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48. Persons by whom registered pension schemes may be established
That—
(1) Section 154 of the Finance Act 2004 (persons by whom registered pension scheme may be established) is amended as follows.
(2) For subsection (1) substitute—
"(1) An application to register a pension scheme may be made only if the pension scheme is an occupational pension scheme or has been established by a person with permission under FISMA 2000 to establish in the United Kingdom a personal pension scheme or a stakeholder pension scheme."
(3) After subsection (2) insert—
"(2A) Subsection (1) is to be construed in accordance with section 22 of FISMA 2000, any relevant order under that section and Schedule 2 to that Act."
(4) Omit subsection (3).
(5) In subsection (4), omit ktand section 155".
(6) Omit section 155 of that Act (persons by whom scheme may be established: supplementary).
(7) In section 273 of that Act (members liable as scheme administrator)—
(a) in subsection (5)(a), omit "was established by a person or body specified in section 154(l)(a) to (g) (insurance companies etc) and", and
(b) in subsection (7), omit "was established by a person or body specified in section 154(l)(a) to (g) and".
(8) The amendments made by this Resolution come into force on 6th April 2007.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
That further provision (including provision having retrospective effect) may be made in relation to pension schemes and employer-financed retirement benefits schemes.
50. Stamp duty land tax, stamp duty and stamp duty reserve tax
That provision may be made about stamp duty land tax, stamp duty and stamp duty reserve tax.
51. Stamp duty land tax (exempt interests)
That—
(1) The Finance Act 2003 is amended as follows.
(2) After section 73A insert—
(1) An interest held by a financial institution as a result of the first transaction within the meaning of section 71A(l)(a), 72(1) (a) or 72A(l)(a) is an exempt interest for the purposes of stamp duty land tax.
(2) That interest ceases to be an exempt interest if—
(a) the lease or agreement mentioned in section 71A(l)(c), 72(1) (b) or 72A(l)(b) ceases to have effect, or
(b) the right under section 71A(l)(d), 72(1 )(c) or 72A(l)(c) ceases to have effect or becomes subject to a restriction.
(3) Subsection (1) does not apply if the first transaction is exempt from charge by virtue of Schedule 7.
(4) Subsection (1) does not make an interest exempt in respect of—
(a) the first transaction itself, or
(b) a further transaction or third transaction within the meaning of section 71 A(4), 72(4) or 72A(4)."
(3) After section 48(3) insert—
"(3A) Section 73B makes additional provision about exempt interests in relation to alternative finance arrangements."
(4) For the text of sections 71A(8), 72(7), 72A(8) and 73(5)(a) substitute "In this section "financial institution" has the meaning given by section 46 of the Finance Act 2005 (alternative finance arrangements)."
(5) This Resolution—
(a) has effect in relation to anything that would, but for the exemption provided by new section 73B inserted by paragraph (2), be a land transaction with an effective date on or after 22nd March 2007, and
(b) applies, in accordance with sub-paragraph (a), to interests irrespective of the date of their creation.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
52. Value added tax (joint and several liability)
That provision may be made amending section 77A of the Value Added Tax Act 1994.
53. Value added tax (deemed supplies in case of certain surrenders)
That—
(1) In paragraph 9 of Schedule 4 to the Value Added Tax Act 1994 (matters to be treated as supply of goods or services:
application of paragraphs 5 to 8 where land forms part of assets of business etc), there is inserted at the end—
" (4) In this paragraph "grant" includes surrender."
(2) The amendment made by this Resolution has effect in relation to surrenders on or after 21st March 2007.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
54. Value added tax (valuation of deemed supplies)
That provision may be made amending paragraph 7 of Schedule 6 to the Value Added Tax Act 1994.
55. Value added tax (transfers of going concerns)
That provision may be made amending the Value Added Tax Act 1994 in relation to transfers of businesses, or parts of businesses, as going concerns.
56. Insurance premium tax (meaning of "premium")
That—
(1) In section 72 of the Finance Act 1994 (interpretation: "premium"), after subsection (1A) there is inserted—
"(IB) Where—
(a) an amount is charged (to the insured or any other person) in respect of the acquisition of a right (whether of the insured or any other person) to require the insurer to provide, or offer to provide, any of the cover included in a taxable insurance contract, and
(b) any payment in respect of that amount is not regarded as a payment received under that contract by the insurer by virtue of subsection (1A) above,
the payment is to be regarded as a payment received under that contract by the insurer unless it is chargeable to tax at the higher rate by virtue of section 52A above."
(2) This Resolution has effect in relation to amounts charged on or after 22nd March 2007.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
That provision may be made amending enactments relating to petroleum revenue tax.
58. Amendments connected with the Gambling Act 2005
That provision may be made in consequence of, or otherwise in connection with, the Gambling Act 2005.
59. Vehicle excise duty (exempt vehicles)
That provision may be made for amending Schedule 2 to the Vehicle Excise and Registration Act 1994.
60. Limitation period in old actions for mistake of law relating to direct tax
That provision may be made disaflplying section 32(1 )(c) of the Limitation Act 1980 in relation to actions brought biefore 8th September 2003 for relief from the consequences of a mistake of law relating to a taxation matter under the care and management of the Commissioners of Inland Revenue.
That provision may be made in relation to stock exchanges.
That provision (including provision having retrospective effect) may be made for the purposes of complying with Council Directive No. 90/434/EEC (mergers and transfers).
63. Excise duties (small consignment relief)
That provision may be made revoking the Excise Duties (Small Non-Commercial Consignments) Relief Regulations 1986.
64. Relief from tax (incidental and consequential charges)
That it is expedient to authorise any incidental or consequential charges to any duty or tax (including charges having retrospective effect) that may arise from provisions designed in general to afford relief from taxation.
PROCEDURE (FUTURE TAXATION)
That, notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills, any Finance Bill of the present Session may contain the following provisions taking effect in a future year—
(a) provision for corporation tax to be charged for the financial year 2008;
(b) provision for substituting the Table in Schedule 1 to the Inheritance Tax Act 1984 in relation to chargeable transfers made on or after 6th April 2010;
(c) provision about the rates of climate change levy;
(d) provision about the rate of aggregates levy;
(e) provision about the rates of landfill tax;
(f) provision amending section 312 of the Income Tax (Trading and Other Income) Act 2005.
Bill ordered to be brought in upon the foregoing resolutions: And that the Chairman of Ways and Means, Mr. Chancellor of the Exchequer, Mr. Secretary Prescott, Mr. Secretary Darling, Secretary John Reid, Ms Secretary Hewitt, Secretary David Miliband, Secretary Alan Johnson, Mr. Stephen Timms, John Healey, Ed Balls and Dawn Primarolo do prepare and bring it in.
Dawn Primarolo accordingly presented a Bill to grant certain duties, to alter other duties, to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance: And the same was read the First time; and ordered to be read a Second time tomorrow, and to be printed. Explanatory notes to be printed [Bill 86].
DELEGATED LEGISLATION
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
That the draft Social Security (Contributions) (Re-rating and National Insurance Funds Payments) Order 2007, which was laid before this House on 24th January, be approved.
That the draft Social Security, Occupational Pension Schemes and Statutory Payments (Consequential Provisions) Regulations 2007, which were laid before this House on 19th February, be approved.
That the draft Social Security Contributions (Consequential Provisions) Regulations 2007, which were laid before this House on 6th March, be approved .—[Mr. Heppell.]
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
That the draft Social Security (Contributions) (Amendment No. 2) Regulations 2007, which were laid before this House on 21st February, be approved. —[Mr. Heppell.]
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
That the draft Child Benefit Up-rating Order 2007, which was laid before this House on 30th January, be approved.
That the draft Guardian’s Allowance Up-rating Order 2007, which was laid before this House on 30th January, be approved. —[Mr. Heppell.]
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
That the draft Guardian’s Allowance Up-rating (Northern Ireland) Order 2007, which was laid before this House on 30th January, be approved. —[Mr. Heppell.]
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
That the draft Corporation Tax (Taxation of Films) (Transitional Provisions) Regulations 2007, which were laid before this House on 27th February, be approved. —[Mr. Heppell.]
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
That the draft Police, Public Order and Criminal Justice (Scotland) Act 2006 (Consequential Provisions and Modifications) Order 2007, which was laid before this House on 30th January, be approved.
That the draft Tourist Boards (Scotland) Act 2006 (Consequential Modifications) Order 2007, which was laid before this House on 30th January, be approved. —[Mr. Heppell.]
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
That the draft Renewables Obligation Order 2006 (Amendment) Order 2007, which was laid before this House on 8th February, be approved. —[Mr. Heppell.]
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
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