Tuesday 22nd May 2007
Public Bill Committee
Finance Bill
(except Clauses 1, 3, 7, 8, 12, 20, 21, 25,
67 and 81 to 84, Schedules 1, 18, 22 and 23, and
New Clauses relating to Microgeneration)
Note
The amendments have been arranged in accordance with the Order
of the Committee [8th May].
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—
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—
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 27, at
end add—
Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed
183
Clause 35, page 27, line 27, at
end add—
Mr Stephen Timms
120
Schedule 7, page 118, line 23, after
‘being’ insert ‘all of the assets of the company’s
long-term insurance fund which are’.
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
121
Schedule 7, page 125, line 39, leave
out from ‘under’ to end of line 40 and insert ‘section
444ABD(1).’.
Mr Stephen Timms
122
Schedule 7, page 126, leave
out lines 12 and 13 and insert ‘section 444ABD(1).’.
Mr Stephen Timms
123
Schedule 7, page 130, line 35, leave
out ‘in relation to that category of business’.
Mr Stephen Timms
124
Schedule 7, page 130, line 35, at
end insert—
‘(3A) Where the relevant income arises from foreign
currency assets, the whole of the foreign tax is attributable to gross
roll-up business, unless the case is one where subsection (7) below
applies.”.’.
Mr Stephen Timms
125
Schedule 7, page 130, line 40, leave
out from ‘for’ to end of line 42 and insert ‘the words
following “is” substitute “gross roll-up business.”
(7A) In subsection (7), for—
Mr Stephen Timms
87
Schedule 7, page 132, line 8, after
‘(b)’ insert ‘of subsection (6)’.
Mr Stephen Timms
126
Schedule 7, page 133, line 5, leave
out ‘subsection (1)’ and insert ‘subsections (1) and
(1A)’.
Mr Stephen Timms
127
Schedule 8, page 140, line 10, leave
out ‘85A(3)(a)’ and insert ‘85A(3)(b)’.
Mr Stephen Timms
128
Schedule 8, page 140, line 17, leave
out ‘85A(3)(a)’ and insert ‘85A(3)(b)’.
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
129
Schedule 9, page 151, leave
out lines 12 to 19.
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—
1 In section 83ZA(4) of FA 1989 (contingent loans), for
“the end of the” substitute “any time during a”.’.
Mr Stephen Timms
130
Schedule 10, page 163, line 16, leave
out ‘by an insurance company held in a non-profit fund’
and insert ‘held by an insurance company in a non-profit fund.
(a) an increase in the value of structural assets includes
any amount by which their fair value when they cease to be structural
assets, or come to be held otherwise than in any of the company’s
non-profit funds, exceeds their admissible value at the end of the preceding
period of account, and
(b) a decrease in the value of structural assets includes
any amount by which the admissible value of the assets at the end of
the period of account in which they become structural assets, or come
to be held in any of the company’s non-profit funds, is less than
their historic cost.’.
Mr Stephen Timms
131
Schedule 10, page 163, line 29, after
‘be’ insert ‘a structural asset or comes to be held
otherwise than in any of the company’s non-profit funds and, immediately
before it came to be a structural asset held in any of the company’s
non-profit funds it (or any part of it) was’.
Mr Stephen Timms
132
Schedule 10, page 163, line 34, leave
out from ‘the’ to end of line 46 and insert ‘relevant
period of account.
HC - AV
(a) in a case within paragraph (a) of that subsection, the
period of account in which the asset ceases to be a structural asset
or comes to be held otherwise than in any of the company’s non-profit
funds, and
(4D) In subsection (4A) above “admissible value”,
in relation to an asset and a time, means the value of the asset as
shown in column 1 of Form 13 of the periodical return for the period
ending with that time (or as would be so shown if there were a periodical
return covering a period ending with that time).
Mr Stephen Timms
133
Schedule 10, page 164, line 3, after
‘to’ insert ‘its’.
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—
(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—
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’.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett
108
Schedule 15, page 196, line 5, leave
out from first ‘amount’ to end of line 7 and insert ‘is
created directly by genuine business activities, and which—’
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett
109
Schedule 15, page 196, line 11, leave
out subsection (5).
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett
110
Schedule 15, page 196, line 27, leave
out from ‘subsection (4)’ to end of line 33 and insert “genuine
business activities” means business activities which—
(b) are actually carried on in that territory through that
establishment, having regard to premises, staff, equipment and assets.’.
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Mr David Evennett
111
Schedule 15, page 196, line 39, leave
out subsection (9).
Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed
181
Schedule 16, page 200, line 4, leave
out ‘50’ and insert ‘250’.
Julia Goldsworthy
Dr Vincent Cable
Mr Colin Breed
182
Schedule 16, page 200, line 10, leave
out ‘50’ and insert ‘250’.
Mr Stephen Timms
165
Schedule 16, page 205, line 39, leave
out from beginning to ‘for’ and insert—
(2) In sub-paragraph (3),’.
Mr Stephen Timms
166
Schedule 16, page 206, line 2, leave
out from ‘company’ to end of line 3 and insert ‘throughout
a period during which it created the whole or greater part (in terms
of value) of the intangible asset.”
9A In paragraph 86(2) (substitution of new shares for
old shares), after “Schedule”, in the first place it occurs,
insert “(except paragraph 29(7))”.’.
Mr Stephen Timms
167
Schedule 16, page 206, line 9, leave
out from ‘company’ to end of line 10 and insert ‘throughout
a period during which it created the whole or greater part (in terms
of value) of the intangible asset.”,’.
Mr Stephen Timms
168
Schedule 16, page 206, line 12, at
end insert ‘, and
Mr Stephen Timms
169
Schedule 16, page 206, line 18, at
end insert—
‘(2A) In section 576K of that Act (share
loss relief: substitution of new shares for old), after subsection (3)
insert—
Mr Stephen Timms
170
Schedule 16, page 206, line 23, at
end insert—
‘(3A) In section 146 of that Act (share
loss relief: substitution of new shares for old), after subsection (2)
insert—
Mr Stephen Timms
171
Schedule 16, page 206, line 29, leave
out from ‘company’ to end of line 30 and insert ‘throughout
a period during which it created the whole or greater part (in terms
of value) of the intangible asset.”,’.
Mr Stephen Timms
172
Schedule 16, page 206, line 31, at
end insert ‘, and
Mr Stephen Timms
173
Schedule 16, page 206, line 37, leave
out from ‘company’ to end of line 38 and insert ‘throughout
a period during which it created the whole or greater part (in terms
of value) of the intangible asset.”’.
Mr Stephen Timms
174
Schedule 16, page 206, line 39, at
end insert—
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