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| For other Amendment(s) see the following page(s):
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| Finance Bill Committee 259-88 |
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| (Except Clauses 3, 5, 6, 15, 21, 49, 90 and 117
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| and new Clauses amending section 74 of the Finance Act 2003)
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| Clause 148, page 90, line 25, after ‘(a)’, insert ‘and (b)’. |
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| Clause 148, page 90, line 41, leave out ‘(6)(b),’. |
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| Clause 22, page 12, line 40, at end add— |
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| | ‘(9) | The Treasury shall lay before the House of Commons by 31st December 2008 a |
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| | report setting out the basis of a statutory residence rule to replace the existing |
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| Schedule 7, page 152, line 8, at end insert ‘or such income and gains do not exceed |
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| the amount referred to in section 809C(1)(c),’. |
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| Schedule 7, page 153, leave out lines 1 to 12. |
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| Schedule 7, page 156, line 35, leave out from ‘is’ to end of line 36 and add |
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| ‘employed in the United Kingdom by a relevant person’. |
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| Schedule 7, page 157, line 37, after ‘(3)(a)’, insert ‘, subsection (11)’. |
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| Schedule 7, page 157, line 41, at end insert— |
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| | ‘(11) | For the purpose of Condition A, property brought to, or received or used in, the |
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| | United Kingdom by or for the benefit of a relevant person is to be disregarded in |
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| | (a) | if the property or service is enjoyed virtually to the entire exclusion of the |
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| | individual, his spouse or civil partner and his dependent children; |
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| | (b) | if full consideration in money or money’s worth is given by the |
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| | individual, his spouse or civil partner or his dependent children for the |
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| | (c) | the property or service is enjoyed by the individual, his spouse or civil |
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| | partner or his dependent children in the same way and on the same terms |
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| | as it may be enjoyed by the general public or by a section of the general |
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| | (12) | The references in subsection (11) above to the spouse or civil partner of the |
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| | individual do not include— |
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| | (a) | a person to whom the individual is not for the time being married but may |
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| | later marry, or a person of whom the individual is not for the time being |
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| | the civil partner but of whom he may later be a civil partner, or |
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| | (b) | a spouse or civil partner from whom the individual is separated under an |
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| | order of a court or under a separation agreement or in such circumstances |
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| | that the separation is likely to be permanent, or |
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| | (c) | the widow or widower or surviving civil partner of the individual. |
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| | (a) | “dependent child” means a child who— |
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| | (i) | is under the age of 18 years, |
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| | (iii) | does not have a civil partner, and |
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| | (b) | “child” includes a stepchild.’. |
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| Schedule 7, page 159, line 33, leave out ‘all relevant persons’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 159, line 34, leave out ‘a relevant person’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 159, line 36, leave out ‘relevant persons’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 159, line 40, at end insert— |
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| | ‘(11) | The references in subsection (9) above to the spouse or civil partner of the |
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| | individual do not include— |
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| | (a) | a person to whom the individual is not for the time being married but may |
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| | later marry, or a person of whom the individual is not for the time being |
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| | the civil partner of whom he may later be a civil partner, or |
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| | (b) | a spouse or civil partner from whom the individual is separated under an |
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| | order of court or under a separation agreement or in such circumstances |
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| | that the separation is likely to be permanent, or |
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| | (c) | the widow or widower or surviving civil partner of the individual. |
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| | (a) | “dependent child” means a child who— |
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| | (i) | is under the age of 18 years, |
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| | (iii) | does not have a civil partner, and |
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| | (b) | “child” includes a stepchild.’. |
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| Schedule 7, page 160, line 23, leave out ‘all relevant persons’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 160, line 24, leave out ‘a relevant person’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 160, line 26, leave out ‘relevant person’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 160, line 28, at end insert— |
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| | ‘(6A) | The references in subsection (6) above to the spouse or civil partner of the |
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| | individual do not include— |
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| | (a) | a person to whom the individual is not for the time being married but may |
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| | later marry, or a person of whom the individual is not for the time being |
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| | the civil partner but of whom he may later be a civil partner, or |
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| | (b) | a spouse or civil partner from whom the individual is separated under an |
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| | order of a court or under a separation agreement or in such circumstances |
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| | that the separation is likely to be permanent, or |
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| | (c) | the widow or widower or surviving civil partner of the individual. |
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| | (a) | “dependent child” means a child who— |
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| | (i) | is under the age of 18 years, |
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| | (iii) | does not have a civil partner, and |
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| | (b) | “child” includes a stepchild.’. |
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| Schedule 7, page 162, line 42, leave out from beginning to end of line 7 on page |
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| | ‘(4) | The kinds of income and capital are— |
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| | (a) | income and gains subject to a UK tax, |
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| | (b) | employment income subject to a foreign tax, |
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| | (c) | relevant foreign income subject to a foreign tax, |
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| | (d) | foreign chargeable gains subject to a foreign tax, |
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| | (e) | relevant foreign earnings (other than income within paragraph (b)), |
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| | (f) | foreign specific employment income (other than income within |
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| | (g) | relevant foreign income (other than income within paragraph (c)), |
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| | (h) | foreign chargeable gains (other than chargeable gains within paragraph |
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| | (i) | income or capital not within another paragraph of this subsection. |
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| | (4A) | Subsection (4) is subject to subsection (4B). |
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| | (4B) | Where an individual has insufficient information to be able to determine whether |
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| | foreign income or foreign gains has suffered foreign tax he shall not be deemed |
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| | to have made an incorrect return if he treats the funds as relating to the appropriate |
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| | income or gains paragraph with respect to which foreign tax has not been |
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| Schedule 7, page 164, line 2, at end insert— |
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| | ‘(3) | This section shall not have effect with respect to gains accruing to an individual |
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| | on the disposal of an asset if the disposal took place prior to 6 April 2008.’. |
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| Schedule 7, page 164, line 21, leave out ‘that derive from relevant foreign income’. |
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| Schedule 7, page 164, line 24, leave out ‘that derives from relevant foreign |
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| Schedule 7, page 165, line 4, at end insert— |
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| | ‘(6) | For the purpose of subsection (4) property is to be treated as not ceasing to meet |
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| | a relevant rule if it is lost, stolen, destroyed, scrapped or otherwise ceases to exist |
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| | or it is disposed of by way of gift other than to a relevant person; and property |
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| | gifted to a relevant person that is exempt property in the hands of that person |
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| | immediately after the gift shall not be treated as ceasing to be exempt property |
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| | solely by reason of that person subsequently ceasing to be a relevant person. |
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| | (7) | If exempt property ceases to meet one of the relevant rules because it is sold to |
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| | someone other than a connected person, the amount chargeable to tax shall be the |
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| | sale proceeds received and not the amount referred to in section 809O above.’. |
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| Schedule 7, page 165, leave out lines 10 to 20 and insert ‘it is for the purpose of public |
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| display at a museum, gallery or other premises within subsection (8) below.’. |
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| Schedule 7, page 166, line 1, leave out from ‘is’ to end of line 4 and insert ‘any |
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| museum, gallery or other premises at which it is usual to display items for access to the |
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| public and where the item will be on display to the public throughout the normal opening |
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| hours of that place or where throughout such times it will be available for public access.’. |
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| Schedule 7, page 178, line 2, at end insert ‘where the source ceased after 5 April |
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| Schedule 7, page 178, leave out lines 40 to 45 and insert— |
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| | ‘(1) | Deductions are allowed from the income mentioned in section 832(2) where— |
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| | (a) | the income is from a trade, profession or vocation carried on outside the |
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| | (b) | the income is overseas property income. |
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| | (2) | In the case of section 832B(1)(a) the same deductions are allowed as are allowed |
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| | under the Income Taxes Acts where the trade, profession or vocation is carried |
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| | out in the United Kingdom. |
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| | (3) | In the case of section 832B(1)(b) the same deductions are allowed as are allowed |
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| | under the Income Taxes Acts where the property business is carried on overseas |
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| | and taxed on the arising basis.’. |
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| Schedule 7, page 187, leave out lines 1 to 9 and insert ‘, and |
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| | (b) | before 6 April 2008 the money was received in the United Kingdom.’. |
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| Schedule 7, page 187, line 10, leave out ‘Relevant foreign income’ and insert |
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| Schedule 7, page 187, leave out lines 13 to 21. |
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| Schedule 7, page 187, leave out lines 1 to 3 and insert— |
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| | ‘(b) | the loan was made for the purpose of enabling the individual to— |
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| | (i) | acquire an interest in residential property in the United Kingdom, |
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| | (ii) | carry out a remortgaging exercise with respect to residential |
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| | property in the United Kingdom, or |
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| | (iii) | furnish, decorate, repair or enhance a residential property in the |
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| Schedule 7, page 187, line 6, leave out from ‘money’ to ‘and’ in line 7 and insert |
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| ‘for any of the purposes referred to in subsection (1)(b),’. |
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