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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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| [Fifth and Sixth sittings]
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| Schedule 3, page 120, line 41, leave out from ‘group’ to end of line 44. |
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| Schedule 3, page 121, line 1, leave out from ‘the’ to end and insert ‘condition in’. |
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| Schedule 3, page 121, line 2, leave out ‘are’ and insert ‘is’. |
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| Schedule 3, page 121, line 2, leave out from ‘throughout’ to end and insert ‘a 12- |
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| month period beginning not more than two years before’. |
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| Schedule 3, page 121, line 36, after ‘possession’, insert ‘, including a defeasible |
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| Schedule 3, page 122, line 31, leave out ‘as part of’ and insert ‘subsequently to’. |
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| Schedule 3, page 122, leave out lines 37 to 39 and insert ‘date of the disposal referred |
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| Schedule 3, page 124, line 5, leave out ‘£1 million’ and insert ‘the entrepreneurs’ |
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| Schedule 3, page 124, line 5, leave out ‘£1 million’ and insert ‘the entrepreneur’s |
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| Schedule 3, page 124, line 7, leave out ‘£1 million’ and insert ‘the entrepreneurs’ |
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| Schedule 3, page 124, line 7, leave out ‘£1 million’ and insert ‘the entrepreneur’s |
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| Schedule 3, page 124, line 49, at end insert— |
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| | ‘(10) | The Treasury shall prepare and publish not later than 31st March 2010 an |
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| | assessment of the impact of the provisions of subsection (3) on the activity of |
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| Schedule 3, page 125, line 41, at end insert ‘in respect of any period commencing |
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| on or after 6th April 2006’. |
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| Schedule 3, page 126, line 7, at end insert ‘and’. |
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| Schedule 3, page 126, line 13, leave out from ‘business’ to end of line 17. |
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| Schedule 3, page 126, line 24, at end insert ‘and’. |
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| Schedule 3, page 126, leave out lines 28 to 31. |
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| Schedule 3, page 127, line 27, at end insert— |
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| | ‘169RA | Entrepreneurs’ relief limit |
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| | The entrepreneurs’ relief limit is £1 million. |
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| | 169RB | Indexation of the entrepreneurs’ relief limit |
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| | (1) | This section applies if the retail prices index for the September before the start of |
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| | a tax year is higher than it was for the previous September. |
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| | (2) | The entrepreneurs’ relief limit for the tax year is the amount found as follows. |
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| | Increase the entrepreneurs’ relief limit for the previous tax year by the same |
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| | percentage as the percentage increase in the retail prices index. |
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| | If the result of Step 1 is a multiple of £10, it is the entrepreneurs’ relief limit for |
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| | If the result of Step 1 is not a multiple of £10, round it up to the nearest amount |
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| | which is a multiple of £10.
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| | That amount is the entrepreneurs’ relief limit for the tax year.’. |
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| Schedule 3, page 127, leave out lines 37 to 42. |
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| Schedule 3, page 127, line 37, leave out from ‘company”’ to end of line 42 and |
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| insert ‘has the same meaning as in section 165(8).’. |
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| Schedule 3, page 127, line 39, leave out ‘5%’ and insert ‘1%’. |
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| Schedule 3, page 127, line 41, leave out ‘5%’ and insert ‘1%’. |
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| Schedule 3, page 127, line 42, at end insert ‘, or |
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| | (c) | in which he holds shares under an approved HMRC |
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| Schedule 3, page 127, line 42, at end insert ‘, or |
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| | (c) | in respect of shares in which he holds EMI qualifying |
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| Schedule 3, page 127, line 42, at end insert— |
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| | ‘(3A) | Shares held by an individual through an employee profit sharing scheme or a |
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| | share-ownership scheme shall be exempt from the requirements of subsection |
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| Schedule 3, page 128, line 9, at end insert— |
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| | ‘“EMI qualifying options” has the meaning given in section 527(4) of the |
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| | Income Tax (Earnings and Pensions) Act 2003,’. |
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| Schedule 3, page 128, line 13, at end insert— |
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| | ‘“entrepreneur’s relief limit” means £1 million or such greater sum as the |
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| | Treasury may from time to time by order specify,’. |
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| Schedule 4, page 131, line 39, leave out from begining to end of line 7 on page 132 |
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| | ‘(3) | Where a claim is made under this section, the nil-rate band maximum at the |
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| | relevant time is to be treated for the relevant purposes as increased by the relevant |
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| | percentage specified in subsection (4) below (but subject to subsection (5) and |
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| | (3A) | For the purposes of subsection (3) above— |
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| | (a) | where the claim specifies that it is made in relation to the death of the |
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| | survivor (“a death claim”)— |
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| | (i) | “the relevant time” is the time of the survivor’s death, and |
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| | (ii) | “the relevant purposes” are the purposes of the charge to tax or |
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| | additional tax on or by reason of the death of the survivor; |
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| | (b) | where the claim specifies that it is made in relation to an immediately |
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| | chargeable lifetime transfer (meaning a chargeable transfer which is not |
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| | made on death and which was not a potential exempt transfer) (“a |
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| | (i) | “the relevant time” is the date on which that chargeable transfer |
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| | (ii) | “the relevant purposes” are the purposes of the charge to tax on |
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| | that chargeable transfer (not being additional tax payable by |
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| | reason of the death of the survivor). |
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| | (4) | For the purposes of subsection (3) above, but subject to subsection (4A) below, |
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| | “the relevant percentage” is—

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| | | E is the amount by which M is greater than VT in the case of the deceased person; |
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| | NRBM is the nil-rate band maximum at the relevant time. |
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| | (4A) | Where a claim has been made under this section in relation to an immediately |
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| | chargeable lifetime transfer (“the spent transfer”) and the survivor’s death did not |
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| | occur within 7 years after the date on which that chargeable transfer was made |
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| | (“the spent transfer date”), then for the purpose of all claims under this section in |
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| | relation to occasions (whether immediately chargeable lifetime transfers or the |
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| | death of the survivor) on or after the seventh anniversary of the spent transfer date |
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| | the adjustment specified in subsection (4B) below shall be made for the purpose |
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| | of calculating the relevant percentage under subsection (4) above. |
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| | (4B) | Subject to subsection (4C) below, E for the purpose of the formula in subsection |
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| | (4) above shall be reduced by R per cent of itself where—

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| | | PNRB is the amount which would have been survivor’s nil-rate band maximum |
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| | at the time of the spent transfer if no claim had been made under this section in |
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| | relation to the spent transfer; |
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| | TNRB is the survivor’s nil-rate band maximum as computed in the light of the |
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| | claim made under this section in relation to the spent transfer; and |
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| | ELT is the amount by which the value transferred by the spent transfer, added to |
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| | the value transferred by any chargeable transfers made by the survivor within 7 |
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| | years before the spent transfer, exceeded PNRB. |
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| | (4C) | Where an adjustment was made under subsection (4A) above in calculating the |
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| | relevant percentage in relation to the spent transfer, the adjustment specified in |
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| | subsection (4B) above shall be made in relation to the amount to which E was |
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| | adjusted on that occasion; and this subsection shall apply cumulatively where |
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| | lifetime claims have been made in relation to successive spent transfers each of |
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| | which has given rise to an adjustment under subsection (4B) above.’. |
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| Schedule 4, page 131, line 41, leave out ‘on’ and insert ‘or additional tax on or by |
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| Schedule 4, page 132, line 25, at end insert— |
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| | ‘(8) | For the purposes of the operation of this section, section 18(2) shall be |
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| Schedule 4, page 132, line 28, leave out from beginning to ‘(if’ in line 30 and |
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| | ‘(a) | in the case of a lifetime claim, |
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| | (i) | by the survivor within the period of two years from the end of the |
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| | month in which a lifetime transfer was made, or such longer |
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| | period as an officer of Revenue and Customs may in the |
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| | particular case allow, or |
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| | (ii) | (if no such claim is made and the survivor dies before the end of |
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| | that period) by the personal representatives of the survivor |
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| | within the permitted period; |
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| | (b) | in the case of a death claim, |
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| | (i) | by the personal representatives of the survivor within the |
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| | survivor within the permitted period, or |
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