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33

 

House of Commons

 
 

Tuesday 6th May 2008

 

Public Bill Committee

 

New Amendments handed in are marked thus Parliamentary Star

 

Other Amendments not tabled within the required notice period are marked thus Parliamentary Star - white

 

Finance Bill


 

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


 

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


 

Note

 

The Amendments have been arranged in accordance with the Order to be

 

proposed by Jane Kennedy.

 


 

Jane Kennedy

 

To move, 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.

 


 

Jane Kennedy

 

To move, 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


 
 

Public Bill Committee: 6th May 2008                     

34

 

Finance Bill, continued

 
 

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.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

John Thurso

 

1

 

Clause  1,  page  1,  line  7,  leave out ‘20%’ and insert ‘16%’.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

11

 

Schedule  1,  page  98,  leave out lines 6 to 8.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

12

 

Schedule  1,  page  98,  line  13,  at end insert—

 

    ‘(6)  

The starting rate for savings is to be applied only on the making of a claim.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

13

 

Schedule  1,  page  103,  line  28,  leave out ‘social security pension’.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

2

 

Clause  4,  page  2,  line  30,  leave out ‘28%’ and insert ‘25%’.

 



 
 

Public Bill Committee: 6th May 2008                     

35

 

Finance Bill, continued

 
 

Jane Kennedy

 

53

 

Parliamentary Star    

Schedule  2,  page  109,  line  3,  at end insert—

 

‘(6A)    

For the purpose of determining whether a company which has a qualifying

 

shareholding in a joint venture company is a trading company—

 

(a)    

any holding by it of shares in the joint venture company is to be

 

disregarded, and

 

(b)    

it is to be treated as carrying on an appropriate proportion of the activities

 

of the joint venture company or, where the joint venture company is the

 

holding company of a trading group, of the activities of that group;

 

    

and in paragraph (b) above “appropriate proportion” means a proportion

 

corresponding to the percentage of the ordinary share capital of the joint venture

 

company held by the company.’.

 

Jane Kennedy

 

54

 

Parliamentary Star    

Schedule  2,  page  109,  line  37,  at end insert—

 

‘(10A)    

For the purpose of determining whether a group of companies is a trading group

 

in a case where any one or more members of the group has a qualifying

 

shareholding in a joint venture company which is not a member of the group—

 

(a)    

every holding of shares in the joint venture company by a member of the

 

group having a qualifying shareholding in it is to be disregarded, and

 

(b)    

each member of the group having such a qualifying shareholding is to be

 

treated as carrying on an appropriate proportion of the activities of the

 

joint venture company or, where the joint venture company is a holding

 

company of a trading group, of the activities of that group;

 

    

and in paragraph (b) above “appropriate proportion” means a proportion

 

corresponding to the percentage of the ordinary share capital of the joint venture

 

company held by the member of the group.’.

 

Jane Kennedy

 

55

 

Parliamentary Star    

Schedule  2,  page  109,  line  38,  leave out from first ‘of’ to ‘are’ in line 39 and insert

 

‘this section the activities of the members of a group of companies’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

3

 

Schedule  2,  page  116,  leave out lines 11 to 29.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

John Thurso

 

4

 

Clause  7,  page  3,  line  23,  at end insert—

 

‘(2)    

Within twelve months of the commencement of this section, the Treasury shall

 

compile and lay before the House of Commons a report containing an assessment


 
 

Public Bill Committee: 6th May 2008                     

36

 

Finance Bill, continued

 
 

of the impact of the entrepreneurs’ relief limit on the rate of investment of serial

 

entrepreneurs.’.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

14

 

Schedule  3,  page  120,  line  20,  leave out from ‘use’ to ‘for’ in line 21.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

15

 

Schedule  3,  page  120,  line  22,  after ‘business’, insert ‘where such assets have been

 

in such use for a period of not less than two years at the time of the disposal’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

17

 

Schedule  3,  page  120,  line  26,  leave out from ‘throughout’ to first ‘the’ in line 27

 

and insert ‘a 12-month period beginning not more than two years before’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

18

 

Schedule  3,  page  120,  line  30,  leave out from ‘throughout’ to first ‘the’ in line 31

 

and insert ‘a 12-month period beginning not more than two years before’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

16

 

Schedule  3,  page  120,  line  31,  leave out from ‘which’ to end of line 34 and insert

 

‘the disposal of the asset takes place’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

19

 

Schedule  3,  page  120,  line  37,  leave out from ‘throughout’ to second ‘the’ and

 

insert ‘a 12-month period beginning not more than two years before’.


 
 

Public Bill Committee: 6th May 2008                     

37

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

21

 

Schedule  3,  page  120,  line  39,  leave out ‘the individual’s personal company’ and

 

insert ‘unlisted’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

23

 

Schedule  3,  page  120,  line  41,  leave out from ‘group’ to end of line 44.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

24

 

Schedule  3,  page  121,  line  1,  leave out from ‘the’ to end and insert ‘condition in’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

25

 

Schedule  3,  page  121,  line  2,  leave out ‘are’ and insert ‘is’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

20

 

Schedule  3,  page  121,  line  2,  leave out from ‘throughout’ to end and insert ‘a 12-

 

month period beginning not more than two years before’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

26

 

Schedule  3,  page  121,  line  36,  after ‘possession’, insert ‘, including a defeasible

 

life interest,’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

27

 

Schedule  3,  page  122,  line  31,  leave out ‘as part of’ and insert ‘subsequently to’.


 
 

Public Bill Committee: 6th May 2008                     

38

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

28

 

Schedule  3,  page  122,  leave out lines 37 to 39 and insert ‘date of the disposal referred

 

to in subsection (3)’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

John Thurso

 

8

 

Schedule  3,  page  124,  line  5,  leave out ‘£1 million’ and insert ‘the entrepreneurs’

 

relief limit’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

29

 

Schedule  3,  page  124,  line  5,  leave out ‘£1 million’ and insert ‘the entrepreneur’s

 

relief limit’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

John Thurso

 

9

 

Schedule  3,  page  124,  line  7,  leave out ‘£1 million’ and insert ‘the entrepreneurs’

 

relief limit’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

30

 

Schedule  3,  page  124,  line  7,  leave out ‘£1 million’ and insert ‘the entrepreneur’s

 

relief limit’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

32

 

Schedule  3,  page  124,  line  49,  at end insert—

 

  ‘(10)  

The Treasury shall prepare and publish not later than 31st March 2010 an

 

assessment of the impact of the provisions of subsection (3) on the activity of

 

serial entrepreneurs.’.


 
 

Public Bill Committee: 6th May 2008                     

39

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

33

 

Schedule  3,  page  125,  line  41,  at end insert ‘in respect of any period commencing

 

on or after 6th April 2006’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

35

 

Schedule  3,  page  126,  line  7,  at end insert ‘and’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

34

 

Schedule  3,  page  126,  line  13,  leave out from ‘business’ to end of line 17.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

37

 

Schedule  3,  page  126,  line  24,  at end insert ‘and’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

36

 

Schedule  3,  page  126,  leave out lines 28 to 31.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

John Thurso

 

10

 

Schedule  3,  page  127,  line  27,  at end insert—

 

‘169RA 

   Entrepreneurs’ relief limit

 

The entrepreneurs’ relief limit is £1 million.

 

169RB

  Indexation of the entrepreneurs’ relief limit

 

(1)    

This section applies if the retail prices index for the September before the start of

 

a tax year is higher than it was for the previous September.

 

(2)    

The entrepreneurs’ relief limit for the tax year is the amount found as follows.

 

    


 

Step 1


 
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