| Finance Bill - continued | House of Commons |
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Mr Stephen Timms 175 Schedule 16, page 210, line 27, leave out ‘wholly for money’and insert ‘, (aa) the consideration for the disposal does not consist wholly of new qualifying holdings’. Mr Stephen Timms 176 Schedule 16, page 210, line 35, after ‘disposal’ insert ‘(but see subsection (3A))’. Mr Stephen Timms 177 Schedule 16, page 210, line 37, leave out ‘money obtained from’ and insert ‘any monetary consideration for’. Mr Stephen Timms 178 Schedule 16, page 210, line 41, at end insert— ‘(3A) If the consideration for the disposal includes new qualifying holdings, subsection (2)(a) has effect as if the reference to the holding were to the appropriate proportion of the holding (the value of which is that proportion of the value of the holding, determined in accordance with subsection (3)). (3B) The appropriate proportion is—
TC - NQH where— TC is the market value (at the time of the disposal) of the total consideration for the disposal, and NQH is the market value (at that time) of the new qualifying holdings.’. Mr Stephen Timms 179 Schedule 16, page 211, line 4, at end insert— ‘(4A) “New qualifying holdings” means shares or securities which (on transfer to the company) are comprised in the company’s qualifying holdings.’. Mr Stephen Timms 180 Schedule 16, page 211, line 7, at end insert— ‘(6) Nothing in this section applies in relation to disposals between companies that are merging (within the meaning of section 323).’. Mr Stephen Timms 138 Schedule 17, page 214, line 11, leave out ‘transfers’ and insert ‘disposes of’. Mr Stephen Timms 139 Schedule 17, page 214, line 13, after ‘S’ insert ‘to another company (“P”),’. Mr Stephen Timms 140 Schedule 17, page 214, line 14, leave out ‘on the date of the transfer of the asset, S’ and insert ‘on the date when it acquires the interest in S, P’. Mr Stephen Timms 141 Schedule 17, page 214, line 15, after ‘109’ insert ‘(as modified by paragraph 8 of Schedule 17)’. Mr Stephen Timms 142 Schedule 17, page 214, line 17, leave out ‘transfer’and insert ‘disposal of the asset’. Mr Stephen Timms 143 Schedule 17, page 214, line 18, leave out ‘S’ and insert ‘the group of which S is a member’. Mr Stephen Timms 144 Schedule 17, page 214, line 19, at end insert— ‘( ) P may give a notice under section 109 (as modified by paragraph 8 of Schedule 17) in accordance with subsection (1)(c) even if it does not expect to satisfy Conditions 3 to 6 of Section 106 throughout the accounting period specified in the notice.’. Mr Stephen Timms 145 Schedule 17, page 214, line 21, leave out ‘S’ and insert ‘the group of which S is a member’. Mr Stephen Timms 146 Schedule 17, page 214, line 22, leave out ‘transferred’ and insert ‘disposed of’. Mr Stephen Timms 147 Schedule 17, page 214, line 24, leave out ‘transfer’ and insert ‘disposal’. Mr Stephen Timms 148 Schedule 17, page 214, line 25, at end insert— ‘( ) But if, at the end of the period of six months mentioned in subsection (1)(c), Conditions 3 to 6 in section 106 are not satisfied in relation to P, subsection (2) shall be treated as not having had effect.’. Mr Stephen Timms 149 Schedule 17, page 215, line 13, after ‘group’ insert ‘(“Group 1”)’. Mr Stephen Timms 150 Schedule 17, page 215, line 16, leave out ‘the group,’ and insert ‘Group 1,’. Mr Stephen Timms 151 Schedule 17, page 215, line 19, leave out ‘the principal company of a group’ and insert ‘a member of another group (“Group 2”)’. Mr Stephen Timms 152 Schedule 17, page 215, line 22, leave out ‘it’ and insert ‘the company (or the principal company of Group 2)’. Mr Stephen Timms 153 Schedule 17, page 215, line 24, leave out ‘the group,’ and insert ‘Group 1,’. Mr Stephen Timms 154 Schedule 17, page 215, line 27, leave out ‘the group.’ and insert ‘Group 1.’. Mr Stephen Timms 155 Schedule 17, page 215, line 34, leave out ‘the principal company’ and insert ‘a member’. Mr Stephen Timms 156 Schedule 17, page 215, line 36, leave out ‘the group.’ and insert ‘Group 1.’. Mr Stephen Timms 157 Schedule 17, page 216, line 3, leave out ‘the principal company’ and insert ‘a member’. Mr Stephen Timms 158 Schedule 17, page 216, line 5, leave out ‘the group.’ and insert ‘Group 1.’. 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.”’. Mr Stephen Timms 116 Clause 56, page 38, line 33, at end insert— ‘(4) But the reference to offshore funds in section 760(3)(a) does not include any arrangements which are not a collective investment scheme for the purposes of that Part of that Act.”.’. Mr Stephen Timms 117 Clause 56, page 39, line 5, leave out subsection (7). Mr Stephen Timms 159 Clause 60, page 41, line 5, leave out ‘19(4)’ and insert ‘19’. Mr Stephen Timms 160 Clause 60, page 41, line 6, after ‘fees)’ insert ‘— (a) in sub-paragraph (4),’. Mr Stephen Timms 161 Clause 60, page 41, 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.”, and (b) after sub-paragraph (7) insert— “(8) If— (a) the relevant company acquired all the shares (“old shares”) in another company (“the old company”) at a time when the only shares issued in the relevant company were subscriber shares, and (b) the consideration for the old shares consisted wholly of the issue of shares in the relevant company, references in sub-paragraph (4) to the relevant company include the old company.”’. Mr Stephen Timms 162 Clause 60, page 41, line 11, leave out ‘amendment made by subsection (1) has’ and insert ‘amendments made by subsection (1) have’. Mr Stephen Timms 163 Clause 60, page 41, line 13, leave out ‘It also has’ and insert ‘They also have’. Mr Stephen Timms 164 Clause 60, page 41, line 30, leave out ‘amendment’ and insert ‘amendments’. Mrs Theresa Villiers
211 * Clause 65, page 42, line 28, at end insert— ‘(1A) Paragraph 21 of Schedule 15 to the Finance Act 2004 shall be amended by leaving out subparagraph (1)(b). (1B) Paragraph 22 of Schedule 15 to the Finance Act 2004 shall be amended by leaving out subparagraph (1)(b).’. Mrs Theresa Villiers
119 Clause 65, page 42, line 35, at end insert— ‘(4) Any purported election made on the appropriate form or before the regulations prescribing the form of election came into effect shall be deemed always to have been made in the prescribed manner under subparagraph (2) above.’. Mrs Theresa Villiers
212 * Clause 65, page 42, line 35, at end insert— ‘(4) An appeal shall lie to the Special Commissioners against a refusal to allow making an election at a date after the relevant filing date and the Special Commissioners shall allow such an appeal where the refusal to permit a late election was unreasonable.’. Mr Stephen Timms 134 Schedule 19, page 228, line 9, leave out from ‘arrangement’ to end of line 11. Mr Stephen Timms 135 Schedule 19, page 228, line 43, leave out from ‘paid’ to end of line 2 on page 229 and insert ‘in respect of members of schemes whose deaths occur on or after 6th April 2007.’. Mr Stephen Timms 136 Schedule 20, page 232, line 25, leave out paragraph 9 and insert— ‘9 In section 166(2)(a) (when person becomes entitled to pension commencement lump sum), after “paid” insert “(or, if the person dies before becoming entitled to the pension in connection with which it was anticipated it would be paid, immediately before death)”. 9A In section 219(7) (multiple benefit crystallisation events occuring by reason of payment of lump sum death benefits treated as occurring immediately before death), insert at the end “but immediately after any benefit crystallisation event occurring immediately before the individual’s death by virtue of section 166(2).” 9B (1) Schedule 29 (authorised lump sums) is amended as follows. (2) In paragraph 1(1) (conditions to be met if lump sum is to be pension commencement lump sum)— (a) for paragraph (a) substitute— “(a) the member becomes entitled to it before reaching the age of 75, (aa) the member becomes entitled to it in connection with becoming entitled to a relevant pension (or dies after becoming entitled to it but before becoming entitled to the relevant pension in connection with which it was anticipated that the member would become entitled to it)”, (b) in paragraph (c), for “of three months beginning with” substitute “beginning six months before, and ending one year after,”, and (c) omit paragraph (e) (but not including the “and” at the end). (3) In paragraph 2 (“permitted maximum”), after sub-paragraph (5) insert— “(5A) But if the member dies before becoming entitled to the relevant pension in connection with which it was anticipated that the member would become entitled to the lump sum, the permitted maximum is the available portion of the member’s lump sum allowance.”.’. Mr Stephen Timms 137 Schedule 20, page 238, line 27, after ‘9’ insert ‘to 9B’. Mrs Theresa Villiers
213 * Clause 70, page 44, line 7, leave out from ‘a’ to ‘the’ in line 9 and insert ‘pre-ordained series of transactions is carried out in connection with the disposal and acquisition, and it is undertaken in pursuance of a scheme or arrangement the only or main purpose of which is the avoidance or reduction of Stamp Duty Land Tax payable on the acquisition by P or to secure or increase a repayment of Stamp Duty Land Tax in relation to that acquisition.’. Mrs Theresa Villiers
214 * Clause 70, page 44, line 13, at end insert— ‘(1A) Transactions taking place more than three years before the acquisition of a property by P shall be disregarded for the purposes of subsection (1).’. Mr Stephen Timms 184 * Clause 70, page 45, line 20, leave out ‘(but subject to subsection (2))’. Mr Stephen Timms 185 * Clause 70, page 45, line 29, at end insert— ‘(3A) In subsection (3)— (a) paragraph (a) is subject to subsection (2)(a) to (c), (b) paragraph (b) is subject to subsection (2)(a) and (c), and (c) paragraph (c) is subject to subsection (2)(a) to (c).’. Mr Stephen Timms 186 * Clause 70, page 45, line 31, at end insert— ‘(5) In this section a reference to the transfer of a chargeable interest from V to P includes a reference to a disposal by V of an interest acquired by P.’. Mr Stephen Timms 187 * Clause 70, page 46, line 2, at end insert— ‘(4A) In the application of section 75A(5) an amount given or received partly in respect of the chargeable interest acquired by P and partly in respect of another chargeable interest shall be subjected to just and reasonable apportionment.’. Mr Stephen Timms 188 * Clause 70, page 46, line 7, after first ‘a’ insert ‘property-investment’. Mr Stephen Timms 189 * Clause 70, page 46, line 7, after ‘partnership’ insert ‘(within the meaning of paragraph 14 of Schedule 15)’. Mr Stephen Timms 190 * Clause 70, page 46, line 21, at end insert ‘and may make provision with retrospective effect.”’. Mr Stephen Timms 191 * Clause 70, page 46, line 25, after ‘But’ insert— ‘(a) ’. Mr Stephen Timms 192 * Clause 70, page 46, line 28, at end insert— ‘, and (b) a provision of new section 75C (inserted by subsection (1) above) shall not have effect where the disposal mentioned in new section 75A(1)(a) took place before the day on which this Act is passed, if or in so far as the provision would make a person liable for a higher amount of tax than would have been charged in accordance with those regulations.’. Mr Stephen Timms 106 Clause 71, page 47, line 9, leave out ‘sub-paragraph (1)(b),’ and insert ‘sub-paragraphs (1)(b) and (4),’. Mr Stephen Timms 193 * Schedule 21, page 239, line 13, at end insert ‘and’. Mr Stephen Timms 194 * Schedule 21, page 239, line 16, leave out from ‘Commissioners’ to end of line 18. Mr Stephen Timms 195 * Schedule 21, page 239, line 33, at end insert ‘and’. Mr Stephen Timms 196 * Schedule 21, page 239, leave out lines 35 to 37. Mr Stephen Timms 197 * Schedule 21, page 240, line 12, at end insert ‘and’. Mr Stephen Timms 198 * Schedule 21, page 240, leave out lines 14 to 16. Mr Stephen Timms 199 * Schedule 21, page 240, line 45, at end insert ‘and’. Mr Stephen Timms 200 * Schedule 21, page 240, leave out lines 47 to 49. Mr Stephen Timms 201 * Schedule 21, page 241, line 43, after second ‘time’ insert ‘is a member State or any other State which at that time’. Mr Stephen Timms 202 * Schedule 21, page 242, line 18, at end insert ‘and’. Mr Stephen Timms 203 * Schedule 21, page 242, line 22, leave out from ‘(“the Commissioners”)’ to end of line 24. Mr Stephen Timms 204 * Schedule 21, page 242, line 37, at end insert ‘and’. Mr Stephen Timms 205 * Schedule 21, page 242, line 39, leave out from ‘market’ to end of line 41. Mr Stephen Timms 206 * Schedule 21, page 243, line 11, at end insert ‘and’. Mr Stephen Timms 207 * Schedule 21, page 243, line 13, leave out from ‘market’ to end of line 15. Mr Stephen Timms 208 * Schedule 21, page 243, line 42, at end insert ‘and’. Mr Stephen Timms 209 * Schedule 21, page 243, line 44, leave out from ‘market’ to end of line 46. Mr Stephen Timms 210 * Schedule 21, page 244, line 41, after second ‘time’ insert ‘is a member State or any other State which at that time’. 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’. |
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| © Parliamentary copyright 2007 | Prepared: 22 May 2007 |