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Report Stage Proceedings: 2nd July 2008                  

693

 

Finance Bill, continued

 
 

““off-road working vehicle” means, subject to any provision which

 

may be made by the Treasury in regulations made by statutory

 

instrument, any vehicle which is used primarily for business

 

purposes off adopted roads,”.’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Not called  7

 

Page  8,  line  21  [Clause  15],  leave out from ‘to’ to end of line 22 and insert ‘any

 

licence taken out in respect of a vehicle first acquired on or after 13 March 2008.

 

(7)    

In this section “first acquired”, in relation to a vehicle means acquisition when it

 

has not previously been owned.’.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  22

 

Page  41,  line  38  [Clause  75],  at end insert ‘and

 

(b)    

in section 50(3) of ITTOIA 2005 (cases in which expenses incurred on

 

hiring car with low carbon dioxide emissions are not excluded from

 

section 48 of that Act), for “2008” substitute “2013”.’.

 

Mr Chancellor of the Exchequer

 

Agreed to  23

 

Page  41,  line  44  [Clause  75],  leave out ‘applies’ and insert ‘and section 50 of

 

ITTOIA 2005 apply’.

 


 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Withdrawn  13

 

Page  156,  line  35  [Schedule  7],  leave out ‘must be’ and insert ‘will be deemed to

 

be’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Not called  14

 

Page  156,  line  42  [Schedule  7],  at end insert—

 

  ‘(5A)  

Where the relevant tax increase exceeds £30,000—

 

(a)    

the nomination will be valid but the charge will be capped at £30,000;

 

(b)    

the individual will be notified that the cap has been enforced and will

 

have the opportunity to revise the nomination of foreign income and

 

gains;


 
 

Report Stage Proceedings: 2nd July 2008                  

694

 

Finance Bill, continued

 
 

(c)    

a revised nomination is not necessary for the remittance basis claim to

 

be valid for the tax year.’.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  40

 

Page  162,  line  15  [Schedule  7],  after ‘property,’, insert ‘service’.

 

Mr Chancellor of the Exchequer

 

Agreed to  41

 

Page  162,  line  17  [Schedule  7],  leave out from ‘property’ to end of line 21 and

 

insert ‘, service or consideration—

 

(i)    

derives (wholly or in part, and directly or indirectly)

 

from the income or chargeable gains, and

 

(ii)    

in the case of property or consideration, is property of

 

or consideration given by a relevant person,’.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  42

 

Page  163  [Schedule  7],  leave out lines 14 to 16.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  43

 

Page  166,  line  16  [Schedule  7],  after ‘property’, insert ‘, service’.

 

Mr Chancellor of the Exchequer

 

Agreed to  44

 

Page  166,  line  19  [Schedule  7],  after ‘property’, insert ‘, service’.

 

Mr Chancellor of the Exchequer

 

Agreed to  45

 

Page  166,  line  21  [Schedule  7],  after ‘property’, insert ‘, service’.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  46

 

Page  169,  line  2  [Schedule  7],  at end insert—

 

‘(8)    

References in this section and section 809R to anything deriving from

 

income or capital within paragraph (i) of subsection (4) do not

 

include—


 
 

Report Stage Proceedings: 2nd July 2008                  

695

 

Finance Bill, continued

 
 

(a)    

income or gains within any of paragraphs (a) to (h) of that

 

subsection, or

 

(b)    

anything deriving from such income or gains.’.

 

Mr Chancellor of the Exchequer

 

Agreed to  47

 

Page  169  [Schedule  7],  leave out lines 6 to 16 and insert—

 

‘(2)    

Treat property which derives wholly or in part (and directly or

 

indirectly) from an individual’s income or capital for a tax year as

 

consisting of or containing that income or capital.

 

(3)    

If a debt relating (wholly or in part, and directly or indirectly) to

 

property is at any time satisfied (wholly or in part) by—

 

(a)    

an individual’s income or capital for a tax year, or

 

(b)    

anything deriving (directly or indirectly) from such income or

 

capital,

 

    

from that time treat the property as consisting of or containing the

 

income or capital if and to the extent that it is just and reasonable to do

 

so.’.

 

Mr Chancellor of the Exchequer

 

Agreed to  48

 

Page  169  [Schedule  7],  leave out lines 23 and 24.

 

Mr Chancellor of the Exchequer

 

Agreed to  49

 

Page  169,  line  34  [Schedule  7],  at end insert—

 

‘(7A)    

In this section ‘mixed fund’ means money or other property containing

 

or deriving from—

 

(a)    

more than one of the kinds of income and capital mentioned

 

in section 809Q(4), or

 

(b)    

income or capital for more than one tax year.

 

(7B)    

If section 809Q applies in relation to part of a transfer, apply that

 

section in relation to that part before applying subsection (4) in

 

relation to the rest of the transfer.’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Not called  15

 

Page  169,  line  40  [Schedule  7],  leave out from beginning to end of line 13 on page

 

170.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  50

 

Page  170,  line  22  [Schedule  7],  leave out ‘sections 809L to 809R’ and insert ‘this


 
 

Report Stage Proceedings: 2nd July 2008                  

696

 

Finance Bill, continued

 
 

Chapter’.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  51

 

Page  171,  line  5  [Schedule  7],  leave out ‘taken to be’ and insert ‘regarded as’.

 

Mr Chancellor of the Exchequer

 

Agreed to  52

 

Page  171,  line  15  [Schedule  7],  after ‘met’, insert ‘; but this is subject to subsection

 

(4A)’.

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Not called  20

 

Page  171,  line  16  [Schedule  7],  after ‘service’, insert ‘as defined in accordance

 

with subsection (4A)’.

 

Mr Chancellor of the Exchequer

 

Agreed to  53

 

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

 

‘(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

 

Not called  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.’.

 



 
 

Report Stage Proceedings: 2nd July 2008                  

697

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

Agreed to  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

 

Agreed to  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

 

Agreed to  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

 

Not called  110

 

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

 

(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

 

Agreed to  57

 

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

 

Mr Chancellor of the Exchequer

 

Agreed to  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.’.

 



 
 

Report Stage Proceedings: 2nd July 2008                  

698

 

Finance Bill, continued

 
 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Mr Brooks Newmark

 

Not called  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

 

Not called  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

 

Not called  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

 

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

 

with section 41C).’.

 


 

Mr Chancellor of the Exchequer

 

Agreed to  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

 

Agreed to  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

 

Agreed to  61

 

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

 

(a)    

the relevant tax year, or


 
 

Report Stage Proceedings: 2nd July 2008                  

699

 

Finance Bill, continued

 
 

(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

 

Not called  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

 

Not called  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

 

(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

 

Agreed to  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

 

Agreed to  63

 

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


 
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