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37

 

House of Commons

 
 

Thursday 24th May 2007

 

Public Bill Committee Proceedings

 

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)


 

[TENTH SITTING]


 

Clauses 58 and 59 Agreed to.

 

Mr Stephen Timms

 

Agreed to  159

 

Clause  60,  page  41,  line  5,  leave out ‘19(4)’ and insert ‘19’.

 

Mr Stephen Timms

 

Agreed to  160

 

Clause  60,  page  41,  line  6,  after ‘fees)’ insert ‘—

 

(a)    

in sub-paragraph (4),’.

 

Mr Stephen Timms

 

Agreed to  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

 

Agreed to  162

 

Clause  60,  page  41,  line  11,  leave out ‘amendment made by subsection (1) has’ and

 

insert ‘amendments made by subsection (1) have’.


 
 

Public Bill Committee Proceedings: 24th May 2007          

38

 

Finance Bill, continued

 
 

Mr Stephen Timms

 

Agreed to  163

 

Clause  60,  page  41,  line  13,  leave out ‘It also has’ and insert ‘They also have’.

 

Mr Stephen Timms

 

Agreed to  164

 

Clause  60,  page  41,  line  30,  leave out ‘amendment’ and insert ‘amendments’.

 

Clause, as amended, Agreed to.

 

Clauses 61 to 64 Agreed to.

 


 

Mrs Theresa Villiers

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Evennett

 

Withdrawn  211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

 

Mr Mark Francois

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Evennett

 

Negatived on division  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.’.

 

Ordered, That further consideration of the Bill be adjourned until Tuesday 5th June at 10.30 a.m.

 

(Kevin Brennan.)  

 

[Adjourned till Tuesday 5th June at 10.30 a.m.


 
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