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157

 

House of Commons

 
 

Notices of Amendments

 

given on

 

Thursday 22nd May 2008

 

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

 

Finance Bill Committee 151-156

 

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)


 

Jane Kennedy

 

144

 

Clause  66,  page  34,  line  26,  leave out from ‘effect’ to ‘for’ in line 27 and insert ‘for

 

the purpose of calculating the amount of any payments to be made under section 59A of

 

TMA 1970 on account of liability to income tax’.

 

Jane Kennedy

 

145

 

Clause  78,  page  42,  line  33,  at end insert—

 

‘(5)    

The Treasury may by order substitute for the amount for the time being specified

 

in subsection (3) such other amount as it thinks fit.

 

(6)    

An order under subsection (5) may make such incidental, supplemental,

 

consequential and transitional provision as the Treasury thinks fit.’.

 

Jane Kennedy

 

146

 

Schedule  24,  page  288,  line  34,  at end insert—

 

‘( )    

In determining whether expenditure is AIA qualifying expenditure, any effect of

 

section 12 on the time at which it is to be treated as incurred is to be disregarded.’.

 

Jane Kennedy

 

147

 

Schedule  24,  page  290,  leave out lines 15 to 17.

 

Jane Kennedy

 

148

 

Schedule  27,  page  322,  line  35,  at end insert—


 
 

Notices of Amendments: 22nd May 2008                  

158

 

Finance Bill, continued

 
 

‘   (1)  

Sub-paragraph (2) applies if—

 

(a)    

an initial allowance has been made under Part 3 of CAA 2001 in

 

respect of qualifying enterprise zone expenditure, and

 

(b)    

an event occurs in relation to the building on which the expenditure

 

was incurred which, if section 307 of that Act (withdrawal of

 

allowance if building not industrial building when first used etc)

 

remained in force, would result in the allowance being withdrawn.

 

      (2)  

Unless the event occurs more than 7 years after the end of the chargeable

 

period for which the allowance was made, the allowance is to be withdrawn as

 

if that section remained in force.’.

 

Jane Kennedy

 

149

 

Clause  91,  page  52,  line  24,  leave out ‘, other than any rent,’.

 

Jane Kennedy

 

150

 

Clause  91,  page  52,  line  25,  leave out from ‘£40,000’ to end of line 26.

 

Jane Kennedy

 

151

 

Clause  91,  page  52,  line  33,  after ‘consideration’, insert ‘for the assignment or

 

surrender’.

 

Jane Kennedy

 

152

 

Clause  92,  page  54,  line  42,  at end insert—

 

‘( )    

In Schedule 9 to that Act (SDLT: right to buy etc), after paragraph 4A insert—

 

“Shared ownership lease: grant not linked with staircasing transactions etc

 

4B  (1)  

For the purpose of determining the rate of tax chargeable on the grant

 

of a shared ownership lease of a dwelling, the grant shall be treated as

 

if it were not linked to—

 

(a)    

any acquisition of an interest in the dwelling to which

 

paragraph 4A applies, or

 

(b)    

a transfer of the reversion to the lessee or lessees under the

 

terms of the lease.

 

      (2)  

In this paragraph “shared ownership lease” has the same meaning as

 

in paragraph 4A.”

 

( )    

In that Schedule, in paragraphs 10(1) and (2) and 11(b) (shared ownership trusts),

 

omit “additional”.

 

( )    

In that Schedule, insert at the end—

 

“Shared ownership trust: declaration not linked with staircasing transactions etc

 

12         

For the purpose of determining the rate of tax chargeable on the

 

declaration of a shared ownership trust, the declaration shall be treated

 

as if it were not linked to—

 

(a)    

any equity-acquisition payment under the trust or any

 

consequent increase in the purchaser’s beneficial interest in

 

the trust property, or


 
 

Notices of Amendments: 22nd May 2008                  

159

 

Finance Bill, continued

 
 

(b)    

a transfer to the purchaser of an interest in the trust property

 

upon the termination of the trust.”’.

 

Jane Kennedy

 

153

 

Clause  93,  page  55,  line  32,  at end insert ‘(but see subsection (6A))’.

 

Jane Kennedy

 

154

 

Clause  93,  page  56,  line  3,  at end insert—

 

  ‘(6A)  

Sub-paragraph (4) does not apply where—

 

(a)    

there is a change in the control of the purchaser because a loan creditor

 

(within the meaning of section 417(7) to (9) of the Taxes Act 1988)

 

obtains control of, or ceases to control, the purchaser, and

 

(b)    

the other persons who controlled the purchaser before that change

 

continue to do so.’.

 

Jane Kennedy

 

155

 

Clause  93,  page  56,  line  7,  leave out ‘4A(1)’ and insert ‘4A’.

 

Jane Kennedy

 

156

 

Clause  93,  page  56,  line  8,  after ‘transactions),’, insert ‘—

 

(a)    

in sub-paragraph (1),’.

 

Jane Kennedy

 

157

 

Clause  93,  page  56,  line  9,  at end insert—

 

‘(b)    

after that sub-paragraph insert—

 

“(1A)  

Sub-paragraph (1) has effect subject to sub-paragraph (3A).”,

 

(c)    

in sub-paragraph (3)—

 

(i)    

for “sub-paragraph (1)(a)” substitute “this paragraph”, and

 

(ii)    

for “this sub-paragraph” substitute “this paragraph”, and

 

(d)    

after sub-paragraph (3) insert—

 

“(3A)  

Sub-paragraph (1) does not apply where—

 

(a)    

there is a change in the control of the purchaser

 

because a loan creditor (within the meaning of section

 

417(7) to (9) of the Taxes Act 1988) obtains control

 

of, or ceases to control, the purchaser, and

 

(b)    

the other persons who controlled the purchaser before

 

that change continue to do so.”’.

 

Jane Kennedy

 

158

 

Clause  93,  page  56,  line  12,  leave out from ‘2008’ to end of line 19.


 
 

Notices of Amendments: 22nd May 2008                  

160

 

Finance Bill, continued

 
 

Gifts inter vivos

 

Jane Kennedy

 

NC6

 

To move the following Clause:—

 

‘(1)    

Omit section 82(5) and (9) of FA 1985 (adjudication of certain gifts inter vivos).

 

(2)    

Accordingly, omit paragraph 9 of Schedule 14 to FA 1999.

 

(3)    

The amendments made by this section have effect in relation to instruments

 

executed on or after 13 March 2008, other than instruments effecting a land

 

transaction (within the meaning of paragraph 22 of Schedule 32).

 

(4)    

For the purposes of section 14(4) of the Stamp Act 1891 (instruments not to be

 

given in evidence etc unless stamped in accordance with the law in force at the

 

time of first execution), the law in force at the time of execution of such an

 

instrument shall be deemed to be the law as varied in accordance with this

 

section.’.

 

Abandonment expenditure: deductions from ring fence income

 

Jane Kennedy

 

NC7

 

To move the following Clause:—

 

‘(1)    

FA 1991 is amended as follows.

 

(2)    

Section 64 (relief for expenditure incurred by a participator in meeting defaulter’s

 

abandonment expenditure) is amended as follows.

 

(3)    

In subsection (1)(a)—

 

(a)    

omit “(as set out in section 107 of this Act)”, and

 

(b)    

for “sub-paragraph (1)(a)” substitute “sub-paragraph (2)”.

 

(4)    

In subsection (1)(b)—

 

(a)    

for “sub-paragraph (4)” substitute “sub-paragraph (2)”, and

 

(b)    

for “qualifying” substitute “contributing”.

 

(5)    

In subsections (2), (3), (4) and (5) (in each place), for “qualifying” substitute

 

“contributing”.

 

(6)    

Section 65 (reimbursement by defaulter in respect of certain abandonment

 

expenditure) is amended as follows.

 

(7)    

In subsection (1)(a)—

 

(a)    

omit “(as set out in section 107 of this Act)”, and

 

(b)    

for “sub-paragraph (1)(a)” substitute “sub-paragraph (2)”.

 

(8)    

In subsection (1)(b), for “sub-paragraph (4)” substitute “sub-paragraph (2)”.

 

(9)    

In subsections (1) (in each place), (4), (5) (in each place), (6), (7) (in each place)

 

and (8), for “qualifying” substitute “contributing”.

 

(10)    

The amendments made by this section have effect in relation to expenditure

 

incurred after 30 June 2008.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

159

 

Clause  93,  page  56,  line  6,  at end insert—


 
 

Notices of Amendments: 22nd May 2008                  

161

 

Finance Bill, continued

 
 

‘(8)    

The provisions of sub-paragraph (4) shall not apply unless, at the effective date

 

of the transaction, there are arrangements in existence by virtue of which, at that

 

time or some later time, a person has or could obtain, or any persons together have

 

or could obtain, control of the purchaser but not of the vendor.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

160

 

Clause  74,  page  40,  line  12,  leave out subsection (3).

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

161

 

Clause  74,  page  40,  line  16,  leave out subsections (5) and (6).

 


 
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