Finance Bill - continued          House of Commons

back to previous text

Mr Stephen Timms

68

* Schedule 5, page 109, line 10, at end insert—

    Loan relationships: amounts not fully recognised for accounting purposes

    10A (1) Section 85C of FA 1996 (amounts not fully recognised for accounting purposes) is amended as follows.

    (2) In subsection (1)—

      (a) in paragraph (c), for the words from “has at any time” to “liability”)” substitute “an amount (a “relevant capital contribution”) has at any time been contributed to the company which forms part of its capital (whether share or other capital)”, and

      (b) in paragraphs (d) and (e), for “relevant accounting liability” substitute “relevant capital contribution”.

    (3) In subsection (2)—

      (a) for “or relevant accounting liability of the company” substitute “of the company or any relevant capital contribution made to the company”, and

      (b) for “or liability” (in both places) substitute “or contribution”.

    (4) The amendments made by this paragraph have effect in relation to periods of account ending on or after 9th May 2007.

    (5) But, in relation to periods of account beginning before that date, amounts are to be brought into account for the purposes of Chapter 2 of Part 4 of FA 1996 as a result of those amendments only if the amounts relate to any time on or after that date.’.

Mr Stephen Timms

69

* Schedule 5, page 111, line 15, after ‘investment’ insert ‘or liability’.

Mr Stephen Timms

70

* Schedule 5, page 111, line 16, after ‘made’ insert ‘, or the liability was incurred,’.

Mr Stephen Timms

71

* Schedule 5, page 111, line 19, after ‘investment’ insert ‘or liability’.

Mr Stephen Timms

72

* Schedule 5, page 111, line 26, at beginning insert ‘In the case of amounts relating to investments,’.

Mr Stephen Timms

73

* Schedule 5, page 111, line 28, after ‘But’ insert ‘in that case’.

Mr Stephen Timms

74

* Schedule 5, page 111, line 30, at end insert—

    ‘(6) In the case of amounts relating to liabilities, those amendments have effect in relation to accounting periods ending on or after 9th May 2007.

    (7) But in that case, in relation to accounting periods beginning before that date, amounts are to be left out of account as a result of those amendments only if they relate to any time on or after that date.’.


Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

67

# Schedule 6, page 115, line 5, leave out ‘paragraph 41(8) of that Schedule’ and insert ‘section 577 of the Capital Allowances Act 2001’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

66

Schedule 6, page 115, line 11, after ‘2006’, insert ‘but where either the predecessor or the successor has no principal company as therein provided (because it is itself a principal company) it shall be deemed for the purposes of this section to be its own principal company’.


Mr Stephen Timms

79

* Clause 31, page 23, line 7, leave out ‘and’.

Mr Stephen Timms

80

* Clause 31, page 23, line 7, at end insert—

        ‘(ca) after that paragraph insert—

        “(ca) no qualifying change of ownership occurs at any time in relation to the principal company of that group for the purposes of section 184A of TCGA 1992 directly or indirectly in consequence of, or otherwise in connection with, any arrangements the main purpose, or one of the main purposes, of which is to secure a tax advantage falling within subsection (1)(d) of that section, and”,’.

Mr Stephen Timms

81

* Clause 31, page 23, line 34, at end insert ‘; but the amendment made by subsection (5)(ca) has no effect in relation to disposals made before 9th May 2007.’.


Mr Stephen Timms

75

* Clause 32, page 24, line 15, after ‘premium’ insert ‘or other consideration’.


Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

15

Clause 35, page 26, line 30, after ‘No’, insert ‘qualifying expenditure shall form any part of the residue of qualifying expenditure when a’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

16

Clause 35, page 26, line 33, after ‘Part,’, insert—

        ‘(ab) the qualifying expenditure in question is incurred after 21st March 2007 otherwise than pursuant to a relevant pre-commencement contract (see subsection (7));’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

17

Clause 35, page 26, line 38, leave out ‘before 1st April 2011’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

18

Clause 35, page 26, line 40, leave out subsections (2) and (3).

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

19

Clause 35, page 27, line 9, after ‘No’, insert ‘qualifying expenditure shall form any part of the residue of qualifying expenditure when a’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

20

Clause 35, page 27, line 10, after ‘if’, insert—

        ‘(a) the qualifying expenditure in question is incurred after 21st March 2007 otherwise than pursuant to a relevant pre-commencement contract; and

        (b) ’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

21

Clause 35, page 27, line 12, leave out subsection (5).

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

22

Clause 35, page 27, line 16, leave out ‘subsections (4) and (5)’ and insert ‘subsection (4)’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

23

Clause 35, page 27, line 19, leave out ‘before 1st April 2011’.

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett

24

Clause 35, page 27, line 28, at end add—

      ‘(8) This section shall not come into force unless the Treasury have laid before Parliament a report setting out the impact of the abolition of balancing adjustments and of the industrial buildings allowance.’.


Mr Stephen Timms

76

* Schedule 11, page 172, line 38, leave out from first ‘the’ to ‘and’ in line 40 and insert ‘reinsurance to close amounts of the members,’.

Mr Stephen Timms

77

* Schedule 11, page 173, leave out lines 1 to 6 and insert—

      ‘(a) the reference to reinsurance to close amounts of any member of a Lloyd’s syndicate is to any consideration which, in accordance with the rules or practice of Lloyd’s, is given (or any amount which, in accordance with those rules or practice, is treated as consideration given) by the member in respect of the liabilities arising from the member’s underwriting business in an underwriting year for the purpose of closing the accounts of the business for that year, and’.

Mr Stephen Timms

78

* Schedule 11, page 173, line 19, at end insert—

    ‘(10A) The Commissioners for Her Majesty’s Revenue and Customs may by regulations—

      (a) provide in prescribed circumstances for paragraph 1 not to apply in relation to any member of a Lloyd’s syndicate, or

      (b) provide in prescribed circumstances for a reduction in relation to any member of a Lloyd’s syndicate of the amount which (as a result of that paragraph) is not to be taken into account in the calculation mentioned in sub-paragraph (2) of that paragraph.’.


Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

2

Schedule 24, page 260, line 33, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

3

Schedule 24, page 262, line 18, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

4

Schedule 24, page 262, line 41, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

5

Schedule 24, page 265, line 22, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

6

Schedule 24, page 265, line 26, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

7

Schedule 24, page 265, line 30, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

8

Schedule 24, page 265, line 34, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

9

Schedule 24, page 265, line 38, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

10

Schedule 24, page 265, line 42, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

11

Schedule 24, page 266, line 2, leave out ‘think it right’ and insert ‘have reasonable grounds for believing it to be necessary’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

12

Schedule 24, page 267, line 10, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

13

Schedule 24, page 267, line 19, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed

14

Schedule 24, page 269, line 9, leave out ‘think’ and insert ‘have reasonable grounds for believing’.

ORDER OF THE HOUSE [23RD APRIL 2007]

       That—

        (1) Clauses Nos. 1, 3, 7, 8, 12, 20, 21, 25, 67 and 81 to 84, Schedules Nos 1, 18, 22 and 23, and new Clauses relating to microgeneration be committed to a Committee of the whole House;

        (2) the remainder of the Bill be committed to a Public Bill Committee; and

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


RESOLUTION OF THE COMMITTEE [8TH MAY 2007]

       

       That the Committee shall meet—

        (a) on Tuesdays at 10.30 a.m. and 4.30 p.m., and

        (b) on Thursdays at 9.00 a.m. and 1.00 p.m.,

       when the House is sitting.


ORDER OF THE COMMITTEE [8TH MAY 2007]

       

       That the order in which proceedings are taken shall be: Clause 2, Clauses 4 to 6, Clauses 9 to 11, Clauses 13 to 19, Clauses 22 and 23; Schedule 2; Clause 24; Schedule 3; Clause 26; Schedule 4; Clauses 27 to 29; Schedule 5; Clause 30; Schedule 6; Clauses 31 to 37; Schedule 7; Clause 38; Schedule 8; Clause 39; Schedule 9; Clause 40; Schedule 10; Clause 41; Schedule 11; Clauses 42 and 43; Schedule 12; Clauses 44 to 46; Schedules13 and 14; Clause 47; Schedule 15; Clause 48 to 50; Schedule 16; Clause 51; Schedule 17; Clauses 52 to 66; Clause 68; Schedule 19; Clause 69; Schedule 20; Clauses 70 to 72; Schedule 21; Clauses 73 to 80; Clauses 85 to 96; Schedule 24; Clauses 97 to 104; Schedule 25; Clauses 105 to 108; Schedule 26; Clauses 109 and 110; new Clauses; new Schedules; Clauses 111 and 112; Schedule 27; and Clause 113.


 
 
previous section contents  
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries ordering index


© Parliamentary copyright 2007
Prepared: 10 May 2007