House of Commons Amendments

House of Commons

Session 2007 - 08
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Other Bills before Parliament

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Crossrail Bill, continued

(b)
a determination or modification of a determination under the provision

mentioned in paragraph 9(1)(d) or 27(1)(c) above.

      (3)
The return may be amended under paragraph 15 of Schedule 18 to FA 1998 so

as to remedy the error, ignoring any time limit which would otherwise prevent

that happening.

      (4)
But an amendment may not be made in reliance on sub-paragraph (3) above

more than 12 months after the end of the accounting period of the company

during which (as the case may be)—

(a)
the agreement is made, or

(b)
the determination or modification of a determination is made.

      (5)
Sub-paragraphs (6) and (7) below apply if the company does not amend the

return so as to remedy the error before the end of that 12 month period.

      (6)
A discovery assessment or a discovery determination may be made in relation

to the error, ignoring any time limit which would otherwise prevent that

happening.

      (7)
But such an assessment or determination may not be made in reliance on sub-

paragraph (6) above more than 24 months after the end of the accounting

period mentioned in sub-paragraph (4) above.

      (8)
Expressions used in this paragraph and in Schedule 18 to FA 1998 have the

same meaning in this paragraph as in that Schedule.

Modification of transfer schemes: other persons and partnerships

44  (1)
This paragraph applies if—

(a)
a person delivers a return under section 8, 8A or 12AA of TMA 1970,

(b)
subsequently, an agreement is made modifying a transfer scheme

under paragraph 14 of Schedule 12 to this Act, and

(c)
as a result of that, the return is incorrect.

      (2)
The return may be amended under section 9ZA or 12ABA of TMA 1970 so as

to remedy the error, ignoring any time limit which would otherwise prevent

that happening.

      (3)
But an amendment may not be made in reliance on sub-paragraph (2) above

more than 12 months after the end of the year of assessment during which the

agreement modifying the transfer scheme is made.

      (4)
If the return is amended under section 12ABA in reliance on sub-paragraph (2)

above, subsection (3) of that section applies, ignoring any time limit which

would otherwise prevent the officer from proceeding under that subsection.

      (5)
Sub-paragraphs (6) and (7) below apply if the return is not amended under

section 9ZA or 12ABA so as to remedy the error before the end of the 12

month period mentioned in sub-paragraph (3) above.

      (6)
An officer of Revenue and Customs may proceed under section 29(1) or

30B(1) and (2) of TMA 1970 in relation to the error, ignoring any time limit

which would otherwise prevent the officer from so proceeding.

      (7)
But an assessment or an amendment may not be made in reliance on sub-

paragraph (6) above more than 24 months after the end of the year of

assessment mentioned in sub-paragraph (3) above.

Power to make further provision in relation to transfer schemes

45  (1)
The Treasury may by regulations make provision for varying the way in which

a relevant tax has effect from time to time (including by virtue of this

Schedule) in relation to—

(a)
any property, rights or liabilities transferred in accordance with a

transfer scheme, or

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Crossrail Bill, continued

(b)
anything done for the purposes of, or in relation to, or in consequence

of, the transfer of any property, rights or liabilities in accordance with

a transfer scheme.

      (2)
The provision that may be made under sub-paragraph (1)(a) includes, in

particular, provision for—

(a)
a tax provision not to apply, or to apply with modifications, in relation

to any property, rights or liabilities transferred;

(b)
any property, rights or liabilities transferred to be treated in a specified

way for the purposes of a tax provision;

(c)
the Secretary of State to be required or permitted, with the consent of

the Treasury, to determine, or to specify the method for determining,

anything which needs to be determined for the purposes of any tax

provision so far as relating to any property, rights or liabilities

transferred.

      (3)
The provision that may be made under sub-paragraph (1)(b) includes, in

particular, provision for—

(a)
a tax provision not to apply, or to apply with modifications, in relation

to anything done for the purposes of, or in relation to, or in

consequence of, the transfer;

(b)
anything done for the purposes of, or in relation to, or in consequence

of, the transfer to have or not to have a specified consequence or to be

treated in a specified way;

(c)
the Secretary of State to be required or permitted, with the consent of

the Treasury, to determine, or to specify the method for determining,

anything which needs to be determined for the purposes of any tax

provision so far as relating to anything done for the purposes of, or in

relation to, or in consequence of, the transfer.

      (4)
Regulations under sub-paragraph (1) may amend this Schedule (apart from this

paragraph).

      (5)
Regulations under sub-paragraph (1) may—

(a)
make such supplementary, incidental or consequential provision as the

Treasury think fit, and

(b)
make different provision for different cases.

      (6)
The power to make regulations under sub-paragraph (1) shall be exercisable by

statutory instrument which shall be subject to annulment in pursuance of a

resolution of the House of Commons.

      (7)
In this paragraph references to any property, rights or liabilities transferred in

accordance with a transfer scheme include references to any property, rights or

liabilities transferred, or any interests, rights or liabilities created, by virtue of

paragraph 5 or 11 of Schedule 12 to this Act.

      (8)
In this paragraph references to the transfer of any property, rights or liabilities

in accordance with a transfer scheme include references to the transfer of any

property, rights or liabilities, or the creation of any interests, rights or

liabilities, by virtue of paragraph 5 or 11 of Schedule 12 to this Act.

      (9)
In this paragraph—

“relevant tax” means income tax, corporation tax, capital gains tax, stamp

duty, stamp duty land tax or stamp duty reserve tax, and

“tax provision” means a provision of an enactment about a relevant tax.

    (10)
In sub-paragraph (9) “enactment” includes an enactment contained in an

instrument made under an Act.

    (11)
Paragraph 18(3) of Schedule 12 to this Act applies for the purposes of this

paragraph as it applies for the purposes of that Schedule.

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Consequential amendment

46
In section 35(3)(d) of TCGA 1992 (no gain no loss disposals), after sub-

paragraph (xvii) insert—

“(xviii)
paragraph 11 or 22 of Schedule (Transfer schemes:

tax provisions) to the Crossrail Act 2008.”’.

Order of the Committee [22nd NOVEMBER]

That—

(1)
if proceedings on the Crossrail Bill are not completed at this day’s sitting, the

Committee do meet—

(a)
on Thursdays when the House is sitting at 9.00 a.m. and 1.00 p.m., and

(b)
on Tuesdays when the House is sitting at 10.30 a.m. and 4.00 p.m.

(2)
That proceedings on the Bill be taken in the following order, namely, Clause

1; Schedule 1; Clause 2; Schedule 2; Clause 3; Schedule 3; Clause 4;

Schedule 4; Clause 5; Schedule 5; Clause 6; Schedule 6; Clauses 7 to 10;

Schedule 7; Clauses 11 to 15; Schedule 8; Clause 16; Schedule 9; Clause 17;

Schedule 10; Clauses 18 to 45; Schedule 11; Clause 46; Schedule 12; Clauses

47 and 48; Schedule 13; Clause 49; Schedule 14; Clauses 50 to 57; Schedule

15; Clause 58; Schedule 16; Clauses 59 to 66; new Clauses, new Schedules,

remaining proceedings on the Bill.