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Public Bill Committee: 19th June 2008                  

476

 

Finance Bill, continued

 
 

(2)    

In Schedule 28 after paragraph 22 insert—

 

“Dependant’s retirement income fund

 

22A(1)  

Subject to sub-paragraphs (2) and (3) of this paragraph, a dependant’s

 

retirement income fund is a vehicle for the reinvestment of savings in

 

retirement which—

 

(a)    

has been established by a person designated by subsection (1)

 

of section 154; and

 

(b)    

is a vehicle the investments in which are—

 

(i)    

investments of a kind described in the Insurance

 

Companies Regulations 1994, Schedule X, Part 1, or

 

(ii)    

approved by HM Revenue and Customs.

 

      (2)  

Funds held in the retirement income fund as referred to in sub-

 

paragraph (1) may be withdrawn from the retirement income fund by

 

the members as and when he elects.

 

      (3)  

A dependant may not invest in a dependant’s retirement income funds

 

unless the requirements of Rule 8 of section 165 have been met.

 

      (4)  

A retirement income fund, and any income derived from it, must not

 

be capable of assignment or surrender by the member.

 

      (5)  

Any withdrawal from the fund by the member under sub-paragraph (2)

 

shall be assessable to tax under Schedule E (and section 203 shall

 

apply accordingly) and shall be treated as earned income of the

 

member.”.’.

 


 

Missing trader fraud

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

NC21

 

To move the following Clause:—

 

‘HMRC shall lay a report before Parliament every three months on the measures

 

taken by the Government to combat missing trader intra community (MTIC)

 

fraud and the effects those measures are having on the VAT compliance system

 

generally.’.

 



 
 

Public Bill Committee: 19th June 2008                  

477

 

Finance Bill, continued

 
 

Gift aid averaging scheme

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

NC27

 

To move the following Clause:—

 

‘The Treasury shall, before the publication of the 2008 Pre-Budget report, prepare

 

and lay before the House of Commons a feasibility study, including an

 

assessment of the cost and revenue implications, of implementing a system of

 

automatic refund of tax credits in respect of gift aid contributions using an

 

averaging process.’.

 


 

Mileage allowance payments

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

NC22

 

To move the following Clause:—

 

‘(1)    

ITEPA 2003 is amended as follows.

 

(2)    

In section 229, at end insert—

 

“(5)    

Mileage allowances are to be treated as approved if they are paid—

 

(a)    

otherwise than in connection with an office or employment;

 

(b)    

to someone who is not employed by the payer or an associate of

 

the payer; and

 

(c)    

for less than 10,000 miles in any one year.”.

 

(3)    

In section 230, at end insert—

 

“(7)    

The Treasury shall publish annually a report setting out its assessment of

 

the impact of the rates in subsection (2) on the level of participation of

 

volunteers in community transport schemes.”’.

 


 

Bingo

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

NC23

 

To move the following Clause:—


 
 

Public Bill Committee: 19th June 2008                  

478

 

Finance Bill, continued

 
 

‘The Treasury shall, before the publication of the 2008 Pre-Budget Report,

 

prepare and lay before the House of Commons a report on the impact of the

 

double taxation of bingo on—

 

(a)    

the competitiveness of licensed bingo clubs, and

 

(b)    

the level of social access of individuals aged over 65.’.

 


 

Vehicle mileage costs

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

NC24

 

To move the following Clause:—

 

‘The Treasury shall publish annually alongside the Pre-Budget report an estimate

 

of the average cost of operating a motor vehicle (including associated running

 

costs and depreciation) per mile for a vehicle driving 10,000 miles per year for—

 

(a)    

a vehicle registered before 1st March 2001 paying pre-graduated Vehicle

 

Excise Duty with an engine size 1549cc below;

 

(b)    

a vehicle registered before 1st March 2001 paying pre-graduated Vehicle

 

Excise Duty with an engine size above 1549cc; and

 

(c)    

a vehicle registered after 1st March 2001 liable to pay graduated Vehicle

 

Excise Duty in each of the VED bands A-M with effect from 1st April

 

2009.’.

 

 

Order of the House [21st APRIL 2008]

 

That the following provisions shall apply to the Finance Bill:

 

 

1.    

Clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new Clauses amending section 74

 

of the Finance Act 2003 be committed to a Committee of the whole House;

 

2.    

the remainder of the Bill be committed to a Public Bill Committee; and

 

3.    

when the provisions of the Bill considered by the Committee of the whole

 

House and the Public Bill Committee have been reported to the House, the

 

Bill be proceeded with as if it had been reported as a whole to the House from

 

the Public Bill Committee.

 

 

Resolution of the Committee [6th May 2008]

 

That the Committee shall meet—

 

(a)  

on Tuesdays at 10.30 a.m. and 4.30 p.m., and

 

(b)  

on Thursdays at 9.00 a.m. and 1.00 p.m.,

 

when the House is sitting.

 


 
 

Public Bill Committee: 19th June 2008                  

479

 

Finance Bill, continued

 
 

Order of the Committee [6th may 2008]

 

That the order in which proceedings are taken shall be: Clauses 1 and 2; Schedule 1;

 

Clause 4; Schedule 2; Clause 7; Schedule 3; Clause 8; Schedule 4; Clauses 9 to 12;

 

Schedule 5; Clauses 13 and 14; Schedule 6; Clauses 16 to 20; Clause 24; Schedule 8;

 

Clause 25; Schedule 9; Clause 26; Schedule 10; Clauses 27 to 29; Schedule 11; Clauses

 

30 and 31; Schedule 12; Clauses 32 and 33; Schedules 13 and 14; Clause 34; Schedule

 

15; Clause 35; Schedule 16; Clauses 36 to 40; Schedule 17; Clause 41; Schedule 18;

 

Clauses 42 to 48 and 50; Schedule 19; Clauses 51 and 52; Schedule 20; Clauses 53 to 57;

 

Schedule 21; Clauses 58 and 59; Schedule 22; Clause 60; Schedule 23; Clauses 61 to 71;

 

Schedule 24; Clauses 72 to 76; Schedule 25; Clauses 77 to 79; Schedule 26; Clauses 80

 

and 81; Schedule 27; Clauses 82 to 88; Schedule 28; Clause 89; Schedule 29; Clause 91;

 

Schedule 30; Clauses 92 to 94; Schedule 31; Clauses 95 and 96; Schedule 32; Clauses 97

 

to 102; Schedule 33; Clauses 103 and 104; Schedule 34; Clauses 105 and 106; Schedule

 

35; Clauses 107 and 108; Schedule 36; Clauses 109 and 110; Schedule 37; Clause 111;

 

Schedule 38; Clauses 112 and 113; Schedule 39; Clauses 114 to 116; Schedule 40; Clause

 

118; Schedule 41; Clauses 119 and 120; Schedule 42; Clauses 121 to 124; Schedule 43;

 

Clauses 125 to 132; Schedule 44; Clauses 133 to 139; Schedule 45; Clauses 140 to 151;

 

Schedule 46; Clauses 152 to 158; Clauses 22 and 23; Schedule 7; new Clauses; new

 

Schedules; and Clauses 159 and 160.

 


 
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