Consideration of Bill: 26th June 2007

1464

Finance Bill, continued

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—

(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’.

Consideration of Bill: 26th June 2007

1465

Finance Bill, continued

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).’.

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)’.

Consideration of Bill: 26th June 2007

1466

Finance Bill, continued

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.’.

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’.

Consideration of Bill: 26th June 2007

1467

Finance Bill, continued

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 26 June 2007