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| (except Clauses 1, 3, 7, 8, 12, 20, 21, 25, 67 and 81 to 84, Schedules 1, 18, 22 and 23, and
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| New Clauses relating to Microgeneration)
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| [eightH and ninth SITTINGS]
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| Clause 35, page 26, line 30, after ‘No’, insert ‘qualifying expenditure shall form |
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| any part of the residue of qualifying expenditure when a’. |
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| Clause 35, page 26, line 33, after ‘Part,’, insert— |
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| | ‘(ab) | the qualifying expenditure in question is incurred after 21st March 2007 |
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| | otherwise than pursuant to a relevant pre-commencement contract (see |
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| Clause 35, page 26, line 38, leave out ‘before 1st April 2011’. |
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| Clause 35, page 26, line 40, leave out subsections (2) and (3). |
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| Clause 35, page 27, line 9, after ‘No’, insert ‘qualifying expenditure shall form any |
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| part of the residue of qualifying expenditure when a’. |
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| Clause 35, page 27, line 10, after ‘if’, insert— |
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| | ‘(a) | the qualifying expenditure in question is incurred after 21st March 2007 |
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| | otherwise than pursuant to a relevant pre-commencement contract; and |
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| Clause 35, page 27, line 12, leave out subsection (5). |
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| Clause 35, page 27, line 16, leave out ‘subsections (4) and (5)’ and insert |
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| Clause 35, page 27, line 19, leave out ‘before 1st April 2011’. |
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| Clause 35, page 27, line 27, at end add— |
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| | ‘(8) | This section shall not come into force unless the Treasury have laid before |
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| | Parliament a report setting out the impact of the abolition of balancing |
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| | adjustments and of the agricultural and industrial buildings allowances.’. |
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| Clause 35, page 27, line 27, at end add— |
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| | ‘(8) | This section shall not come into force until the Treasury has laid before the House |
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| | of Commons a report on consultations which it shall undertake with the |
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| | agriculture and tourism industry within the period of six months from the date of |
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| | the passing of this Act about the effects on those industries of the provisions of |
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| | Clauses 36 and 37 Agreed to. |
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| Schedule 7, page 118, line 23, after ‘being’ insert ‘all of the assets of the |
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| company’s long-term insurance fund which are’. |
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| Schedule 7, page 123, line 37, leave out ‘linked assets’ and insert ‘assets linked to |
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| the relevant business so far as so referable’. |
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| Schedule 7, page 125, line 39, leave out from ‘under’ to end of line 40 and insert |
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| Schedule 7, page 126, leave out lines 12 and 13 and insert ‘section 444ABD(1).’. |
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| Schedule 7, page 130, line 35, leave out ‘in relation to that category of business’. |
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| Schedule 7, page 130, line 35, at end insert— |
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| | ‘(3A) | Where the relevant income arises from foreign currency assets, the whole of the |
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| | foreign tax is attributable to gross roll-up business, unless the case is one where |
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| | subsection (7) below applies.”.’. |
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| Schedule 7, page 130, line 40, leave out from ‘for’ to end of line 42 and insert ‘the |
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| words following “is” substitute “gross roll-up business.” |
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| | (a) | omit “or 432D” (in both places), and |
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| | (b) | for “the category of business in question” and “that category” |
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| | substitute “gross roll-up business”. |
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| | (7A) | In subsection (7), for— |
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| | (a) | “the category of business in question”, and |
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| | | substitute “gross roll-up business”.’. |
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| Schedule 7, page 132, line 8, after ‘(b)’ insert ‘of subsection (6)’. |
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| Schedule 7, page 133, line 5, leave out ‘subsection (1)’ and insert ‘subsections (1) |
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| | Schedule, as amended, Agreed to. |
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| Schedule 8, page 140, line 10, leave out ‘85A(3)(a)’ and insert ‘85A(3)(b)’. |
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| Schedule 8, page 140, line 17, leave out ‘85A(3)(a)’ and insert ‘85A(3)(b)’. |
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| Schedule 8, page 144, line 39, leave out from beginning to ‘charged’ in line 41 and |
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| insert ‘the profits of the life assurance business of the company for the preceding |
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| | Schedule, as amended, Agreed to. |
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| Schedule 9, page 151, leave out lines 12 to 19. |
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| Schedule 9, page 159, line 13, leave out from ‘to’ to end of line 14 and insert |
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| ‘periods of account beginning on or after 1st January 2007 where the transfer of business |
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| or demutualisation concerned took place before 21st March’. |
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| | Schedule, as amended, Agreed to. |
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| Schedule 10, page 159, line 22, leave out from beginning to end of line 10 on page |
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| | 1 | In section 83ZA(4) of FA 1989 (contingent loans), for “the end of the” |
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| | substitute “any time during a”.’. |
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| Schedule 10, page 163, line 16, leave out ‘by an insurance company held in a non- |
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| profit fund’ and insert ‘held by an insurance company in a non-profit fund. |
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| | (1A) | For the purposes of subsection (1) above— |
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| | (a) | an increase in the value of structural assets includes any amount by which |
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| | their fair value when they cease to be structural assets, or come to be held |
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| | otherwise than in any of the company’s non-profit funds, exceeds their |
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| | admissible value at the end of the preceding period of account, and |
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| | (b) | a decrease in the value of structural assets includes any amount by which |
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| | the admissible value of the assets at the end of the period of account in |
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| | which they become structural assets, or come to be held in any of the |
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| | company’s non-profit funds, is less than their historic cost.’. |
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| Schedule 10, page 163, line 29, after ‘be’ insert ‘a structural asset or comes to be |
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| held otherwise than in any of the company’s non-profit funds and, immediately before it |
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| came to be a structural asset held in any of the company’s non-profit funds it (or any part |
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| Schedule 10, page 163, line 34, leave out from ‘the’ to end of line 46 and insert |
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| ‘relevant period of account. |
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| | (4A) | For the purposes of subsection (4) above “the relevant value difference”, in |
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| | relation to an asset, is— |
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| | HC is its historic cost, and |
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| | AV is its admissible value at the relevant time. |
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| | (4B) | In subsection (4) above “the relevant period of account” means— |
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| | (a) | in a case within paragraph (a) of that subsection, the period of account in |
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| | which the asset ceases to be a structural asset or comes to be held |
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| | otherwise than in any of the company’s non-profit funds, and |
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| | (b) | in a case within paragraph (b) of that subsection, the period of account in |
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| | which the asset first comes to be held otherwise than by the company or |
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| | (where the company is a member of a group) otherwise than by a |
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| | company which is a member of the group; |
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| | | and section 170 of the Taxation of Chargeable Gains Act 1992 (meaning of |
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| | “group” etc) has effect for the interpretation of this subsection. |
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| | (4C) | In this section “historic cost”, in relation to an asset which is or has been held in |
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| | any of the company’s non-profit funds, means— |
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| | (a) | where the asset came to be held in any of the company’s non-profit funds |
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| | on acquisition from another person, the consideration given by the |
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| | company for the acquisition of the asset, and |
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| | (b) | otherwise, its fair value when it came to be held in any of the company’s |
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| | (4D) | In subsection (4A) above “admissible value”, in relation to an asset and a time, |
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| | means the value of the asset as shown in column 1 of Form 13 of the periodical |
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| | return for the period ending with that time (or as would be so shown if there were |
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| | a periodical return covering a period ending with that time). |
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| | (5) | In subsection (4A) above “the relevant time” means— |
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| | (a) | in a case where assets become structural assets held in any of the |
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| | company’s non-profit funds by virtue of the commencement of this |
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| | section, 1st January 2007, and |
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| | (b) | otherwise, the time when the assets become structural assets held in any |
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| | of the company’s non-profit funds.’. |
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| Schedule 10, page 164, line 3, after ‘to’ insert ‘its’. |
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| Schedule 10, page 164, line 20, at end insert— |
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| | ‘(4) | In section 211 of TCGA 1992 (transfers of business: application of section 139 |
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| | of that Act), as amended by paragraph 14 of Schedule 9 to this Act, after |
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| | “(2A) | The reference in subsection (2) above to assets included in the transfer |
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| | does not include structural assets within the meaning of section 83XA |
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| | of the Finance Act 1989.” |
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| | (5) | In paragraph 17 of Schedule 7AC to TCGA 1992 (substantial shareholdings |
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| | exemption: special rules for assets of insurance company’s long-term |
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| | insurance fund), after sub-paragraph (4) insert— |
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| | “(4A) | The reference in sub-paragraph (2) to an asset of the investing |
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| | company’s long-term insurance fund, and the references in sub- |
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| | paragraphs (3) and (4) to shares or an interest in shares held as |
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| | assets of its long-term insurance fund, do not include a structural |
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| | asset, or structural assets, within the meaning of section 83XA of |
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| | the Finance Act 1989.”.’. |
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| Schedule 10, page 170, line 33, leave out ‘amendments made by paragraph 1 to 3’ |
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| and insert ‘amendment made by paragraph 1 has effect on and after 10th May 2007. |
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| | ( ) | The amendments made by paragraphs 3,’. |
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| Schedule 10, page 170, line 35, at end insert— |
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| | ‘( ) | But the amendment made by paragraph 3(4) does not apply where the transfer |
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| | of business concerned took place before 10th May 2007.’. |
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| | Schedule, as amended, Agreed to. |
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| Schedule 11, page 172, line 38, leave out from first ‘the’ to ‘and’ in line 40 and |
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| insert ‘reinsurance to close amounts of the members,’. |
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| Schedule 11, page 173, leave out lines 1 to 6 and insert— |
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| | ‘(a) | the reference to reinsurance to close amounts of any member of a |
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| | Lloyd’s syndicate is to any consideration which, in accordance with |
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| | the rules or practice of Lloyd’s, is given (or any amount which, in |
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| | accordance with those rules or practice, is treated as consideration |
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| | given) by the member in respect of the liabilities arising from the |
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| | member’s underwriting business in an underwriting year for the |
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| | purpose of closing the accounts of the business for that year, and’. |
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| Schedule 11, page 173, line 19, at end insert— |
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| | ‘(10A) | The Commissioners for Her Majesty’s Revenue and Customs may by |
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| | (a) | provide in prescribed circumstances for paragraph 1 not to apply in |
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| | relation to any member of a Lloyd’s syndicate, or |
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