173

House of Commons

Tuesday 3rd June 2008

Public Bill Committee

New Amendments handed in are marked thus

Other Amendments not tabled within the required notice period are marked thus

Finance Bill

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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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Note

The Amendments have been arranged in accordance with the Order of the

Committee [6th May].

Clause 61.

Question proposed, That the Clause, as amended, stand part of the Bill.

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’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

200

Schedule  24,  page  288,  line  33,  leave out from ‘partnership’ to ‘or’.

Public Bill Committee: 3rd June 2008

174

Finance Bill, continued

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

201

Schedule  24,  page  288,  line  34,  at end insert ‘; or

(d)	a trustee’.

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.’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

202

Schedule  24,  page  289,  leave out lines 41 and 42.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

203

Schedule  24,  page  290,  line  14,  at end insert—

‘(7A)

Where AIA qualifying expenditure incurred in a chargeable period is less than the

maximum allowances, the unused allowance may be carried forward to relieve

future qualifying expenditure in a subsequent chargeable period or carried back

to relieve unrelieved qualifying expenditure in the previous chargeable period.’.

Jane Kennedy

147

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

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

204

Clause  72,  page  39,  line  5,  leave out ‘and (3)’ and insert ‘to (4)’.

Public Bill Committee: 3rd June 2008

175

Finance Bill, continued

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).

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

212

Schedule  25,  page  301,  line  34,  at end insert—

‘(5)	In this Schedule “company” includes a partnership or a business carried on by a

sole trader’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

214

Schedule  25,  page  301,  line  39,  leave out ‘19%’ and insert ‘20%’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

210

Schedule  25,  page  302,  line  18,  after ‘machinery)’, insert ‘or section 45D

(expenditure on cars with low carbon dioxide emissions) or section 45E (expenditure on

plant and machinery for gas refuelling stations) or section 45F (expenditure on plant and

machinery for use wholly in a ring-fence trade)’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

211

Schedule  25,  page  302,  line  20,  leave out ‘2013’ and insert ‘2018’.

Public Bill Committee: 3rd June 2008

176

Finance Bill, continued

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

208

Schedule  25,  page  307,  line  14,  after ‘tax’, insert ‘that is due and payable’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

209

Schedule  25,  page  307,  line  23,  leave out from ‘as’ to end and insert ‘is just and

reasonable’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

205

Schedule  25,  page  310,  leave out lines 5 and 6.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

206

Schedule  25,  page  310,  leave out lines 12 and 13.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

207

Schedule  25,  page  310,  leave out lines 16 to 20.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

213

Schedule  25,  page  313,  line  36,  at end add ‘by a company which is incorporated

under the Companies Acts on or after 6th April 2008 by a company which is a partnership

or a business carried on by a sole trader.’.

Public Bill Committee: 3rd June 2008

177

Finance Bill, continued

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.’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

215

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 greater 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.’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

216

Schedule  26,  page  314,  leave out lines 16 and 17.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

217

Clause  81,  page  44,  line  15,  leave out subsections (2) and (3).

Mr Jeremy Browne

Dr Vincent Cable

Mr Colin Breed

Dr John Pugh

184

Clause  81,  page  44,  line  16,  leave out subsection (3).

Public Bill Committee: 3rd June 2008

178

Finance Bill, continued

Jane Kennedy

148

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

‘   (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.’.

Mr Jeremy Browne

Dr Vincent Cable

Mr Colin Breed

Dr John Pugh

185

Clause  85,  page  47,  line  33,  leave out paragraph (b).

Mr Jeremy Browne

Dr Vincent Cable

Mr Colin Breed

Dr John Pugh

186

Clause  85,  page  47,  line  36,  leave out from ‘(2)’ to end of line 37 and add ‘may not

be made unless a draft of the regulations has been laid before, and approved by a

resolution of, the House of Commons.’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

218

Clause  86,  page  48,  line  29,  leave out subsection (4) and insert—

‘(4)	Where this section applies—

(a)	section 343(2) shall apply, but as if the words “and are subject to section

343A (company reconstructions involving business of leasing plant or

machinery)” were omitted; and

(b)	section 343A shall not apply.’.

Public Bill Committee: 3rd June 2008

179

Finance Bill, continued

Jane Kennedy

149

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

Jane Kennedy

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

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

(b)	a transfer to the purchaser of an interest in the trust property

upon the termination of the trust.”’.

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Revised 3 June 2008