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Report Stage Proceedings: 26th June 2007                

433

 

Finance Bill, continued

 
 

“(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

 

Agreed to  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

 

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

 


 

Mr Chancellor of the Exchequer

 

Agreed to  21

 

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

 


 

Mr Chancellor of the Exchequer

 

Agreed to  22

 

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

 


 

Mr Chancellor of the Exchequer

 

Agreed to  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

 

Agreed to  24

 

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

 

section’.


 
 

Report Stage Proceedings: 26th June 2007                

434

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

Agreed to  25

 

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

 


 

Mr Chancellor of the Exchequer

 

Agreed to  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

 

Agreed to  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

 

Agreed to  28

 

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

 

paragraphs (4A) and’.

 

Mr Chancellor of the Exchequer

 

Agreed to  29

 

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

 

and (6)’.

 



 
 

Report Stage Proceedings: 26th June 2007                

435

 

Finance Bill, continued

 
 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Negatived on division  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

 

Not called  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

 

Not called  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

 

Not called  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

 

Not called  49

 

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


 
 

Report Stage Proceedings: 26th June 2007                

436

 

Finance Bill, continued

 
 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Not called  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

 

Agreed to  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

 

Agreed to  30

 

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

 

out,” and’.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  31

 

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

 

and (6)’.

 



 
 

Report Stage Proceedings: 26th June 2007                

437

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

Agreed to  32

 

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

 

Bill read the third time on division, and passed.

 


 
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