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| New Amendments handed in are marked thus |
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| Other Amendments not tabled within the required notice period are marked thus |
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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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| | The Amendments have been arranged in accordance with the Order of the |
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| Clause 148, page 90, line 25, leave out ‘paragraph (a)’ and insert ‘paragraphs (a) |
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| Clause 148, page 90, line 41, leave out ‘(6)(b),’. |
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| Clause 148, page 90, line 41, leave out ‘and (7B)’ and insert ‘, (7B) and (13)’. |
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| Clause 148, page 90, line 42, leave out first ‘a right to’. |
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| Clause 148, page 90, line 42, leave out second ‘a right to’. |
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| Clause 148, page 90, line 44, at end insert— |
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| | ‘(c) | subsections (7B) and (13) also have effect as if— |
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| | (i) | references to a capital market investment were references to the |
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| | loan capital falling within paragraph (d) of section 78(7), and |
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| | (ii) | references to a capital market arrangement were to the |
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| | arrangements under which that loan capital is raised.’. |
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| Clause 22, page 12, line 4, at end insert— |
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| | ‘(1C) | Subsection (1) does not apply to an individual who is enrolled in a higher |
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| | education institution in the United Kingdom.’. |
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| Clause 22, page 12, line 40, at end add— |
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| | ‘(9) | The Treasury shall lay before the House of Commons by 31 December 2008 a |
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| | report setting out the basis of a statutory residence rule to replace the existing |
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| Schedule 7, page 151, leave out lines 20 to 28 and insert— |
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| | ‘(3) | Sections 42 and 43 of TMA 1970 (procedure and time limit for making |
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| | claims), except section 42(1A) of that Act, apply in relation to a claim |
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| | under this section as they apply in relation to a claim for relief. |
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| | 809BA | Claim for remittance basis by long-term UK resident: nomination of |
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| | foreign income and gains to which section 809G(2) is to apply |
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| | (1) | This section applies to an individual for a tax year if the individual— |
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| | (a) | is aged 18 or over in that year, and |
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| | (b) | has been UK resident in at least 7 of the 9 tax years |
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| | immediately preceding that year. |
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| | (2) | A claim under section 809B by the individual for that year must |
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| | contain a nomination of the income or chargeable gains of the |
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| | individual for that year to which section 809G(2) is to apply. |
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| | (3) | The income or chargeable gains nominated must be part (or all) of the |
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| | individual’s foreign income and gains for that year. |
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| | (4) | The income and chargeable gains nominated must be such that the |
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| | relevant tax increase does not exceed £30,000. |
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| | (5) | “The relevant tax increase” is— |
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| | (a) | the total amount of income tax and capital gains tax payable |
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| | by the individual for that year, minus |
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| | (b) | the total amount of income tax and capital gains tax that would |
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| | be payable by the individual for that year apart from section |
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| | (6) | See section 809Z for the meaning of an individual’s foreign income |
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| | and gains for a tax year.’. |
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| Schedule 7, page 151, line 30, leave out ‘£2,000’ and insert ‘£5,435’. |
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| Schedule 7, page 151, line 36, leave out ‘£2,000’ and insert ‘£5,435’. |
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| Schedule 7, page 152, leave out lines 1 and 2. |
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| Schedule 7, page 152, line 2, at end insert— |
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| | ‘(4) | The Chancellor of the Exchequer shall review, on an annual basis, the amount |
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| | specified under subsection (1)(c). |
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| | (5) | Any review conducted under subsection (4) is subject to approval by resolution |
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| | of the House of Commons.’. |
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| Schedule 7, page 152, line 8, at end insert ‘or such income and gains do not exceed |
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| the amount referred to in section 809C(1)(c),’. |
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| Schedule 7, page 153, leave out lines 1 to 12. |
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| Schedule 7, page 153, line 19, at end insert ‘(excluding each year the individual |
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| was enrolled in full-time higher education in the UK)’. |
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| Schedule 7, page 153, line 25, leave out ‘809B(3)’ and insert ‘809BA’. |
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| Schedule 7, page 153, leave out lines 27 to 31 and insert— |
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| | ‘(4) | If the relevant tax increase would otherwise be less than £30,000, subsection (2) |
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| | (a) | in addition to the income and gains actually nominated under section |
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| | 809BA in the individual’s claim under section 809B for the relevant tax |
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| | year, an amount of income had been nominated so as to make the relevant |
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| | tax increase equal to £30,000, and |
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| | (b) | the individual’s income for that year were such that such a nomination |
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| | could have been made (if that is not the case).’. |
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| Schedule 7, page 153, line 37, at end insert— |
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| | ‘(6) | Nothing in subsection (4) affects what is regarded, for the purposes of |
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| | section 809H or 809I, as nominated under section 809BA.’. |
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| Schedule 7, page 153, line 37, at end insert— |
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| | ‘(6) | Subsection (4) shall not have effect until— |
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| | (a) | the Treasury has laid before the House of Commons a report setting out |
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| | its assessment of the impact of the charge on— |
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| | (i) | foreign nationals in low-paid employment, |
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| | (ii) | small businesses employing foreign nationals, and |
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| | (iii) | higher education institutions; and |
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| | (b) | the report has been approved by resolution of the House of Commons.’. |
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| Schedule 7, page 154, line 9, leave out ‘809B(3)’ and insert ‘809BA’. |
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| Schedule 7, page 154, line 17, at beginning insert ‘If section 809H applies,’. |
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| Schedule 7, page 154, line 29, after ‘year’ insert ‘(other than income or chargeable |
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| gains nominated under section 809BA)’. |
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| Schedule 7, page 155, line 34, leave out ‘809B(3)’ and insert ‘809BA’. |
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| Schedule 7, page 156, line 35, leave out from ‘is’ to end of line 36 and add |
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| ‘employed in the United Kingdom by a relevant person.’. |
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| Schedule 7, page 157, line 37, after ‘(3)(a)’, insert ‘, subsection (11)’. |
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| Schedule 7, page 157, line 39, at end insert— |
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| | ‘(9A) | The cases in which income or chargeable gains are used in respect of |
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| | a debt include cases where income or chargeable gains are used to pay |
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| Schedule 7, page 157, line 41, at end insert— |
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| | ‘(11) | For the purpose of Condition A, property brought to, or received or used in, the |
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| | United Kingdom by or for the benefit of a relevant person is to be disregarded in |
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| | (a) | if the property or service is enjoyed virtually to the entire exclusion of the |
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| | individual, his spouse or civil partner and his dependent children; |
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| | (b) | if full consideration in money or money’s worth is given by the |
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| | individual, his spouse or civil partner or his dependent children for the |
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| | (c) | the property or service is enjoyed by the individual, his spouse or civil |
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| | partner or his dependent children in the same way and on the same terms |
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| | as it may be enjoyed by the general public or by a section of the general |
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| | (12) | The references in subsection (11) above to the spouse or civil partner of the |
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| | individual do not include— |
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| | (a) | a person to whom the individual is not for the time being married but may |
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| | later marry, or a person of whom the individual is not for the time being |
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| | the civil partner but of whom he may later be a civil partner, or |
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| | (b) | a spouse or civil partner from whom the individual is separated under an |
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| | order of a court or under a separation agreement or in such circumstances |
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| | that the separation is likely to be permanent, or |
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| | (c) | the widow or widower or surviving civil partner of the individual. |
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| | (a) | “dependent child” means a child who— |
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| | (i) | is under the age of 18 years, |
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| | (iii) | does not have a civil partner, and |
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| | (b) | “child” includes a stepchild.’. |
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| Schedule 7, page 158, line 12, leave out ‘settlor or’. |
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| Schedule 7, page 159, line 33, leave out ‘all relevant persons’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 159, line 34, leave out ‘a relevant person’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 159, line 36, leave out ‘relevant persons’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 159, line 40, at end insert— |
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| | ‘(11) | The references in subsection (9) above to the spouse or civil partner of the |
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| | individual do not include— |
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| | (a) | a person to whom the individual is not for the time being married but may |
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| | later marry, or a person of whom the individual is not for the time being |
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| | the civil partner of whom he may later be a civil partner, or |
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| | (b) | a spouse or civil partner from whom the individual is separated under an |
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| | order of court or under a separation agreement or in such circumstances |
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| | that the separation is likely to be permanent, or |
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| | (c) | the widow or widower or surviving civil partner of the individual. |
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| | (a) | “dependent child” means a child who— |
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| | (i) | is under the age of 18 years, |
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| | (iii) | does not have a civil partner, and |
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| | (b) | “child” includes a stepchild.’. |
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| Schedule 7, page 160, line 23, leave out ‘all relevant persons’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 160, line 24, leave out ‘a relevant person’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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| Schedule 7, page 160, line 26, leave out ‘relevant persons’ and insert ‘the |
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| individual, his spouse or civil partner and his dependent children’. |
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