,549cc), for
“£110” substitute “£115”.
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(3)
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Paragraph 1B (graduated rates for light passenger vehicles) is amended as follows.
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(4)
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For the words from “Table A” to “date,” substitute “the following table”.
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(5)
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For “, or is liable to the standard rate or the premium” substitute “or is liable to the standard”.
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(6)
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For Tables A and B substitute—
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CO2 emissions figure
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Rate
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(1)
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(2)
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(3)
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(4)
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Exceeding
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Not exceeding
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Reduced rate
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Standard rate
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g/km
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g/km
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£
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£
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100
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120
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15
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35
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120
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150
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95
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115
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150
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165
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120
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140
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165
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185
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145
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165
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185
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225
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190
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205
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225
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—
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285
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300
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The table has effect in relation to vehicles first registered before 23rd March 2006 as if—
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(a)
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in column (3), in the last row, “190” were substituted for “285”, and
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(b)
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in column (4), in the last row, “205” were substituted for “300”.”
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(7)
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For paragraphs 1D and 1E substitute—
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1D
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A vehicle is liable to the standard rate of duty if it does not qualify for the reduced rate of duty.”
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(8)
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In paragraph 1J (light goods vehicles)
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(a)
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in sub-paragraph (a) (vehicle which is not lower-emission van), for “£170” substitute “£175”, and
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(b)
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in sub-paragraph (b) (lower-emission van), for “£110” substitute “£115”.
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(9)
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In paragraph 2(1) (motorcycles)—
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(a)
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in paragraph (b) (motorbicycle and engine’s cylinder capacity more than 150cc but not more than 400cc), for “£31” substitute
“£32”,
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(b)
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in paragraph (c) (motorbicycle and engine’s cylinder capacity more than 400cc but not more than 600cc), for “£46” substitute
“£47”, and
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(c)
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in paragraph (d) (any other case), for “£62” substitute “£64”.
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(10)
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The amendments made by this Resolution have effect in relation to licences taken out on or after 22nd March 2007.
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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13. Rates of air passenger duty
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(1)
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Section 30 of the Finance Act 1994 (rates of air passenger duty) is amended as follows.
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(2)
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In subsection (3A) (destinations in EEA States and qualifying territories etc)—
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(a)
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in paragraph (a) (standard class travel), for “£5” substitute “£10”, and
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(b)
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in paragraph (b) (any other case), for “£10” substitute “£20”.
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(3)
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In subsection (4) (other destinations)—
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(a)
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in paragraph (a) (standard class travel), for “£20” substitute “£40”, and
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(b)
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in paragraph (b) (any other case), for “£40” substitute “£80”.
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(4)
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The amendments made by this Resolution have effect in relation to any carriage of a passenger on an aircraft which begins
on or after 1st February 2007.
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(5)
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But if the amount of duty due from any operator in the accounting period ending before 21st March 2007 increased as a result
of those amendments, the operator is to pay the amount of that increase as if it became due in the first accounting period
ending after that day.
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(6)
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Expressions which are used in paragraph (5) and in the Air Passenger Duty Regulations 1994 have the same meaning in that paragraph
as in those regulations.
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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14. Rates of climate change levy
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That provision may be made about the rates of climate change levy.
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15. Rate of aggregates levy
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That provision may be made about the rate of aggregates levy.
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16. Rate of landfill tax (2007)
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(1)
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In section 42 of the Finance Act 1996 (amount of landfill tax), in—
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(a)
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subsection (1)(a) (the standard rate), and
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(b)
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subsection (2) (reference to the standard rate taken to be £2 in cases of disposals of qualifying material),
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for “£21” there is substituted “£24”.
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(2)
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The amendments made by this Resolution have effect in relation to disposals made (or treated as made) on or after 1st April
2007.
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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17. Rates of landfill tax (after 2007)
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That provision may be made about the rates of landfill tax.
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That provision may be made for the imposition of charges by the allocation of Community tradeable emissions allowances in
return for payment.
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19. Climate change levy (reduced-rate supplies etc)
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That provision may be made amending Schedule 6 to the Finance Act 2000 in relation to reduced-rate supplies and exemptions.
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20. Landfill tax (bodies concerned with the environment)
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(1)
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In section 53(4) of the Finance Act 1996 (credit: bodies concerned with the environment), after paragraph (c) there is inserted—
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“(ca)
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provision for an environmental body to be and remain approved only if it complies with conditions imposed from time to time
by the regulatory body or for the regulatory body to be and remain approved only if it complies with conditions imposed from
time to time by the Commissioners (including provision for the variation or revocation of such conditions);”.
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(2)
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The amendment made by this Resolution comes into force on 22nd March 2007.
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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21. Managed service companies (earnings from employment)
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(1)
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The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.
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(2)
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In section 7(5) (meaning of “employment income” etc), for paragraph (a) substitute—
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“(a)
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Chapters 7 to 9 of this Part (agency workers, workers under arrangements made by intermediaries, and workers providing services
through managed service companies),”.
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(3)
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In section 48(2) (workers under arrangements made by intermediaries: scope of Chapter) for the “or” at the end of paragraph
(a) substitute—
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“ (aa)
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applies to services provided by a managed service company (within the meaning of Chapter 9 of this Part), or”.
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(4)
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After section 61 insert—
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“Chapter 9
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61D Worker treated as receiving earnings from employment
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(1)
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This section applies if—
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(a)
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the services of an individual (“the worker”) are provided (directly or indirectly) by a managed service company (“the MSC”),
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(b)
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the worker, or an associate of the worker, receives (from any person) a payment or benefit which can reasonably be taken to
be in respect of the services, and
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(c)
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the payment or benefit is not earnings (within Chapter 1 of Part 3) received by the worker directly from the MSC.
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(2)
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The MSC is treated as making to the worker, and the worker is treated as receiving, a payment which is to be treated as earnings
from an employment (“the deemed employment payment”).
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(3)
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The deemed employment payment is treated as made at the time the payment or benefit mentioned in subsection (1)(b) is received.
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(5)
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Section 61F supplements this section.
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61H Relief in case of distributions by managed service company
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(1)
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A claim for relief may be made under this section where the MSC—
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(b)
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is treated as making a deemed employment payment in any tax year, and
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(c)
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either in that tax year (whether before or after that payment is treated as made), or in a subsequent tax year, makes a distribution
(a “relevant distribution”).
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(2)
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A claim for relief under this section must be made—
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(a)
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by the MSC by notice to an officer of Revenue and Customs, and
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(b)
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within 5 years after 31st January following the tax year in which the distribution is made.
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(3)
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If on a claim being made an officer of Revenue and Customs is satisfied that relief should be given in order to avoid a double
charge to tax, the officer must direct the giving of such relief by way of amending any assessment, by discharge or repayment
of tax, or otherwise, as appears to the officer appropriate.
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(4)
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Relief under this section is given by setting the amount of the deemed employment payment against the relevant distribution
so as to reduce the distribution.
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(5)
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In the case of more than one relevant distribution, an officer of Revenue and Customs must exercise the power conferred by
this section so as to secure that so far as practicable relief is given by setting the amount of a deemed employment payment—
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(a)
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against relevant distributions of the same tax year before those of other years,
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(b)
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against relevant distributions received by the worker before those received by another person, and
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(c)
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against relevant distributions of earlier years before those of later years.
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(6)
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Where the amount of a relevant distribution is reduced under this section, the amount of any associated tax credit is reduced
accordingly.
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(5)
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In section 218(1) (exclusion of lower-paid employments from parts of benefits code: calculation of earnings rate), in Step
1, at the end of paragraph (d) insert “and
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(e)
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in the case of an employment within section 61G(2) (deemed employment payment by managed service company), the total amount
of deemed employment payments for the year.”
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(6)
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The amendments made by this Resolution come into force on 6th April 2007.
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And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
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22. Managed service companies (other provision)
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That further provision may be made in connection with managed service companies.
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23. Restrictions on trade loss relief for partners
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That provision (including provision having retrospective effect) may be made restricting reliefs for losses made by individuals
carrying on trades in partnership.
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That provision (including provision having retrospective effect) may be made amending, or making amendments connected with,
the Taxation of Chargeable Gains Act 1992.
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25. Life policies etc (effect of rebated or reinvested commission)
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That provision may be made amending—
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(a)
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Chapter 2 of Part 13 of the Income and Corporation Taxes Act 1988, and
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(b)
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Chapter 9 of Part 4 of the Income Tax (Trading and Other Income) Act 2005.
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26. Avoidance involving financial arrangements
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That provision (including provision having retrospective effect) may be made in relation to—
|
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(a)
|
section 347A of the Income and Corporation Taxes Act 1988 (annual payments),
|
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(b)
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section 660C of that Act (income of settlor),
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(c)
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sections 774A to 774G of that Act (structured finance arrangements),
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(d)
|
Schedule 23A to that Act (manufactured payments),
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(e)
|
Chapter 2 of Part 4 of the Finance Act 1996 (loan relationships),
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(f)
|
section 228F of the Capital Allowances Act 2001 (lease and finance leaseback), and
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(g)
|
Schedule 26 to the Finance Act 2002 (derivative contracts).
|
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27. Companies carrying on business of leasing plant or machinery
|
|
| |
That provision (including provision having retrospective effect) may be made in relation to—
|
|
|
(a)
|
section 343 of the Income and Corporation Taxes Act 1988, and
|
|
|
(b)
|
Schedule 10 to the Finance Act 2006.
|
|
|
28. Lloyd’s corporate members
|
|
| |
That provision may be made in relation to corporate members of Lloyd’s.
|
|
|
29. Employee benefit contributions
|
|
| |
That provision may be made in relation to employee benefit contributions.
|
|
|
30. Schemes etc designed to increase double taxation relief
|
|
| |
That provision (including provision having retrospective effect) may be made amending and extending the effect of sections
804ZA to 804ZC of, and Schedule 28AB to, the Income and Corporation Taxes Act 1988.
|
|
|
31. Industrial and agricultural buildings allowances
|
|
| |
That provision may be made for the purposes of the Capital Allowances Act 2001 in relation to industrial buildings allowances
and agricultural buildings allowances.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made about insurance companies, including companies
which have ceased to be insurance companies after a transfer of business.
|
|
|
33. Technical provisions made by general insurers
|
|
| |
That provision may be made in relation to technical provisions made by general insurers.
|
|
|
|
| |
That provision may be made amending section 464 of the Income and Corporation Taxes Act 1988.
|
|
|
35. Sale and repurchase of securities
|
|
| |
That provision may be made in relation to arrangements for the sale and repurchase of securities.
|
|
|
36. Controlled foreign companies
|
|
| |
That provision (including provision having retrospective effect) may be made in relation to controlled foreign companies.
|
|
|
37. Expenditure on research and development
|
|
| |
That provision may be made about tax relief for expenditure on research and development.
|
|
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38. Venture capital schemes
|
|
| |
That provision may be made about the corporate venturing scheme, the enterprise investment scheme and venture capital trusts.
|
|
|
39. Loss relief on disposal of shares
|
|
| |
That provision may be made about loss relief on disposal of shares.
|
|
|
40. Real Estate Investment Trusts
|
|
| |
That provision (including provision having retrospective effect) may be made amending Part 4 of the Finance Act 2006.
|
|
|
|
| |
That amendments may be made of and in relation to Chapter 5 of Part 2 of the Finance Act 2005.
|
|
|
42. Trust gains on contracts for life insurance
|
|
| |
That provision may be made amending section 498 of the Income Tax Act 2007.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made in relation to offshore funds and investors in
them.
|
|
|
44. Securitisation companies
|
|
| |
That provision may be made amending sections 83 and 84 of the Finance Act 2005.
|
|
|
45. Enterprise management incentives
|
|
| |
That provision may be made amending Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003.
|
|
|
46. Unpaid remuneration and employee benefit contributions
|
|
| |
That provision may be made amending sections 31 and 274 of the Income Tax (Trading and Other Income) Act 2005.
|
|
|
47. Abolition of contributions relief for life assurance premium contributions
|
|
|
|
|
(1)
|
Part 4 of the Finance Act 2004 (pension schemes etc) is amended as follows.
|
|
|
(2)
|
In section 188(3) (relief for members’ contributions: contributions which are not relievable pension contributions), after
paragraph (a) insert—
|
|
|
“ (aa)
|
any contributions which are life assurance premium contributions (see section 195A),”.
|
|
|
(3)
|
After section 195 insert—
|
|
|
“ 195A Life assurance premium contributions
|
|
(1)
|
Contributions paid by or on behalf of an individual under a registered pension scheme are life assurance premium contributions
for the purposes of section 188(3)(aa) if—
|
|
|
(a)
|
rights under a non-group life policy (see subsection (2)) are (or later become) held for the purposes of the pension scheme,
and
|
|
|
(b)
|
the contributions are treated by this section as paid in respect of premiums under the non-group life policy (see subsections
(3) to (5)).
|
|
|
(2)
|
For the purposes of this section a “non-group life policy” is a policy of insurance under which the only benefits which may
become payable are benefits payable in consequence, or in anticipation, of—
|
|
|
(a)
|
the death of the individual or one of a group of individuals which includes the individual, or
|
|
|
(b)
|
the deaths of more than one of a group of individuals—
|
|
|
(i)
|
which includes the individual, and
|
|
|
(ii)
|
the other members of which are connected with the individual.
|
|
|
(3)
|
Contributions paid by or on behalf of the individual under the pension scheme are treated as paid in respect of premiums under
the non-group life policy if—
|
|
|
(a)
|
the payment of the contributions constitutes the payment of premiums under the policy, or
|
|
|
(b)
|
the person by whom the contributions are paid intends the contributions (or an amount equivalent to them) to be applied towards
paying premiums under the policy.
|
|
|
(4)
|
Where the amount of the premiums under the policy in a tax year exceeds the amount of any contributions treated as paid in
respect of the premiums by subsection (3), other contributions paid by or on behalf of the individual under the pension scheme
in the tax year are treated as paid in respect of premiums under the policy to the extent that their amount does not exceed
the difference between the amount of the premiums and the amount of any contributions treated as paid in respect of the premiums
by subsection (3).
|
|
|
|
|
(a)
|
the benefits under the policy relate to the death of one or more of a group of individuals, and
|
|
|
(b)
|
contributions are also paid under the pension scheme in the tax year by or on behalf of another member or other members of
the group,
|
|
|
|
the amount of the contributions paid by or on behalf of the individual which are treated as paid in respect of premiums under
the policy by subsection (4) does not exceed what is just and reasonable having regard to the operation of section 188(3)(aa)
in relation to the contributions paid by or on behalf of another member or other members of the group.
|
|
|
(6)
|
For the purposes of this section an individual (“A”) is connected with another individual (“B”) if—
|
|
|
(a)
|
A is B’s spouse or civil partner,
|
|
|
(b)
|
A is a relative of B,
|
|
|
(c)
|
A is the spouse or civil partner of a relative of B,
|
|
|
(d)
|
A is a relative of B’s spouse or civil partner, or
|
|
|
(e)
|
A is the spouse or civil partner of a relative of B’s spouse or civil partner;
|
|
|
|
and for the purposes of this subsection “relative” means brother, sister, ancestor or lineal descendant.”
|
|
|
(4)
|
The amendments made by this Resolution have effect in relation to contributions under any pension scheme that is not an occupational
pension scheme which are paid on or after 6th April 2007.
|
|
|
(5)
|
But they do not have effect in relation to contributions paid at any time if the contributions are treated as paid in respect
of premiums under a policy of insurance which at that time is a protected policy (see paragraphs (6) to (10)).
|
|
|
(6)
|
A policy of insurance within paragraph (7) or (8) is a protected policy but only until a relevant event occurs (see paragraphs
(9) and (10)).
|
|
|
(7)
|
A policy of insurance is within this paragraph if—
|
|
|
(a)
|
it is issued in respect of insurances made before 6th December 2006,
|
|
|
(b)
|
the pension scheme became a registered pension scheme before that date, and
|
|
|
(c)
|
rights under the policy became held for the purposes of the pension scheme before that date.
|
|
|
(8)
|
A policy of insurance is within this paragraph if—
|
|
|
(a)
|
it is issued in respect of insurances made before 6th April 2007,
|
|
|
(b)
|
the pension scheme became a registered pension scheme before that date,
|
|
|
(c)
|
rights under the policy became held for the purposes of the pension scheme before that date,
|
|
|
(d)
|
the policy was issued in pursuance of a proposal made in writing (by whatever means) and received by or on behalf of the insurer
on or before 13th December 2006,
|
|
|
(e)
|
the amount of the benefits payable under the policy (at the latest of the time when the insurances were made, the pension
scheme was registered or rights under the policy became held for the purposes of the pension scheme) is no more than the amount
applied for in the proposal,
|
|
|
(f)
|
the period for which benefits are so payable (at the latest of those times) is no longer than the period specified in the
proposal, and
|
|
|
(g)
|
the policy is not a protected policy by virtue of paragraph (7).
|
|
|
(9)
|
For the purposes of paragraph (6) a “relevant event” occurs if, after the relevant time, the terms of the policy are varied
so as to—
|
|
|
(a)
|
increase the benefits payable under the policy, or
|
|
|
(b)
|
extend the period during which benefits are so payable.
|
|
|
(10)
|
“The relevant time”—
|
|
|
(a)
|
in the case of a policy of insurance within paragraph (7) which is issued in respect of insurances made before 6th April 2006,
is 20th March 2007,
|
|
|
(b)
|
in the case of any other policy of insurance within paragraph (7), is 5th December 2006, and
|
|
|
(c)
|
in the case of a policy of insurance within paragraph (8), is the time when it became a protected policy.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
48. Persons by whom registered pension schemes may be established
|
|
|
|
|
(1)
|
Section 154 of the Finance Act 2004 (persons by whom registered pension scheme may be established) is amended as follows.
|
|
|
(2)
|
For subsection (1) substitute—
|
|
|
“ (1)
|
An application to register a pension scheme may be made only if the pension scheme is an occupational pension scheme or has
been established by a person with permission under FISMA 2000 to establish in the United Kingdom a personal pension scheme
or a stakeholder pension scheme.”
|
|
|
(3)
|
After subsection (2) insert—
|
|
|
“ (2A)
|
Subsection (1) is to be construed in accordance with section 22 of FISMA 2000, any relevant order under that section and Schedule
2 to that Act.”
|
|
|
|
|
(5)
|
In subsection (4), omit “and section 155”.
|
|
|
(6)
|
Omit section 155 of that Act (persons by whom scheme may be established: supplementary).
|
|
|
(7)
|
In section 273 of that Act (members liable as scheme administrator)—
|
|
|
(a)
|
in subsection (5)(a), omit “was established by a person or body specified in section 154(1)(a) to (g) (insurance companies
etc) and”, and
|
|
|
(b)
|
in subsection (7), omit “was established by a person or body specified in section 154(1)(a) to (g) and”.
|
|
|
(8)
|
The amendments made by this Resolution come into force on 6th April 2007.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
|
| |
That further provision (including provision having retrospective effect) may be made in relation to pension schemes and employer-financed
retirement benefits schemes.
|
|
|
50. Stamp duty land tax, stamp duty and stamp duty reserve tax
|
|
| |
That provision may be made about stamp duty land tax, stamp duty and stamp duty reserve tax.
|
|
|
51. Stamp duty land tax (exempt interests)
|
|
|
|
|
(1)
|
The Finance Act 2003 is amended as follows.
|
|
|
(2)
|
After section 73A insert—
|
|
|
“ 73B Exempt interests
|
|
(1)
|
An interest held by a financial institution as a result of the first transaction within the meaning of section 71A(1)(a),
72(1)(a) or 72A(1)(a) is an exempt interest for the purposes of stamp duty land tax.
|
|
|
(2)
|
That interest ceases to be an exempt interest if—
|
|
|
(a)
|
the lease or agreement mentioned in section 71A(1)(c), 72(1)(b) or 72A(1)(b) ceases to have effect, or
|
|
|
(b)
|
the right under section 71A(1)(d), 72(1)(c) or 72A(1)(c) ceases to have effect or becomes subject to a restriction.
|
|
|
(3)
|
Subsection (1) does not apply if the first transaction is exempt from charge by virtue of Schedule 7.
|
|
|
(4)
|
Subsection (1) does not make an interest exempt in respect of—
|
|
|
(a)
|
the first transaction itself, or
|
|
|
(b)
|
a further transaction or third transaction within the meaning of section 71A(4), 72(4) or 72A(4).”
|
|
|
(3)
|
After section 48(3) insert—
|
|
|
“ (3A)
|
Section 73B makes additional provision about exempt interests in relation to alternative finance arrangements.”
|
|
|
(4)
|
For the text of sections 71A(8), 72(7), 72A(8) and 73(5)(a) substitute “In this section “financial institution” has the meaning
given by section 46 of the Finance Act 2005 (alternative finance arrangements).”
|
|
|
|
|
(a)
|
has effect in relation to anything that would, but for the exemption provided by new section 73B inserted by paragraph (2),
be a land transaction with an effective date on or after 22nd March 2007, and
|
|
|
(b)
|
applies, in accordance with sub-paragraph (a), to interests irrespective of the date of their creation.
|
|
|
“ (4)
|
In this paragraph “grant” includes surrender.”
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
52. Value added tax (joint and several liability)
|
|
| |
That provision may be made amending section 77A of the Value Added Tax Act 1994.
|
|
|
53. Value added tax (deemed supplies in case of certain surrenders)
|
|
|
|
|
(1)
|
In paragraph 9 of Schedule 4 to the Value Added Tax Act 1994 (matters to be treated as supply of goods or services: application
of paragraphs 5 to 8 where land forms part of assets of business etc), there is inserted at the end—
|
|
|
(2)
|
The amendment made by this Resolution has effect in relation to surrenders on or after 21st March 2007.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
54. Value added tax (valuation of deemed supplies)
|
|
| |
That provision may be made amending paragraph 7 of Schedule 6 to the Value Added Tax Act 1994.
|
|
|
55. Value added tax (transfers of going concerns)
|
|
| |
That provision may be made amending the Value Added Tax Act 1994 in relation to transfers of businesses, or parts of businesses,
as going concerns.
|
|
|
56. Insurance premium tax (meaning of “premium”)
|
|
|
|
|
(1)
|
In section 72 of the Finance Act 1994 (interpretation: “premium”), after subsection (1A) there is inserted—
|
|
|
|
|
(a)
|
an amount is charged (to the insured or any other person) in respect of the acquisition of a right (whether of the insured
or any other person) to require the insurer to provide, or offer to provide, any of the cover included in a taxable insurance
contract, and
|
|
|
(b)
|
any payment in respect of that amount is not regarded as a payment received under that contract by the insurer by virtue of
subsection (1A) above,
|
|
|
|
the payment is to be regarded as a payment received under that contract by the insurer unless it is chargeable to tax at
the higher rate by virtue of section 52A above.”
|
|
|
(2)
|
This Resolution has effect in relation to amounts charged on or after 22nd March 2007.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
57. Petroleum revenue tax
|
|
| |
That provision may be made amending enactments relating to petroleum revenue tax.
|
|
|
58. Amendments connected with the Gambling Act 2005
|
|
| |
That provision may be made in consequence of, or otherwise in connection with, the Gambling Act 2005.
|
|
|
59. Vehicle excise duty (exempt vehicles)
|
|
| |
That provision may be made for amending Schedule 2 to the Vehicle Excise and Registration Act 1994.
|
|
|
60. Limitation period in old actions for mistake of law relating to direct tax
|
|
| |
That provision may be made disapplying section 32(1)(c) of the Limitation Act 1980 in relation to actions brought before 8th
September 2003 for relief from the consequences of a mistake of law relating to a taxation matter under the care and management
of the Commissioners of Inland Revenue.
|
|
|
|
| |
That provision may be made in relation to stock exchanges.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made for the purposes of complying with Council Directive
No. 90/434/EEC (mergers and transfers).
|
|
|
63. Excise duties (small consignment relief)
|
|
| |
That provision may be made revoking the Excise Duties (Small Non-Commercial Consignments) Relief Regulations 1986.
|
|
|
64. Relief from tax (incidental and consequential charges)
|
|
| |
That it is expedient to authorise any incidental or consequential charges to any duty or tax (including charges having retrospective
effect) that may arise from provisions designed in general to afford relief from taxation.
|
|
|
PROCEDURE RESOLUTION
|
| |
PROCEDURE (FUTURE TAXATION): That, notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in
Finance Bills, any Finance Bill of the present Session may contain the following provisions taking effect in a future year—
|
|
|
(a)
|
provision for corporation tax to be charged for the financial year 2008;
|
|
|
(b)
|
provision for substituting the Table in Schedule 1 to the Inheritance Tax Act 1984 in relation to chargeable transfers made
on or after 6th April 2010;
|
|
|
(c)
|
provision about the rates of climate change levy;
|
|
|
(d)
|
provision about the rate of aggregates levy;
|
|
|
(e)
|
provision about the rates of landfill tax;
|
|
|
(f)
|
provision amending section 312 of the Income Tax (Trading and Other Income) Act 2005.
|
|
|
Debate may continue until 6.00 p.m.
|
|
A Bill is to be brought in upon the foregoing Resolutions if they are agreed to by the House.
|
|
†
|
2
|
WELSH GRAND COMMITTEE
|
[No debate after 6.00 p.m.]
|
|
|
|
|
|
|
(1) the matter of the Budget Statement and its implications for Wales be referred to the Welsh Grand Committee for its consideration;
and
|
|
|
(2) the Committee shall meet at Westminster on Wednesday 28th March at Nine o’clock and between Two o’clock and Four o’clock to
consider the matter referred to it under paragraph (1) above.
|
|
|
If opposed, this item cannot be taken after 6.00 p.m.
|
|
†
|
3
|
REPRESENTATION OF THE PEOPLE
|
[No debate]
|
|
|
|
| |
That the draft Representation of the People (England and Wales) and the Representation of the People (Combination of Polls)
(England and Wales) (Amendment) Regulations 2007, which were laid before this House on 21st February, be approved.
|
|
|
To be decided without debate (Standing Order No. 118(6)).
|
|
†
|
4
|
LOCAL GOVERNMENT
|
[No debate]
|
|
|
|
| |
That the draft Local Authorities (Mayoral Elections) (England and Wales) Regulations 2007, which were laid before this House
on 19th March, be approved.
|
|
|
To be decided without debate (Standing Order No. 118(6)).
|
|
|
|
|
| |
That the draft Occupational Pension Schemes (Levy Ceiling) Order 2007, which was laid before this House on 19th February,
be approved.
|
|
|
To be decided without debate (Standing Order No. 118(6)).
|
|
|
|
|
| |
That the draft Occupational Pension Schemes (Levies) (Amendment) Regulations 2007, which were laid before this House on 19th
February, be approved.
|
|
|
To be decided without debate (Standing Order No. 118(6)).
|
|
|
|
|
| |
That the draft Pension Protection Fund (Pension Compensation Cap) Order 2007, which was laid before this House on 19th February,
be approved.
|
|
|
To be decided without debate (Standing Order No. 118(6)).
|
indicates a question for oral answer.
