Consideration of Bill: 25th June 2007

1448

Finance Bill, continued

“(eb)

an order under section 77A(9) or (9A);”.’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

8

Page  92,  line  21  [Schedule  3],  leave out from ‘person’ to first ‘the’ in line 22 and

insert ‘whose sole or main business (either alone or together with that of any associate) is

the provision or facilitation of’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

9

Page  92,  line  23  [Schedule  3],  leave out ‘involved with the company’ and insert

‘regularly involved (either directly or through an associate) with all or most aspects of

running the company on an ongoing basis’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

11

Page  92,  line  29  [Schedule  3],  leave out ‘influences or’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

12

Page  92,  line  29  [Schedule  3],  at end insert ‘or’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

13

Page  92,  line  30  [Schedule  3],  leave out lines 30 to 34 and insert—

Consideration of Bill: 25th June 2007

1449

Finance Bill, continued

‘(c)	exerts a substantial degree of influence over the provision of those

services by providing a standardised company product to the individual

(“the worker”) whose services are then provided by the company.

(2A)	For the purposes of subsection (2), arrangements involve a standardised company

product if—

(a)	the arrangements have standardised, or substantially standardised,

documentation—

(i)	the purpose of which is to enable the implementation, by the

worker, of the arrangements; and

(ii)	the form of which is determined by the provider, and is not

tailored, to any material extent, to reflect the circumstances of

the worker;

(b)	the worker enters into a specific arrangement or series of arrangements;

and

(c)	that arrangement or that series of arrangements is standardised, or

substantially standardised, in form and is connected with the provision of

services by the worker.’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

10

Page  97,  line  14  [Schedule  3],  at end insert—

‘(3A)

References in section 61B to an associate of a person (“P”) shall include a person

who, for the purposes of securing that the individual’s services are provided by a

company, acts in concert with P (or with P and other persons).’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

14

Page  98,  line  15  [Schedule  3],  leave out ‘an officer of Revenue and Customs

considers’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

15

Page  98,  line  22  [Schedule  3],  leave out ‘encouraged or’.

Consideration of Bill: 25th June 2007

1450

Finance Bill, continued

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

16

Page  98,  line  26  [Schedule  3],  at end insert—

‘(2A)

No person shall fall within the scope of subsection (2)(c) above unless they knew

or could have reasonably been expected to know that the services of the

individual were being provided by a managed service company.’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

17

Page  98,  line  32  [Schedule  3],  at end insert—

‘(3A)

HM Revenue and Customs may not pursue any person mentioned in any

paragraph of subsection (2) under the provisions of this section unless, in the

opinion of an officer of Revenue and Customs—

(a)	it is impossible to recover the specified amount from any other person

mentioned in any of the preceding paragraphs of subsection (2), or

(b)	it is impracticable to recover the specified amount from any of those

persons.’.

Mr Chancellor of the Exchequer

19

Page  148,  line  33  [Schedule  9],  at end insert—

‘( )	In section 431 of ICTA, at end insert—

“(2ZG)

The Treasury may by order amend the definition of “insurance

business transfer scheme” given by subsection (2) above where it is

expedient to do so in consequence of any amendment of section 105

of the Financial Services and Markets Act 2000.

(2ZH)

The power conferred by subsection (2ZG) above includes power to

make incidental, supplementary, consequential or transitional

provisions and savings (including provision amending any provision

of the Corporation Tax Acts relating to insurance companies).”.’

Mr Chancellor of the Exchequer

20

Page  159,  line  34  [Schedule  9],  leave out ‘omit “or as a business transfer-out”’ and

insert ‘for “as a business transfer out” substitute “by being netted off against incomings

Consideration of Bill: 25th June 2007

1451

Finance Bill, continued

in lines 11 to 15 of a revenue account”’.

Mr Chancellor of the Exchequer

21

Page  161,  line  32  [Schedule  9],  leave out from ‘made,’ to end of line 35.

Mr Chancellor of the Exchequer

22

Page  162  [Schedule  10],  leave out lines 39 to 41.

Mr Chancellor of the Exchequer

23

Page  163,  line  29  [Schedule  10],  at end insert—

‘(7A)

In subsection (6) above “the relevant time” means—

(a)	in a case where assets become structural assets held in any of the

company’s non-profit funds by virtue of the commencement of this

section, the end of the last period of account of the company beginning

before 1st January 2007, and

(b)	otherwise, the time when the assets become structural assets held in any

of the company’s non-profit funds.’.

Mr Chancellor of the Exchequer

24

Page  163,  line  38  [Schedule  10],  leave out ‘subsection (6) above’ and insert ‘this

section’.

Mr Chancellor of the Exchequer

25

Page  163  [Schedule  10],  leave out lines 43 to 48.

Mr Chancellor of the Exchequer

26

Page  164  [Schedule  10],  leave out lines 1 to 5 and insert—

‘(11)

Regulations made by the Treasury may make provision for computing for the

purposes of the Taxation of Chargeable Gains Act 1992 any gain or loss arising

on a disposal by an insurance company of a structural asset held in a non-profit

fund in any case where the condition in subsection (11A) is met.

(11A)

The condition in this subsection is met if, in any period of account of the company

in which the asset was held by it—

Consideration of Bill: 25th June 2007

1452

Finance Bill, continued

(a)	income arising from the asset was (or, had there been any, would have

been) referable to any category of long-term business the profits of which

fell for that period of account to be computed in accordance with the

provisions applicable to Case I of Schedule D, or

(b)	the company was charged to tax on the profits of its life assurance

business under Case I of Schedule D.’.

Mr Chancellor of the Exchequer

27

Page  164,  line  18  [Schedule  10],  at end insert—

‘( )	Regulations under subsection (3) or (11) above may be made so as to have effect

in relation to periods of account current when they are made (as well as periods

of account beginning later).”.’.

Mr Chancellor of the Exchequer

28

Page  170,  line  1  [Schedule  10],  leave out ‘sub-paragraph’ and insert ‘sub-

paragraphs (4A) and’.

Mr Chancellor of the Exchequer

29

Page  170,  line  21  [Schedule  10],  leave out ‘84(2) to (6)’ and insert ‘84(2), (3), (5)

and (6)’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

44

Page  226,  line  8  [Schedule  19],  leave out from ‘least’ to end of line 9 and insert

‘equivalent to minimum retirement income (see sub-section 8 below)’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

47

Page  226,  line  9  [Schedule  19],  at end insert—

‘(1A)

The total amount of a spouse’s, or civil partner’s alternatively secured pension

paid to a spouse or civil partner of a member of a registered pension scheme in

each alternatively secured pension year in respect of a money purchase

arrangement under the pension scheme must be at least equivalent to the

Minimum Retirement Income for the alternatively secured pension year (but

subject to sub-section 5 below).’.

Consideration of Bill: 25th June 2007

1453

Finance Bill, continued

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

45

Page  226,  line  10  [Schedule  19],  after ‘dependants’’, insert ‘(other than spouses’ or

civil partners’)’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

46

Page  226,  line  11  [Schedule  19],  after ‘dependant’, insert ‘(other than the spouse or

civil partner of a member)’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

49

Page  226,  line  31  [Schedule  19],  after ‘(1)’, insert ‘(1A)’.

Mr David Cameron

Mr George Osborne

Mrs Theresa Villiers

Mr Mark Hoban

Mr Paul Goodman

Mr David Gauke

48

Page  227,  line  7  [Schedule  19],  at end insert—

‘(8)	In relation to minimum retirement income as mentioned in subsection (1) above,

the following provisions shall apply—

(a)	the amount of the minimum retirement income in respect of each tax year

shall be set by the Treasury by order at the level of the standard minimum

guarantee prescribed under section 2 of the State Pension Credit Act 2002

(c.16);

(b)	before making an order under this subsection, the Treasury shall consult

such persons as it considers appropriate;

(c)	an order under this subsection (other than the order that applies to the first

tax year during which this section is in force) must be made on or before

the 31st January of the tax year before the tax year to which the order

applies.’.

Consideration of Bill: 25th June 2007

1454

Finance Bill, continued

Mr Chancellor of the Exchequer

33

Page  235,  line  46  [Schedule  20],  at end insert—

‘(2A)

In paragraph 1(6) (power to provide that certain lump sums are to be treated as

pension commencement lump sums), for “(1)(c) and (e)” substitute “(1)(a) and

(c)”.’.

Mr Chancellor of the Exchequer

30

Page  293,  line  17  [Schedule  27],  leave out ‘the words “, or as a business transfer-

out,” and’.

Mr Chancellor of the Exchequer

31

Page  295,  line  44  [Schedule  27],  leave out ‘84(2) to (6)’ and insert ‘84(2), (3), (5)

and (6)’.

Mr Chancellor of the Exchequer

32

Page  296,  line  14  [Schedule  27],  leave out ‘17(5)’ and insert ‘17(4A) and (5)’.

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.

---

Revised 25 June 2007