| Finance Bill - continued | House of Commons |
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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
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
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”,’. Mrs Theresa Villiers
83 Clause 31, page 23, line 34, leave out ‘that date’ and insert ‘5th December 2005’. 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
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
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
17 Clause 35, page 26, line 38, leave out ‘before 1st April 2011’. Mrs Theresa Villiers
18 Clause 35, page 26, line 40, leave out subsections (2) and (3). Mrs Theresa Villiers
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
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
21 Clause 35, page 27, line 12, leave out subsection (5). Mrs Theresa Villiers
22 Clause 35, page 27, line 16, leave out ‘subsections (4) and (5)’ and insert ‘subsection (4)’. Mrs Theresa Villiers
23 Clause 35, page 27, line 19, leave out ‘before 1st April 2011’. Mrs Theresa Villiers
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 agricultural and industrial buildings allowances.’. Mr Stephen Timms 86 Schedule 7, page 123, line 37, leave out ‘linked assets’ and insert ‘assets linked to the relevant business’. Mr Stephen Timms 105 * Schedule 7, page 123, line 37, leave out ‘linked assets’ and insert ‘assets linked to the relevant business so far as so referable’. Mr Stephen Timms 87 Schedule 7, page 132, line 8, after ‘(b)’ insert ‘of subsection (6)’. Mr Stephen Timms 88 Schedule 8, page 144, line 39, leave out from beginning to ‘charged’ in line 41 and insert ‘the profits of the life assurance business of the company for the preceding accounting period were’. Mr Stephen Timms 89 Schedule 9, page 159, line 13, leave out from ‘to’ to end of line 14 and insert ‘periods of account beginning on or after 1st January 2007 where the transfer of business or demutualisation concerned took place before 21st March’. Mr Stephen Timms 90 Schedule 10, page 159, line 22, leave out from beginning to end of line 10 on page 163 and insert— ‘Contingent loans 11 In section 83ZA(4) of FA 1989 (contingent loans), for “the end of the” substitute “any time during a”.’. Mr Stephen Timms 91 Schedule 10, page 164, line 20, at end insert— ‘(4) In section 211 of TCGA 1992 (transfers of business: application of section 139 of that Act), as amended by paragraph 14 of Schedule 9 to this Act, after subsection (2) insert— “(2A) The reference in subsection (2) above to assets included in the transfer does not include structural assets within the meaning of section 83XA of the Finance Act 1989.” (5) In paragraph 17 of Schedule 7AC to TCGA 1992 (substantial shareholdings exemption: special rules for assets of insurance company’s long-term insurance fund), after sub-paragraph (4) insert— “(4A) The reference in sub-paragraph (2) to an asset of the investing company’s long-term insurance fund, and the references in sub-paragraphs (3) and (4) to shares or an interest in shares held as assets of its long-term insurance fund, do not include a structural asset, or structural assets, within the meaning of section 83XA of the Finance Act 1989.”.’. Mr Stephen Timms 92 Schedule 10, page 170, line 33, leave out ‘amendments made by paragraph 1 to 3’ and insert ‘amendment made by paragraph 1 has effect on and after 10th May 2007. ( ) The amendments made by paragraphs 3,’. Mr Stephen Timms 93 Schedule 10, page 170, line 35, at end insert— ‘( ) But the amendment made by paragraph 3(4) does not apply where the transfer of business concerned took place before 10th May 2007.’. 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.’. Mr Stephen Timms 102 * Schedule 13, page 180, line 9, after ‘that’, insert ‘or any other’. Mr Stephen Timms 103 * Schedule 13, page 180, line 9, after ‘period’, insert ‘or taken into account in calculating the amounts which are so recognised’. Mr Stephen Timms 104 * Schedule 13, page 183, line 21, after ‘that’, insert ‘or any other’. Mr Stephen Timms 84 Clause 52, page 33, line 32, leave out sub-paragraph (ii) and insert— ‘(ii) to make a repayment of the capital (“the redemption payment”) to the bond-holder during or at the end of the bond-term (whether or not in instalments),’. Mr Stephen Timms 85 Clause 52, page 35, line 50, at end insert— ‘(7) For the purposes of section 417 of ICTA (close companies)— (a) a bond-holder is a loan creditor in respect of the bond-issuer; (b) arrangements falling within section 48A shall be disregarded in the application of section 417(1)(d). (8) For the purposes of Schedule 18 to ICTA (group relief)— (a) a bond-holder is a loan creditor in respect of the bond-issuer; (b) paragraph 1(5)(b) shall be disregarded in determining whether a person is an equity holder by virtue of arrangements falling within section 48A.”’. Julia Goldsworthy
2 Schedule 24, page 260, line 33, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
3 Schedule 24, page 262, line 18, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
4 Schedule 24, page 262, line 41, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
5 Schedule 24, page 265, line 22, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
6 Schedule 24, page 265, line 26, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
7 Schedule 24, page 265, line 30, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
8 Schedule 24, page 265, line 34, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
9 Schedule 24, page 265, line 38, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
10 Schedule 24, page 265, line 42, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
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
12 Schedule 24, page 267, line 10, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
13 Schedule 24, page 267, line 19, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Julia Goldsworthy
14 Schedule 24, page 269, line 9, leave out ‘think’ and insert ‘have reasonable grounds for believing’. Mr Stephen Timms 94 Schedule 27, page 293, line 38, column 2, leave out ‘2(2) to (5),’ and insert ‘2(2) and (3) to (5),’. Mr Stephen Timms 95 Schedule 27, page 294, line 44, column 2, leave out ‘3,’. Mr Stephen Timms 96 Schedule 27, page 294, column 2, leave out line 49. 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. |
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