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House of Commons


Notices of Amendments


given on


Friday 6th June 2008


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


Finance Bill Committee 207-228 and 229-35


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




Clause  148,  page  90,  line  41,  leave out ‘and (7B)’ and insert ‘, (7B) and (13)’.


Jane Kennedy




Clause  148,  page  90,  line  42,  leave out first ‘a right to’.


Jane Kennedy




Clause  148,  page  90,  line  42,  leave out second ‘a right to’.


Jane Kennedy




Clause  148,  page  90,  line  44,  at end insert—



subsections (7B) and (13) also have effect as if—



references to a capital market investment were references to the


loan capital falling within paragraph (d) of section 78(7), and



references to a capital market arrangement were to the


arrangements under which that loan capital is raised.’.


Jane Kennedy




Schedule  45,  page  416,  line  29,  leave out ‘the dwelling’ and insert ‘it’.


Notices of Amendments: 6th June 2008                  



Finance Bill, continued


Jane Kennedy




Schedule  45,  page  417,  line  12,  leave out ‘is so produced’.


Jane Kennedy




Schedule  45,  page  417,  line  41,  at end insert—



In sub-paragraph (2), after “direction, may” insert “enter the place and”.’.


Qualifying expenditure: R&D relief and vaccine research relief


Jane Kennedy




To move the following Clause:—



Paragraph 5 of Schedule 20 to FA 2000 (R&D tax relief: staffing costs) is


amended as follows.



In sub-paragraph (1)(b), after “company;” insert—



the compulsory contributions paid by the company in respect


of benefits for directors or employees of the company under


the social security legislation of an EEA State (other than the


United Kingdom) or Switzerland;”.



Before sub-paragraph (1A) insert—



In sub-paragraph (1)(ba) “social security legislation” means


legislation relating to any of the branches of social security listed in


Article 3(1) of Regulation (EC) No 883/2004 of the European


Parliament and of the Council of 29 April 2004 on the co-ordination


of social security systems (as amended from time to time).”



Schedule 13 to FA 2002 (vaccine research relief) is amended as follows.



In paragraph 2 (qualifying expenditure)—



in sub-paragraph (1)(a), at the end insert “or”,



omit sub-paragraph (1)(c) (and the “or” before it), and



omit sub-paragraph (4).



In paragraph 6 (qualifying expenditure on sub-contracted research and


development), omit—



in sub-paragraph (1), the second sentence, and



sub-paragraph (3) (expenditure on research sub-contracted to a charity, a


university or a scientific research organisation).



Omit paragraph 12 (qualifying expenditure on contributions to independent


research and development).



Omit paragraph 25 (refunds of qualifying expenditure on contributions to


independent research and development).



Accordingly, in paragraph 3 of Schedule 8 to this Act (changes to rates of vaccine


research relief), omit sub-paragraphs (2)(e) and (3)(d).



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


incurred on or after such day as the Treasury may by order appoint.



Paragraph 10(4) of Schedule 13 to FA 2002 (time limit for giving notice of


election for connected persons treatment) does not apply to a notice of an election


under that paragraph in relation to sub-contractor payments if—


Notices of Amendments: 6th June 2008                  



Finance Bill, continued



the sub-contractor falls within paragraph 6(3) of that Schedule (repealed


by this section) (charity, university or scientific research organisation),





the notice is given before the end of the period of 12 months beginning


with the day appointed under subsection (10).’.


Jane Kennedy




Schedule  7,  page  168,  line  10,  leave out from ‘is’ to end of line and insert ‘such of


the individual’s specific employment income for that year as is’.


Jane Kennedy




Schedule  7,  page  168,  leave out lines 13 to 16.


Jane Kennedy




Schedule  7,  page  170,  line  31,  leave out sub-paragraph (3).


Jane Kennedy




Schedule  7,  page  171,  line  40,  at end insert—



The reference in subsection (2) to an amount that counts as


employment income under any of the provisions mentioned there does


not include an amount which counts as employment income by virtue


of any provision of Chapter 3A or 3B of Part 7.’.


Jane Kennedy




Schedule  7,  page  172,  line  8,  leave out ‘section 41C’ and insert ‘sections 41C to




Jane Kennedy




Schedule  7,  page  172,  line  13,  leave out ‘earnings are’ and insert ‘foreign securities


income is’.


Jane Kennedy




Schedule  7,  page  172,  line  16,  leave out from beginning to ‘treat’ in line 25.


Jane Kennedy




Schedule  7,  page  172,  line  26,  at end insert—



But where—



the chargeable event is the disposal of the relevant securities


or the assignment or release of the relevant securities option,





the individual receives consideration for the disposal,


assignment or release of an amount equal to or exceeding the


market value of the relevant securities or securities option,


Notices of Amendments: 6th June 2008                  



Finance Bill, continued



for the purposes of those sections treat the consideration (and not the


relevant securities or securities option) as deriving from the foreign


securities income.’.


Jane Kennedy




Schedule  7,  page  173,  line  2,  leave out ‘an employment-related’ and insert ‘a’.


Jane Kennedy




Schedule  7,  page  173,  line  6,  leave out from ‘with’ to end of line.


Jane Kennedy




Schedule  7,  page  173,  line  8,  leave out from ‘otherwise,’ to end of line 10 and


insert ‘the relevant period is—



the tax year in which the notional loan (within the


meaning of Chapter 3C) is treated as made, or



if the chargeable event occurs in that year, the period


beginning at the beginning of that year and ending


with the day of that event.’.


Jane Kennedy




Schedule  7,  page  173,  line  16,  leave out ‘such period as is just and reasonable’ and


insert ‘the tax year in which the chargeable event occurs’.


Jane Kennedy




Schedule  7,  page  173,  leave out line 25 and insert ‘For the purposes of this section an


option “vests”’.


Jane Kennedy




Schedule  7,  page  174,  line  33,  leave out ‘earnings’ and insert ‘employment




Jane Kennedy




Schedule  7,  page  174,  line  35,  leave out ‘those earnings that are’ and insert ‘that


income that is’.


Jane Kennedy




Schedule  7,  page  174,  line  21,  at end insert—



This section is subject to section 41E (foreign securities income: just


and reasonable apportionment).’.


Jane Kennedy




Schedule  7,  page  174,  line  44,  at end insert—

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