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Public Bill Committee: 6th May 2008                     

40

 

Finance Bill, continued

 
 

Increase the entrepreneurs’ relief limit for the previous tax year by the same

 

percentage as the percentage increase in the retail prices index.

 

    


 

Step 2

 

If the result of Step 1 is a multiple of £10, it is the entrepreneurs’ relief limit for

 

the tax year.

 

    


 

If the result of Step 1 is not a multiple of £10, round it up to the nearest amount

 

which is a multiple of £10.

 


 

That amount is the entrepreneurs’ relief limit for the tax year.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

22

 

Schedule  3,  page  127,  leave out lines 37 to 42.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

38

 

Schedule  3,  page  127,  line  37,  leave out from ‘company”’ to end of line 42 and

 

insert ‘has the same meaning as in section 165(8).’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

39

 

Schedule  3,  page  127,  line  39,  leave out ‘5%’ and insert ‘1%’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

40

 

Schedule  3,  page  127,  line  41,  leave out ‘5%’ and insert ‘1%’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

41

 

Schedule  3,  page  127,  line  42,  at end insert ‘, or

 

(c)    

in which he holds shares under an approved HMRC

 

share scheme.’.


 
 

Public Bill Committee: 6th May 2008                     

41

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

42

 

Schedule  3,  page  127,  line  42,  at end insert ‘, or

 

(c)    

in respect of shares in which he holds EMI qualifying

 

options.’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

John Thurso

 

5

 

Schedule  3,  page  127,  line  42,  at end insert—

 

‘(3A)    

Shares held by an individual through an employee profit sharing scheme or a

 

share-ownership scheme shall be exempt from the requirements of subsection

 

(3).’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

43

 

Schedule  3,  page  128,  line  9,  at end insert—

 

‘“EMI qualifying options” has the meaning given in section 527(4) of the

 

Income Tax (Earnings and Pensions) Act 2003,’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

31

 

Schedule  3,  page  128,  line  13,  at end insert—

 

‘“entrepreneur’s relief limit” means £1 million or such greater sum as the

 

Treasury may from time to time by order specify,’.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

44

 

Schedule  4,  page  132,  line  25,  at end insert—

 

    ‘(8)  

For the purposes of the operation of this section, section 18(2) shall be

 

ignored.’.


 
 

Public Bill Committee: 6th May 2008                     

42

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

45

 

Schedule  4,  page  133,  line  44,  at end insert—

 

‘2A(1)  

Section 18 (transfers between spouses) is amended as follows.

 

      (2)  

After subsection (4) insert—

 

  “(5)  

Subsection (2) shall cease to have effect from 6 April 2008.”’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

46

 

Schedule  4,  page  136,  line  36,  at end insert—

 

    ‘(6)  

Where the deceased person died before 13 March 1975, section 8A applies as

 

if any property then left to the survivor was not charged to estate duty, whether

 

or not it was.’.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

John Thurso

 

7

 

Clause  9,  page  4,  line  39,  at end insert—

 

‘(5A)    

Within six months of the commencement of this section, the Chancellor of the

 

Exchequer must lay before the House of Commons a statement setting out the

 

purpose of alcoholic liquor duty, and must seek the approval of the House of

 

Commons, by resolution, for such a statement.’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

John Thurso

 

6

 

Clause  9,  page  4,  line  41,  at end add—

 

‘(7)    

No further amendment may be made to section 5 of ALDA 1979 within three

 

years of the commencement of this section, unless the condition set out in

 

subsection (8) has been satisfied.

 

(8)    

The condition referred to in subsection (7) is that the Chancellor of the Exchequer

 

shall have compiled and laid before the House of Commons a report containing

 

an assessment of the impact of the increases in alcohol liquor duty on—

 

(a)    

the competitiveness of licensed premises, and

 

(b)    

the level of employment in alcohol-related industry,

 

    

and the House of Commons shall, by resolution, have approved that report.’.


 
 

Public Bill Committee: 6th May 2008                     

43

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Justine Greening

 

Mr David Gauke

 

58

 

Parliamentary Star    

Clause  9,  page  4,  line  41,  at end insert—

 

‘(7)    

The Treasury must, not later than Budget Day 2009, lay before the House

 

revenue-neutral proposals for—

 

(a)    

decreased rates of duty on beer of a strength not exceeding 2.5 per cent.

 

and cider of strength not exceeding 3.0 per cent.;

 

(b)    

increased rates of duty on beer of a strength exceeding 5.9 per cent. and

 

cider of a strength exceeding 5.5 per cent.; and

 

(c)    

a new category of duty on spirit-based ready-to-drinks, at a rate higher

 

than the duty on spirits.

 

(8)    

For the purposes of subsection (7), “spirit-based ready-to-drinks” means—

 

(a)    

spirits of any description which are of a strength exceeding 1.2 per cent.

 

but not exceeding 5.5 per cent.,

 

(b)    

any such mixture, compound or preparation made with spirits as is of a

 

strength exceeding 1.2 per cent. but not exceeding 5.5 per cent., or

 

(c)    

liquors contained, with any spirits, in any mixture which is of a strength

 

exceeding 1.2 per cent. but not exceeding 5.5 per cent.,

 

    

but does not include methylated spirits.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Justine Greening

 

Mr David Gauke

 

59

 

Parliamentary Star    

Clause  9,  page  4,  line  41,  at end insert—

 

‘(7)    

The Treasury must, not later than Budget Day 2009, lay before the House its

 

assessment of the impact of the amendments made by this section on

 

consumption rates of alcoholic liquor (as defined in section 1 of ALDA 1979).’.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

56

 

Parliamentary Star    

Clause  17,  page  8,  line  38,  at end insert—

 

‘(1A)    

The Treasury shall undertake a review of the excluded supplies provisions under

 

Part II of FA 2000.

 

(1B)    

A review under subsection (1A) is subject to approval by resolution of the House

 

of Commons.’.


 
 

Public Bill Committee: 6th May 2008                     

44

 

Finance Bill, continued

 
 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

57

 

Parliamentary Star    

Clause  17,  page  8,  line  40,  at end insert—

 

‘(3)    

In sub-paragraph 2(1) of Schedule 6 to FA 2000 after “on”, insert “the level of

 

carbon dioxide emissions omitted by”.’.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

47

 

Parliamentary Star    

Clause  22,  page  12,  line  4,  at end insert—

 

‘(1C)    

Subsection (1) does not apply to an individual who is enrolled in a higher

 

education institution in the United Kingdom.’.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

49

 

Parliamentary Star    

Schedule  7,  page  151,  line  30,  leave out ‘£2,000’ and insert ‘£5,435’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

50

 

Parliamentary Star    

Schedule  7,  page  151,  line  36,  leave out ‘£2,000’ and insert ‘£5,435’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

51

 

Parliamentary Star    

Schedule  7,  page  152,  line  2,  at end insert—

 

‘(4)    

The Chancellor of the Exchequer shall review, on an annual basis, the amount

 

specified under subsection (1)(c).

 

(5)    

Any review conducted under subsection (4) is subject to approval by resolution

 

of the House of Commons.’.


 
 

Public Bill Committee: 6th May 2008                     

45

 

Finance Bill, continued

 
 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

48

 

Parliamentary Star    

Schedule  7,  page  153,  line  19,  at end insert ‘(excluding each year the individual

 

was enrolled in full-time higher education in the UK)’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

52

 

Parliamentary Star    

Schedule  7,  page  153,  line  37,  at end insert—

 

‘(6)    

Subsection (4) shall not have effect until—

 

(a)    

the Treasury has laid before the House of Commons a report setting out

 

its assessment of the impact of the charge on—

 

(i)    

foreign nationals in low-paid employment,

 

(ii)    

small businesses employing foreign nationals, and

 

(iii)    

higher education institutions; and

 

(b)    

the report has been approved by resolution of the House of Commons.’.

 


 

New ClauseS

 

Small business rates relief

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

John Thurso

 

NC1

 

To move the following Clause:—

 

‘(1)    

A small business with a rateable value of less than £25,000 may claim a business

 

rate allowance.

 

(2)    

The Treasury shall, by regulations, define the level of business rate allowance and

 

the circumstances in which that allowance may be claimed.

 

(3)    

Regulations under subsection (2) shall be made by statutory instrument.

 

(4)    

A statutory instrument containing regulations under subsection (2) may not be

 

made unless a draft of it has been laid before and approved by resolution of the

 

House of Commons.’.

 



 
 

Public Bill Committee: 6th May 2008                     

46

 

Finance Bill, continued

 
 

Overpayment of tax credits

 

Mr Simon Hughes

 

Mr Jeremy Browne

 

NC2

 

To move the following Clause:—

 

‘If HMRC have overpaid tax credits to any person, they may not reclaim such

 

overpayments where—

 

(a)    

the amount overpaid is £5,000 or less and the person’s annual income is

 

less than £10,000, or

 

(b)    

the amount overpaid is £2,500 or less and the person’s annual income is

 

less than £20,000.’.

 


 

Exemption for bingo

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

John Thurso

 

NC3

 

To move the following Clause:—

 

‘(1)    

Group 4 (betting, gaming and lotteries) of Schedule 9 to the Value Added Tax Act

 

1994 is amended as follows.

 

(2)    

After Note (5)(e) insert “, or

 

(f)    

bingo which is played pursuant to a bingo operating licence.”.

 

(3)    

After Note (11) insert—

 

“(12)    

In Note (5)(f) “bingo operating licence” means such a licence as is

 

provided for in section 65(2)(b) of the Gambling Act 2005.”’.

 


 

Fuel duty regulator

 

Mr Stewart Hosie

 

NC4

 

Parliamentary Star - white    

To move the following Clause:—

 

‘In the Hydrocarbon Oil Duties Act 1979 (c. 5) section 6 (excise duty on

 

hydrocarbon oil) there is inserted after subsection (1A)—

 

“(1AA)    

In every Budget Statement and pre-Budget Report the Chancellor of the

 

Exchequer shall provide his forecast for the price of oil and set out

 

anticipated yield from fuel duty and VAT on fuel for that price and for a

 

range of prices up to 50 per cent. above his forecast.


 
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