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289

 

House of Commons

 
 

Notices of Amendments

 

given on

 

Tuesday 10th June 2008

 

For other Amendment(s) see the following page(s):

 

Finance Bill Committee 259-88

 

Public Bill Committee


 

Finance Bill

 

(Except Clauses 3, 5, 6, 15, 21, 49, 90 and 117


 

and new Clauses amending section 74 of the Finance Act 2003)


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

358

 

Clause  148,  page  90,  line  25,  after ‘(a)’, insert ‘and (b)’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

359

 

Clause  148,  page  90,  line  41,  leave out ‘(6)(b),’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

360

 

Clause  22,  page  12,  line  40,  at end add—

 

‘(9)    

The Treasury shall lay before the House of Commons by 31st December 2008 a

 

report setting out the basis of a statutory residence rule to replace the existing

 

rules.’.


 
 

Notices of Amendments: 10th June 2008                  

290

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

361

 

Schedule  7,  page  152,  line  8,  at end insert ‘or such income and gains do not exceed

 

the amount referred to in section 809C(1)(c),’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

362

 

Schedule  7,  page  153,  leave out lines 1 to 12.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

363

 

Schedule  7,  page  156,  line  35,  leave out from ‘is’ to end of line 36 and add

 

‘employed in the United Kingdom by a relevant person’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

364

 

Schedule  7,  page  157,  line  37,  after ‘(3)(a)’, insert ‘, subsection (11)’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

365

 

Schedule  7,  page  157,  line  41,  at end insert—

 

‘(11)    

For the purpose of Condition A, property brought to, or received or used in, the

 

United Kingdom by or for the benefit of a relevant person is to be disregarded in

 

any of these cases—

 

(a)    

if the property or service is enjoyed virtually to the entire exclusion of the

 

individual, his spouse or civil partner and his dependent children;

 

(b)    

if full consideration in money or money’s worth is given by the

 

individual, his spouse or civil partner or his dependent children for the

 

enjoyment; or

 

(c)    

the property or service is enjoyed by the individual, his spouse or civil

 

partner or his dependent children in the same way and on the same terms

 

as it may be enjoyed by the general public or by a section of the general

 

public.

 

(12)    

The references in subsection (11) above to the spouse or civil partner of the

 

individual do not include—

 

(a)    

a person to whom the individual is not for the time being married but may

 

later marry, or a person of whom the individual is not for the time being

 

the civil partner but of whom he may later be a civil partner, or


 
 

Notices of Amendments: 10th June 2008                  

291

 

Finance Bill, continued

 
 

(b)    

a spouse or civil partner from whom the individual is separated under an

 

order of a court or under a separation agreement or in such circumstances

 

that the separation is likely to be permanent, or

 

(c)    

the widow or widower or surviving civil partner of the individual.

 

(13)    

In this section—

 

(a)    

“dependent child” means a child who—

 

(i)    

is under the age of 18 years,

 

(ii)    

is unmarried, and

 

(iii)    

does not have a civil partner, and

 

(b)    

“child” includes a stepchild.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

366

 

Schedule  7,  page  159,  line  33,  leave out ‘all relevant persons’ and insert ‘the

 

individual, his spouse or civil partner and his dependent children’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

367

 

Schedule  7,  page  159,  line  34,  leave out ‘a relevant person’ and insert ‘the

 

individual, his spouse or civil partner and his dependent children’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

368

 

Schedule  7,  page  159,  line  36,  leave out ‘relevant persons’ and insert ‘the

 

individual, his spouse or civil partner and his dependent children’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

369

 

Schedule  7,  page  159,  line  40,  at end insert—

 

‘(11)    

The references in subsection (9) above to the spouse or civil partner of the

 

individual do not include—

 

(a)    

a person to whom the individual is not for the time being married but may

 

later marry, or a person of whom the individual is not for the time being

 

the civil partner of whom he may later be a civil partner, or

 

(b)    

a spouse or civil partner from whom the individual is separated under an

 

order of court or under a separation agreement or in such circumstances

 

that the separation is likely to be permanent, or

 

(c)    

the widow or widower or surviving civil partner of the individual.

 

(12)    

In this section—

 

(a)    

“dependent child” means a child who—

 

(i)    

is under the age of 18 years,


 
 

Notices of Amendments: 10th June 2008                  

292

 

Finance Bill, continued

 
 

(ii)    

is unmarried, and

 

(iii)    

does not have a civil partner, and

 

(b)    

“child” includes a stepchild.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

370

 

Schedule  7,  page  160,  line  23,  leave out ‘all relevant persons’ and insert ‘the

 

individual, his spouse or civil partner and his dependent children’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

371

 

Schedule  7,  page  160,  line  24,  leave out ‘a relevant person’ and insert ‘the

 

individual, his spouse or civil partner and his dependent children’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

372

 

Schedule  7,  page  160,  line  26,  leave out ‘relevant person’ and insert ‘the

 

individual, his spouse or civil partner and his dependent children’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

373

 

Schedule  7,  page  160,  line  28,  at end insert—

 

‘(6A)    

The references in subsection (6) above to the spouse or civil partner of the

 

individual do not include—

 

(a)    

a person to whom the individual is not for the time being married but may

 

later marry, or a person of whom the individual is not for the time being

 

the civil partner but of whom he may later be a civil partner, or

 

(b)    

a spouse or civil partner from whom the individual is separated under an

 

order of a court or under a separation agreement or in such circumstances

 

that the separation is likely to be permanent, or

 

(c)    

the widow or widower or surviving civil partner of the individual.

 

(6B)    

In this section—

 

(a)    

“dependent child” means a child who—

 

(i)    

is under the age of 18 years,

 

(ii)    

is unmarried, and

 

(iii)    

does not have a civil partner, and

 

(b)    

“child” includes a stepchild.’.


 
 

Notices of Amendments: 10th June 2008                  

293

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

374

 

Schedule  7,  page  162,  line  42,  leave out from beginning to end of line 7 on page

 

163 and insert—

 

‘(4)    

The kinds of income and capital are—

 

(a)    

income and gains subject to a UK tax,

 

(b)    

employment income subject to a foreign tax,

 

(c)    

relevant foreign income subject to a foreign tax,

 

(d)    

foreign chargeable gains subject to a foreign tax,

 

(e)    

relevant foreign earnings (other than income within paragraph (b)),

 

(f)    

foreign specific employment income (other than income within

 

paragraph (b)),

 

(g)    

relevant foreign income (other than income within paragraph (c)),

 

(h)    

foreign chargeable gains (other than chargeable gains within paragraph

 

(d)), and

 

(i)    

income or capital not within another paragraph of this subsection.

 

(4A)    

Subsection (4) is subject to subsection (4B).

 

(4B)    

Where an individual has insufficient information to be able to determine whether

 

foreign income or foreign gains has suffered foreign tax he shall not be deemed

 

to have made an incorrect return if he treats the funds as relating to the appropriate

 

income or gains paragraph with respect to which foreign tax has not been

 

suffered.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

375

 

Schedule  7,  page  164,  line  2,  at end insert—

 

‘(3)    

This section shall not have effect with respect to gains accruing to an individual

 

on the disposal of an asset if the disposal took place prior to 6 April 2008.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

376

 

Schedule  7,  page  164,  line  21,  leave out ‘that derive from relevant foreign income’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

377

 

Schedule  7,  page  164,  line  24,  leave out ‘that derives from relevant foreign

 

income’.


 
 

Notices of Amendments: 10th June 2008                  

294

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

378

 

Schedule  7,  page  165,  line  4,  at end insert—

 

‘(6)    

For the purpose of subsection (4) property is to be treated as not ceasing to meet

 

a relevant rule if it is lost, stolen, destroyed, scrapped or otherwise ceases to exist

 

or it is disposed of by way of gift other than to a relevant person; and property

 

gifted to a relevant person that is exempt property in the hands of that person

 

immediately after the gift shall not be treated as ceasing to be exempt property

 

solely by reason of that person subsequently ceasing to be a relevant person.

 

(7)    

If exempt property ceases to meet one of the relevant rules because it is sold to

 

someone other than a connected person, the amount chargeable to tax shall be the

 

sale proceeds received and not the amount referred to in section 809O above.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

379

 

Schedule  7,  page  165,  leave out lines 10 to 20 and insert ‘it is for the purpose of public

 

display at a museum, gallery or other premises within subsection (8) below.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

380

 

Schedule  7,  page  166,  line  1,  leave out from ‘is’ to end of line 4 and insert ‘any

 

museum, gallery or other premises at which it is usual to display items for access to the

 

public and where the item will be on display to the public throughout the normal opening

 

hours of that place or where throughout such times it will be available for public access.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

381

 

Schedule  7,  page  178,  line  2,  at end insert ‘where the source ceased after 5 April

 

2007’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

382

 

Schedule  7,  page  178,  leave out lines 40 to 45 and insert—

 

‘(1)    

Deductions are allowed from the income mentioned in section 832(2) where—

 

(a)    

the income is from a trade, profession or vocation carried on outside the

 

United Kingdom; and

 

(b)    

the income is overseas property income.

 

(2)    

In the case of section 832B(1)(a) the same deductions are allowed as are allowed

 

under the Income Taxes Acts where the trade, profession or vocation is carried

 

out in the United Kingdom.


 
 

Notices of Amendments: 10th June 2008                  

295

 

Finance Bill, continued

 
 

(3)    

In the case of section 832B(1)(b) the same deductions are allowed as are allowed

 

under the Income Taxes Acts where the property business is carried on overseas

 

and taxed on the arising basis.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

383

 

Schedule  7,  page  187,  leave out lines 1 to 9 and insert ‘, and

 

(b)    

before 6 April 2008 the money was received in the United Kingdom.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

384

 

Schedule  7,  page  187,  line  10,  leave out ‘Relevant foreign income’ and insert

 

‘Foreign income gains’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

385

 

Schedule  7,  page  187,  leave out lines 13 to 21.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

386

 

Schedule  7,  page  187,  leave out lines 1 to 3 and insert—

 

‘(b)    

the loan was made for the purpose of enabling the individual to—

 

(i)    

acquire an interest in residential property in the United Kingdom,

 

(ii)    

carry out a remortgaging exercise with respect to residential

 

property in the United Kingdom, or

 

(iii)    

furnish, decorate, repair or enhance a residential property in the

 

United Kingdom, and’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

387

 

Schedule  7,  page  187,  line  6,  leave out from ‘money’ to ‘and’ in line 7 and insert

 

‘for any of the purposes referred to in subsection (1)(b),’.


 
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