93

House of Commons

Thursday 15th May 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

---

(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 of the

Committee [6th May 2008].

Mr Jeremy Browne

Dr Vincent Cable

Mr Colin Breed

Dr John Pugh

66

Schedule  5,  page  139,  leave out lines 11 to 35.

Mr Jeremy Browne

Dr Vincent Cable

Mr Colin Breed

Dr John Pugh

65

Schedule  5,  page  143,  line  45,  at end insert—

‘27	In Article 21 of the Renewable Transport Fuel Obligations Order 2007 (S.I.

2007/3072), after paragraph (11) insert—

“(12)

The Administrator shall undertake an annual review of the

effectiveness of the buy-out price level under sub-paragraph (7),

including in particular its impact on the level of incentive provided

to suppliers to invest in biofuels.

(13)	Within two months of completing any review under paragraph (12),

the Administrator shall submit a report of its findings to the

Secretary of State.

Public Bill Committee: 15th May 2008

94

Finance Bill, continued

(14)	As soon as reasonably practicable after the Secretary of State has

received a report on a review under paragraph (12) the Secretary of

State shall lay a copy of the report before the House of

Commons.”’.

Mr Jeremy Browne

Dr Vincent Cable

Mr Colin Breed

Dr John Pugh

56

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.’.

Mr Jeremy Browne

Dr Vincent Cable

Mr Colin Breed

Dr John Pugh

57

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 emitted by”.’.

Mr George Osborne

Mr Philip Hammond

Mr Mark Hoban

Justine Greening

Mr David Gauke

68

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

‘(3)	The Treasury shall publish, not later than the date of the Budget 2009, an

estimate, audited by the Independent Committee on Climate Change (as

established by the Climate Change Act 2008), of the carbon emissions savings

resulting from the changes to climate change levy contained in this section’.

Mr George Osborne

Mr Philip Hammond

Mr Mark Hoban

Justine Greening

Mr David Gauke

69

Clause  19,  page  9,  line  10,  leave out ‘in particular’ and insert ‘specifically’.

Public Bill Committee: 15th May 2008

95

Finance Bill, continued

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

82

Schedule  11,  page  212,  leave out line 28.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

83

Schedule  11,  page  212,  leave out line 32.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

84

Schedule  11,  page  213,  leave out lines 1 to 5.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

85

Schedule  11,  page  213,  leave out line 16.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

86

Schedule  11,  page  213,  leave out line 20.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

87

Schedule  11,  page  213,  leave out lines 27 to 31.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

88

Schedule  11,  page  214,  leave out line 4.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

89

Schedule  11,  page  214,  leave out line 8.

Public Bill Committee: 15th May 2008

96

Finance Bill, continued

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

90

Schedule  11,  page  214,  leave out lines 15 to 19.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

93

Clause  30,  page  14,  line  16,  leave out subsections (2) and (3).

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

94

Clause  30,  page  15,  leave out line 6.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

95

Clause  30,  page  15,  leave out lines 13 to 17.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

96

Clause  30,  page  15,  line  21,  at end insert—

‘(5A)

The amendments made by subsections (2) and (3) of this section shall not come

into force until the Treasury has laid before the House of Commons a report

which sets out how companies deemed to be in a group because they are owned

by a private equity and venture capital firms can become qualifying companies

under paragraph 8 of Part 3 of Schedule 5 to the Income Tax (Earnings and

Pensions) Act 2003.’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

97

Clause  30,  page  15,  line  22,  after ‘by’, insert ‘subsections (4) and (5) of’.

Public Bill Committee: 15th May 2008

97

Finance Bill, continued

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

71

Schedule  12,  page  215,  line  18,  leave out ‘minority’ and insert ‘small’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

72

Schedule  12,  page  216,  line  17,  leave out ‘minority’ and insert ‘small’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

73

Schedule  12,  page  217,  line  8,  leave out ‘minority’ and insert ‘small’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

74

Schedule  12,  page  217,  line  9,  leave out ‘minority’ and insert ‘small’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

Mr Brooks Newmark

70

Schedule  12,  page  219,  line  16,  leave out paragraph 24.

Jane Kennedy

98

Schedule  14,  page  225,  leave out line 7 and insert—

‘1A(1)

Subsection (1C) of section 437 (general annuity business: income limit) is

amended as follows.

(2)	In paragraph (b)(ii), omit “capital elements and”.

(3)	Omit paragraph (c).

(4)	In paragraph (d), for the words after “2005” substitute “are so much of the

payments under the new annuities as would be within the exemption in

subsection (1) of that section if—

(i)	section 718 of that Act were omitted, and

Public Bill Committee: 15th May 2008

98

Finance Bill, continued

(ii)	that exemption were an exemption applying in

relation to companies as well as individuals.”

2	Omit sections 539 to 551A (corporation tax in respect of gains arising in

connection with life policies etc).’.

Jane Kennedy

99

Schedule  14,  page  226,  line  23,  at end insert ‘(further provisions about corporation

tax in respect of gains arising in connection with life policies etc).

6A	Omit sections 656 to 658 (purchased life annuities).’.

Jane Kennedy

100

Schedule  14,  page  227,  line  7,  at end insert—

‘(aa)

in FA 1991, section 76(1),’.

Jane Kennedy

101

Schedule  14,  page  227,  line  13,  after ‘1999,’ insert ‘section 80 and’.

Jane Kennedy

102

Schedule  14,  page  227,  line  18,  leave out ‘paragraph 25’ and insert ‘paragraphs 25

and 27’.

Jane Kennedy

103

Schedule  14,  page  227,  line  19,  after first ‘paragraph’ insert ‘(b) of section 473(2)

and the “or” before it, paragraphs 268(1) and (2), 269 and’.

Jane Kennedy

104

Schedule  14,  page  227,  line  21,  leave out ‘paragraph 111’ and insert ‘paragraphs

111 and 141’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

75

Schedule  15,  page  228,  line  39,  at end insert—

‘(4)	This section shall not apply where an election under section 161(3) of the

Taxation of Chargeable Gains Act 1992 is made, and instead the market value of

the asset at the time of the appropriation shall, in computing the profits of the

trade for the purposes of tax, be treated as reduced by the amount of the

chargeable gain or increased by the amount of the loss referred to in subsection

(1) of section 161 of the Taxation of Chargeable Gains Act 1992, and where that

subsection and this section do not apply by reason of such an election, the profits

of the trade shall be computed accordingly.’.

Public Bill Committee: 15th May 2008

99

Finance Bill, continued

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

76

Schedule  15,  page  231,  line  6,  at end insert—

‘(4)	This paragraph shall not apply where an election under section 161(3) of the

Taxation of Chargeable Gains Act 1992 is made, and instead the market value of

the asset at the time of the appropriation shall, in computing the profits of the

trade for the purposes of tax, be treated as reduced by the amount of the

chargeable gain or increased by the amount of the loss referred to in subsection

(1) of section 161 of the Taxation of Chargeable Gains Act 1992, and where that

subsection and this paragraph do not apply by reason of such an election, the

profits of the trade shall be computed accordingly.’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

77

Schedule  15,  page  231,  line  22,  leave out ‘paragraph 7 does not apply’ and insert

‘neither paragraph 7 nor section 173 of the Taxation of Chargeable Gains Act 1992

applies’.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

78

Schedule  16,  page  232,  line  14,  leave out paragraph 2.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

79

Schedule  16,  page  232,  line  28,  leave out paragraph 3.

Mr Philip Hammond

Mr Mark Hoban

Mr David Gauke

Justine Greening

80

Schedule  16,  page  232,  line  28,  leave out paragraphs 3 to 6.

---

Revised 15 May 2008