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| | ‘(1) | If for any tax year— |
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| | (a) | the personal allowance under section 35 of the Income Tax Act 2007 (c. |
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| | 3) is set at an amount which is not equal to the amount of the primary |
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| | threshold under section 5 of the Social Security Contributions and |
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| | Benefits Act 1992 (c. 4), or |
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| | (b) | the sum of the personal allowance and the basic rate limit under sections |
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| | 35 and 10(2) of the Income Tax Act 2007 (c. 3) is set at an amount which |
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| | is not equal to the upper earnings limit under section 5 of the Social |
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| | Security Contributions and Benefits Act 1992 (c. 4), |
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| | | the Treasury shall within one month of the passing of the Act which sets the |
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| | personal allowance or basic rate limit lay before Parliament a report explaining |
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| | the matters set out in subsection (2). |
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| | (a) | why the amounts have diverged for the year, and the expected future path |
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| | of the amounts in relation to each other; and |
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| | (b) | the estimated cost to— |
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| | | of operating a system of divergent thresholds and the savings that are |
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| | expected to result from a convergence of those thresholds.’. |
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| To move the following Clause:— |
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| | ‘(1) | The Finance Act 2004 is amended as follows. |
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| | (2) | In section 164 at end add “and |
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| | (g) | payments into a Retirement Income Fund.”. |
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| | (3) | In section 165 there is inserted in Pension rule 6 after paragraph (c) “or |
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| | (d) | a withdrawal from a Retirement Income Fund.”. |
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| | (4) | In section 165 after Pension rule 7 there is inserted—
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| | Before a member makes a withdrawal from a Retirement Income Fund, he must |
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| | buy a relevant linked annuity which is linked to the retail prices index, which pays |
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| | an income equivalent to the Minimum Income Requirement.”. |
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| | (5) | In Schedule 28 after paragraph 16C there is inserted— |
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| | 16D(1) | Subject to sub-paragraphs (2) and (3) of this paragraph, a Retirement |
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| | Income Fund is a vehicle for the reinvestment of savings in retirement, |
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| | (a) | has been established by a person designated by subsection (1) |
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| | (b) | is a vehicle the investments in which are— |
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| | (i) | investments of a kind described in the Insurance |
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| | Companies Regulations 1994, Schedule X, Part 1, or |
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| | (ii) | approved by HM Revenue and Customs. |
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| | (2) | Funds held in the Retirement Income Fund as referred to in sub- |
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| | paragraph (1) may be withdrawn from the Retirement Income Fund by |
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| | the member as and when he elects. |
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| | (3) | A member may not invest in a Retirement Income Fund unless the |
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| | requirements of Rule 8 of section 165 have been met. |
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| | (4) | A Retirement Income Fund, and any income derived from it, must not |
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| | be capable of assignment or surrender by the member. |
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| | (5) | Any withdrawal from the Fund by the member under sub-paragraph |
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| | (2) shall be assessable to tax under Schedule E (and section 203 shall |
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| | apply accordingly) and shall be treated as earned income of the |
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| | Minimum Retirement Income |
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| | 16E(1) | The amount of Minimum Retirement Income shall be set for each |
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| | financial year following consultation by the Chancellor of the |
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| | (2) | An order under this paragraph shall, in respect of each financial year |
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| | after that in which this section comes into force, be made on or before |
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| | 31st January preceding the year in question. |
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| | (3) | An order under this paragraph shall be made by statutory instrument |
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| | and shall be subject to annulment in pursuance of a resolution of either |
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| | Dependant’s retirement income fund |
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| To move the following Clause:— |
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| | ‘(1) | The Finance Act 2004 is amended as follows. |
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| | (2) | In Schedule 28 after paragraph 22 insert— |
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| | “Dependant’s retirement income fund |
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| | 22A(1) | Subject to sub-paragraphs (2) and (3) of this paragraph, a dependant’s |
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| | retirement income fund is a vehicle for the reinvestment of savings in |
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| | (a) | has been established by a person designated by subsection (1) |
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| | |
| | (b) | is a vehicle the investments in which are— |
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| | (i) | investments of a kind described in the Insurance |
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| | Companies Regulations 1994, Schedule X, Part 1, or |
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| | (ii) | approved by HM Revenue and Customs. |
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| | (2) | Funds held in the retirement income fund as referred to in sub- |
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| | paragraph (1) may be withdrawn from the retirement income fund by |
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| | the members as and when he elects. |
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| | (3) | A dependant may not invest in a dependant’s retirement income funds |
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| | unless the requirements of Rule 8 of section 165 have been met. |
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| | (4) | A retirement income fund, and any income derived from it, must not |
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| | be capable of assignment or surrender by the member. |
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| | (5) | Any withdrawal from the fund by the member under sub-paragraph (2) |
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| | shall be assessable to tax under Schedule E (and section 203 shall |
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| | apply accordingly) and shall be treated as earned income of the |
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| To move the following Clause:— |
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| | ‘HMRC shall lay a report before Parliament every three months on the measures |
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| | taken by the Government to combat missing trader intra community (MTIC) |
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| | fraud and the effects those measures are having on the VAT compliance system |
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| | Gift aid averaging scheme |
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| To move the following Clause:— |
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| | ‘The Treasury shall, before the publication of the 2008 Pre-Budget report, prepare |
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| | and lay before the House of Commons a feasibility study, including an |
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| | assessment of the cost and revenue implications, of implementing a system of |
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| | automatic refund of tax credits in respect of gift aid contributions using an |
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| | Mileage allowance payments |
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| To move the following Clause:— |
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| | ‘(1) | ITEPA 2003 is amended as follows. |
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| | (2) | In section 229, at end insert— |
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| | “(5) | Mileage allowances are to be treated as approved if they are paid— |
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| | (a) | otherwise than in connection with an office or employment; |
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| | (b) | to someone who is not employed by the payer or an associate of |
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| | (c) | for less than 10,000 miles in any one year.”. |
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| | (3) | In section 230, at end insert— |
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| | “(7) | The Treasury shall publish annually a report setting out its assessment of |
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| | the impact of the rates in subsection (2) on the level of participation of |
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| | volunteers in community transport schemes.”’. |
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| To move the following Clause:— |
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| | ‘The Treasury shall, before the publication of the 2008 Pre-Budget Report, |
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| | prepare and lay before the House of Commons a report on the impact of the |
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| | double taxation of bingo on— |
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| | (a) | the competitiveness of licensed bingo clubs, and |
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| | (b) | the level of social access of individuals aged over 65.’. |
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| To move the following Clause:— |
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| | ‘The Treasury shall publish annually alongside the Pre-Budget report an estimate |
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| | of the average cost of operating a motor vehicle (including associated running |
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| | costs and depreciation) per mile for a vehicle driving 10,000 miles per year for— |
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| | (a) | a vehicle registered before 1st March 2001 paying pre-graduated Vehicle |
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| | Excise Duty with an engine size 1549cc below; |
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| | (b) | a vehicle registered before 1st March 2001 paying pre-graduated Vehicle |
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| | Excise Duty with an engine size above 1549cc; and |
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| | (c) | a vehicle registered after 1st March 2001 liable to pay graduated Vehicle |
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| | Excise Duty in each of the VED bands A-M with effect from 1st April |
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| | Clauses 159 and 160 Agreed to. |
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| | Bill, as amended, to be reported. |
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