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| | | Impact of Finance Act on small businesses |
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| | To move the following Clause:— |
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| | | ‘It shall be the duty of the Treasury each fiscal year to prepare and lay before the |
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| | | House of Commons a report on the impact on small businesses of the measures |
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| | | contained in the relevant Finance Act.’. |
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| | | Impact of Finance Act on pensions and savings |
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| | To move the following Clause:— |
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| | | ‘It shall be the duty of the Treasury each financial year to prepare and lay before |
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| | | the House of Commons a report on the impact on pensions and savings of the |
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| | | measures contained in the relevant Finance Act.’. |
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| | To move the following Clause:— |
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| | | ‘It shall be the duty of the Treasury to prepare and lay before the House of |
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| | | Commons a report setting out the annual and cumulative cost to the Exchequer |
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| | | (a) | implementing the Memorandum of Understanding between the British |
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| | | Venture Capital Association and the Inland Revenue dated 25th July |
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| | | 2003 on the tax treatment of carried interest; and |
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| | | (b) | the deductibility of interest payable on loans for the purposes of |
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| | | calculating corporation tax liability.’. |
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| | | Report on incidence of small companies’ tax rate |
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| | To move the following Clause:— |
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| | | ‘The Treasury shall prepare and lay before the House of Commons in respect of |
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| | | each financial year a report setting out for each company paying the small |
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| | | (a) | the number of employees |
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| | | Assessment of effects of taxation changes on different earnings groups |
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| | | Negatived on division NC14 |
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| | To move the following Clause:— |
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| | | ‘(1) | It is the duty of a Minister of the Crown, when proposing changes to personal |
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| | | taxation (whether or not taking effect in a future financial year), to prepare and |
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| | | lay before the House of Commons an assessment of the effects of the proposed |
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| | | changes on different earnings groups. |
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| | | (2) | For the purposes of subsection (1) “different earnings groups” means groups |
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| | | representing each earnings decile; and “effects” includes changes in net |
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| | | disposable income and changes in the relative share of national wealth accounted |
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| | | for by each earnings decile. |
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| | | (3) | If the proposed changes mentioned in subsection (1) appear likely to have an |
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| | | adverse effect on groups in the lowest quintile of earnings, the changes shall not |
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| | | take effect unless they are accompanied by transitional relief measures. |
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| | | (4) | “Transitional relief measures” in subsection (3) means measures designed to |
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| | | ensure that any adverse effects of a kind mentioned in that subsection are phased |
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| | | over such a reasonable period as will avoid abrupt changes in the net disposable |
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| | | income of the relevant earnings group.’. |
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| | Page 2, line 9, leave out Clause 3. |
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| | Page 2, line 11 [Clause 3], leave out from ‘20%’ to end of line 12 and insert ‘for |
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| | companies with non-ring fenced profits employing fewer than five people, and |
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| | | (b) | 19% for companies with either ring fence profits or five or more |
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| | Page 2, line 14 [Clause 3], leave out from second ‘profits’ to ‘fraction’ in line 17 |
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| | and insert ‘and companies employing fewer than five people and with non-ring fenced |
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| | profits (“the smaller company fraction”), and |
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| | | (b) | 11/400ths in relation to ring-fence profits of companies and companies |
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| | | employing five or more people (“the standard’. |
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