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Consideration of Bill: 1st July 2008                  

2920

 

Finance Bill, continued

 
 

‘(4A)    

Subsection (2) does not apply if the relevant UK service relates (to any

 

extent) to the provision in the United Kingdom of—

 

(a)    

a benefit that is treated as deriving from the income by virtue

 

of section 735, or

 

(b)    

a relevant benefit within the meaning of section 87B of TCGA

 

1992 that is treated as deriving from the chargeable gains by

 

virtue of that section.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

21

 

Page  171,  line  21  [Schedule  7],  at end insert—

 

  ‘(4A)  

The Treasury may by order define those services which qualify as relevant

 

services.

 

    (4B)  

The power to make an order under this section is exercisable by statutory

 

instrument.

 

    (4C)  

A statutory instrument containing an order under subsection (4A) may not be

 

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

 

resolution of, the House of Commons.’.

 


 

Mr Chancellor of the Exchequer

 

54

 

Page  179,  line  29  [Schedule  7],  leave out ‘sections 809L to 809R’ and insert

 

‘Chapter A1 of Part 14’.

 


 

Mr Chancellor of the Exchequer

 

55

 

Page  180,  line  18  [Schedule  7],  leave out ‘sections 809L to 809R’ and insert

 

‘Chapter A1 of Part 14’.

 


 

Mr Chancellor of the Exchequer

 

56

 

Page  181,  line  34  [Schedule  7],  leave out from ‘purposes of’ to ‘treat’ in line 35 and

 

insert ‘Chapter A1 of Part 14 of ITA 2007 (remittance basis),’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

110

 

Page  181,  line  35  [Schedule  7],  after ‘etc)’, insert—


 
 

Consideration of Bill: 1st July 2008                  

2921

 

Finance Bill, continued

 
 

(a)    

the relevant securities or securities option shall not be treated as brought

 

to, or received or used in, the United Kingdom if the securities are, or the

 

securities option is, situated in the United Kingdom and cannot be

 

situated elsewhere, and

 

(b)    

’.

 


 

Mr Chancellor of the Exchequer

 

57

 

Page  182,  line  1  [Schedule  7],  leave out ‘those sections’ and insert ‘that Chapter’.

 

Mr Chancellor of the Exchequer

 

58

 

Page  182,  line  11  [Schedule  7],  at end insert—

 

‘(11)    

See Chapter A1 of Part 14 of ITA 2007 for the meaning of “remitted

 

to the United Kingdom” etc.’.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

111

 

Page  183,  line  4  [Schedule  7],  at end insert—

 

‘(7A)    

This section is subject to section 41E (foreign securities income: just and

 

reasonable apportionment).’.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

112

 

Page  184,  line  27  [Schedule  7],  after ‘if’, insert ‘the relevant period or’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

113

 

Page  184  [Schedule  7],  leave out lines 30 to 32 and insert—

 

‘(2)    

The relevant period or the amount of the securities income that is “foreign” is

 

such period or such amount as is just and reasonable (rather than the period


 
 

Consideration of Bill: 1st July 2008                  

2922

 

Finance Bill, continued

 
 

calculated in accordance with section 41B or the amount calculated in accordance

 

with section 41C).’.

 


 

Mr Chancellor of the Exchequer

 

59

 

Page  188,  line  37  [Schedule  7],  leave out ‘sections 809L to 809R’ and insert

 

‘Chapter A1 of Part 14’.

 


 

Mr Chancellor of the Exchequer

 

60

 

Page  191,  line  4  [Schedule  7],  leave out ‘sections 809L to 809T’ and insert

 

‘Chapter A1 of Part 14’.

 

Mr Chancellor of the Exchequer

 

61

 

Page  191,  line  19  [Schedule  7],  leave out from ‘in’ to end of line 20 and insert ‘—

 

(a)    

the relevant tax year, or

 

(b)    

any subsequent tax year except one in which the individual is

 

domiciled in the United Kingdom,

 

    

are not allowable losses.’.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

94

 

Page  196,  line  5  [Schedule  7],  leave out paragraphs 80 to 91 and insert—

 

‘80      

The amendments made by Part 1 of this Schedule shall have effect from the

 

passing of this Act.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

10

 

Page  196,  line  37  [Schedule  7],  at end insert—

 

  ‘(2A)  

Nothing in section 832 of ITTOIA 2005 (as amended by this Schedule) applies

 

in relation to any of an individual’s relevant foreign income that—

 

(a)    

arose in tax year 2007/08 or any earlier tax year; and


 
 

Consideration of Bill: 1st July 2008                  

2923

 

Finance Bill, continued

 
 

(b)    

has been brought to, or received, or used in, the United Kingdom by or

 

for the benefit of any relevant person at any time before 6th April

 

2008.’.

 


 

Mr Chancellor of the Exchequer

 

62

 

Page  197,  line  25  [Schedule  7],  leave out sub-paragraphs (2) to (4) and insert—

 

    ‘(2)  

If, before 6 April 2008, property (including money) consisting of or deriving

 

from an individual’s relevant foreign income was brought to or received or

 

used in the United Kingdom by or for the benefit of a relevant person, treat the

 

relevant foreign income as not remitted to the United Kingdom on or after that

 

date (if it otherwise would be regarded as so remitted).

 

      (3)  

If, before 12 March 2008, property (other than money) consisting of or

 

deriving from an individual’s relevant foreign income was acquired by a

 

relevant person, treat the relevant foreign income as not remitted to the United

 

Kingdom on or after 6 April 2008 (if it otherwise would be regarded as so

 

remitted).’.

 

Mr Chancellor of the Exchequer

 

63

 

Page  197,  line  40  [Schedule  7],  leave out ‘to (4)’ and insert ‘and (3)’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

11

 

Page  197,  line  42  [Schedule  7],  at end insert—

 

  ‘(5A)  

Where the qualifying property referred to in condition C of section 809L was

 

gifted prior to 6th April 2008 one reads section 809L(4)(a) as follows: “is

 

brought to or received in the United Kingdom by a relevant person.”’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

12

 

Page  197,  line  42  [Schedule  7],  at end insert—

 

  ‘(5A)  

Where the qualifying property referred to in condition C of section 809L was

 

brought to the UK prior to 6th April 2008 one reads section 809L(4)(a) as

 

follows: “is brought to or received in the United Kingdom by a relevant

 

person.”’.

 

Mr Chancellor of the Exchequer

 

64

 

Page  197,  line  43  [Schedule  7],  leave out sub-paragraph (6).

 



 
 

Consideration of Bill: 1st July 2008                  

2924

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

65

 

Page  198,  line  28  [Schedule  7],  after ‘Kingdom’, insert ‘(“the interest”)’.

 

Mr Chancellor of the Exchequer

 

66

 

Page  198,  line  29  [Schedule  7],  leave out ‘was secured on that interest’ and insert ‘,

 

or of payments made under a guarantee of that repayment (“the guarantee”), was secured

 

on the interest.’.

 

Mr Chancellor of the Exchequer

 

67

 

Page  198,  line  35  [Schedule  7],  after ‘made’, insert ‘, or any term of the guarantee,’.

 

Mr Chancellor of the Exchequer

 

68

 

Page  198,  line  36  [Schedule  7],  leave out paragraphs (b) and (c) and insert—

 

‘(b)    

repayment of the debt, or of payments made under the guarantee,

 

ceases to be secured on the interest,

 

(c)    

repayment of any other debt is secured on the interest or is guaranteed

 

by the guarantee, or’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

17

 

Page  198  [Schedule  7],  leave out line 38 and insert ‘or’.

 


 

Mr Chancellor of the Exchequer

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

18

 

Page  199  [Schedule  7],  leave out line 5.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

19

 

Page  199,  line  6  [Schedule  7],  after ‘money’, insert ‘, or directed that the money be

 

used,’.

 

Mr Chancellor of the Exchequer

 

70

 

Page  199,  line  8  [Schedule  7],  leave out from ‘loan’ to end of line 9 and insert ‘, or

 

of payments made under a guarantee of that repayment, was secured on the interest,’.


 
 

Consideration of Bill: 1st July 2008                  

2925

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

71

 

Page  199,  line  14  [Schedule  7],  at end insert—

 

    ‘(6)  

In this paragraph “guarantee” includes an indemnity, and “guaranteed” is to be

 

read accordingly.’.

 

Mr Chancellor of the Exchequer

 

72

 

Page  199,  line  29  [Schedule  7],  after ‘gain)’, insert ‘—

 

(a)    

’.

 

Mr Chancellor of the Exchequer

 

73

 

Page  199,  line  32  [Schedule  7],  at end insert ‘, and

 

(b)    

after subsection (7) insert—

 

“(8)    

Nothing in subsection (7) affects the application of this

 

section in relation to an offshore income gain treated as

 

arising by virtue of section 762(3).”’.

 


 

Mr Chancellor of the Exchequer

 

74

 

Page  200,  line  30  [Schedule  7],  leave out from ‘Kingdom’ to ‘as’ in line 31.

 


 

Mr Chancellor of the Exchequer

 

75

 

Page  201,  line  18  [Schedule  7],  leave out from ‘purposes of’ to end of line 19 and

 

insert ‘Chapter A1 of Part 14 of ITA 2007 (remittance basis)—’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

96

 

Page  201,  line  41  [Schedule  7],  leave out paragraph 98.

 


 

Mr Chancellor of the Exchequer

 

76

 

Page  203,  line  37  [Schedule  7],  leave out from ‘purposes of’ to end of line 38 and

 

insert ‘Chapter A1 of Part 14 of ITA 2007 (remittance basis)—’.

 



 
 

Consideration of Bill: 1st July 2008                  

2926

 

Finance Bill, continued

 
 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

97

 

Page  204,  line  10  [Schedule  7],  leave out paragraph 105.

 


 

Mr Chancellor of the Exchequer

 

77

 

Page  206,  line  20  [Schedule  7],  leave out from ‘purposes of’ to ‘treat’ in line 21 and

 

insert ‘Chapter A1 of Part 14 of ITA 2007 (remittance basis),’.

 


 

Mr Chancellor of the Exchequer

 

78

 

Page  207,  line  25  [Schedule  7],  leave out from ‘if’ to ‘transfer’ in line 28 and insert

 

‘the trustees of a settlement (“the transferor settlement”)’.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

98

 

Page  209,  line  19  [Schedule  7],  leave out paragraph 115.

 


 

Mr Chancellor of the Exchequer

 

79

 

Page  212,  line  38  [Schedule  7],  leave out paragraph 124.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

16

 

Page  214,  line  27  [Schedule  7],  at end insert—

 

‘(11A)  

For the avoidance of doubt, where after 6th April 2008 a re-organisation has

 

taken place which meets the conditions in section 127 of TCGA 1992, the new

 

holding (or part of that holding) is a relevant asset if the condition in sub-

 

paragraph (10)(b) or the conditions in sub-paragraphs (11)(b) and (c) would be


 
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