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49

 

House of Commons

 
 

Thursday 5th June 2008

 

Public Bill Committee Proceedings

 

Finance Bill


 

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


 

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


 

[Fifteenth and Sixteenth sittings]


 

Jane Kennedy

 

Agreed to  148

 

Schedule  27,  page  322,  line  35,  at end insert—

 

‘(1)    

Sub-paragraph (2) applies if—

 

(a)    

an initial allowance has been made under Part 3 of CAA 2001 in respect

 

of qualifying enterprise zone expenditure, and

 

(b)    

an event occurs in relation to the building on which the expenditure was

 

incurred which, if section 307 of that Act (withdrawal of allowance if

 

building not industrial building when first used etc) remained in force,

 

would result in the allowance being withdrawn.

 

(2)    

Unless the event occurs more than 7 years after the end of the chargeable period

 

for which the allowance was made, the allowance is to be withdrawn as if that

 

section remained in force.’.

 

Schedule, as amended, Agreed to.

 

Clauses 82 to 84 Agreed to.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Withdrawn  185

 

Clause  85,  page  47,  line  33,  leave out paragraph (b).


 
 

Public Bill Committee Proceedings: 5th June 2008          

50

 

Finance Bill, continued

 
 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Not called  186

 

Clause  85,  page  47,  line  36,  leave out from ‘(2)’ to end of line 37 and add ‘may not

 

be made unless a draft of the regulations has been laid before, and approved by a

 

resolution of, the House of Commons.’.

 

Clause Agreed to.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

Withdrawn  218

 

Clause  86,  page  48,  line  29,  leave out subsection (4) and insert—

 

‘(4)    

Where this section applies—

 

(a)    

section 343(2) shall apply, but as if the words “and are subject to section

 

343A (company reconstructions involving business of leasing plant or

 

machinery)” were omitted; and

 

(b)    

section 343A shall not apply.’.

 

Clause Agreed to.

 

Clauses 87 and 88 Agreed to.

 

Schedule 28 Agreed to.

 

Clause 89 Agreed to.

 

Schedule 29 Agreed to.

 


 

Jane Kennedy

 

Agreed to  149

 

Clause  91,  page  52,  line  24,  leave out ‘, other than any rent,’.

 

Jane Kennedy

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Agreed to  150

 

Clause  91,  page  52,  line  25,  leave out from ‘£40,000’ to end of line 26.


 
 

Public Bill Committee Proceedings: 5th June 2008          

51

 

Finance Bill, continued

 
 

Jane Kennedy

 

Agreed to  151

 

Clause  91,  page  52,  line  33,  after ‘consideration’, insert ‘for the assignment or

 

surrender’.

 

Clause, as amended, Agreed to.

 

Schedule 30 Agreed to.

 


 

Jane Kennedy

 

Agreed to  152

 

Clause  92,  page  54,  line  42,  at end insert—

 

‘( )    

In Schedule 9 to that Act (SDLT: right to buy etc), after paragraph 4A insert—

 

“Shared ownership lease: grant not linked with staircasing transactions etc

 

4B  (1)  

For the purpose of determining the rate of tax chargeable on the grant

 

of a shared ownership lease of a dwelling, the grant shall be treated as

 

if it were not linked to—

 

(a)    

any acquisition of an interest in the dwelling to which

 

paragraph 4A applies, or

 

(b)    

a transfer of the reversion to the lessee or lessees under the

 

terms of the lease.

 

      (2)  

In this paragraph “shared ownership lease” has the same meaning as

 

in paragraph 4A.”

 

( )    

In that Schedule, in paragraphs 10(1) and (2) and 11(b) (shared ownership trusts),

 

omit “additional”.

 

( )    

In that Schedule, insert at the end—

 

“Shared ownership trust: declaration not linked with staircasing transactions etc

 

12         

For the purpose of determining the rate of tax chargeable on the

 

declaration of a shared ownership trust, the declaration shall be treated

 

as if it were not linked to—

 

(a)    

any equity-acquisition payment under the trust or any

 

consequent increase in the purchaser’s beneficial interest in

 

the trust property, or

 

(b)    

a transfer to the purchaser of an interest in the trust property

 

upon the termination of the trust.”’.

 

Clause, as amended, Agreed to.

 


 

Jane Kennedy

 

Agreed to  153

 

Clause  93,  page  55,  line  36,  at end insert ‘(but see sub-paragraph (6A))’.


 
 

Public Bill Committee Proceedings: 5th June 2008          

52

 

Finance Bill, continued

 
 

Jane Kennedy

 

Agreed to  154

 

Clause  93,  page  56,  line  3,  at end insert—

 

  ‘(6A)  

Sub-paragraph (4) does not apply where—

 

(a)    

there is a change in the control of the purchaser because a loan creditor

 

(within the meaning of section 417(7) to (9) of the Taxes Act 1988)

 

obtains control of, or ceases to control, the purchaser, and

 

(b)    

the other persons who controlled the purchaser before that change

 

continue to do so.’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Not called  187

 

Clause  93,  page  56,  leave out lines 4 to 6.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Negatived on division  159

 

Clause  93,  page  56,  line  6,  at end insert—

 

‘(8)    

The provisions of sub-paragraph (4) shall not apply unless, at the effective date

 

of the transaction, there are arrangements in existence by virtue of which, at that

 

time or some later time, a person has or could obtain, or any persons together have

 

or could obtain, control of the purchaser but not of the vendor.’.

 

Jane Kennedy

 

Agreed to  155

 

Clause  93,  page  56,  line  7,  leave out ‘4A(1)’ and insert ‘4A’.

 

Jane Kennedy

 

Agreed to  156

 

Clause  93,  page  56,  line  8,  after ‘transactions),’, insert ‘—

 

(a)    

in sub-paragraph (1),’.

 

Jane Kennedy

 

Agreed to  157

 

Clause  93,  page  56,  line  9,  at end insert—

 

‘(b)    

after that sub-paragraph insert—

 

“(1A)  

Sub-paragraph (1) has effect subject to sub-paragraph (3A).”,

 

(c)    

in sub-paragraph (3)—

 

(i)    

for “sub-paragraph (1)(a)” substitute “this paragraph”, and

 

(ii)    

for “this sub-paragraph” substitute “this paragraph”, and

 

(d)    

after sub-paragraph (3) insert—

 

“(3A)  

Sub-paragraph (1) does not apply where—

 

(a)    

there is a change in the control of the purchaser

 

because a loan creditor (within the meaning of section

 

417(7) to (9) of the Taxes Act 1988) obtains control

 

of, or ceases to control, the purchaser, and


 
 

Public Bill Committee Proceedings: 5th June 2008          

53

 

Finance Bill, continued

 
 

(b)    

the other persons who controlled the purchaser before

 

that change continue to do so.”’.

 

Jane Kennedy

 

Agreed to  158

 

Clause  93,  page  56,  line  12,  leave out from ‘2008’ to end of line 19.

 

Clause, as amended, Agreed to.

 

Clause 94 Agreed to.

 

Schedule 31 Agreed to.

 

Clauses 95 and 96 Agreed to.

 

Schedule 32 Agreed to.

 

Clauses 97 to 102 Agreed to.

 

Schedule 33 Agreed to.

 

Clauses 103 and 104 Agreed to.

 

Schedule 34 Agreed to.

 

Clauses 105 and 106 Agreed to.

 

Schedule 35 Agreed to.

 

Clause 107 Agreed to.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Negatived on division  189

 

Clause  108,  page  68,  line  8,  at end insert—

 

‘(1A)    

The Chancellor of the Exchequer shall bring forward legislation to provide for

 

any transitional provisions required in connection with Schedule 36.

 

(1B)    

That Schedule shall not come into force until the requirement under subsection

 

(1A) has been fulfilled.’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Not called  188

 

Clause  108,  page  68,  line  11,  leave out subsection (3).


 
 

Public Bill Committee Proceedings: 5th June 2008          

54

 

Finance Bill, continued

 
 

Clause Agreed to.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Withdrawn  162

 

Schedule  36,  page  352,  line  6,  after ‘An’, insert ‘authorised’.

 

[Adjourned till Tuesday 10th June at 10.30 a.m.

 


 

CORRIGENDUM

 

In Public Bill Committee Proceedings for Tuesday 3rd June, page 48, after entries

 

relating to Schedule 26 insert—

 


 

“Clause 80 agreed to.”

 


 
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