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That provision may be made about deduction of expenses of management of investment business from profits arising from oil extraction activities and oil rights.
48. Value added tax (time limits for assessments of excess credits etc)
That—
(1) In section 73 of the Value Added Tax Act 1994 (assessment of overpaid VAT credits etc), after subsection (6) insert—
“ (6A) In the case of an assessment under subsection (2), the prescribed accounting period referred to in subsection (6)(a) and in section 77(1)(a) is the prescribed accounting period in which the repayment or refund of VAT, or the VAT credit, was paid or credited.”
(2) Section 80 of that Act (credit for, or repayment of, overstated or overpaid VAT) is amended as follows.
(3) After subsection (4A) insert—
“ (4AA) An assessment under subsection (4A) shall not be made more than 2 years after the later of—
(a) the end of the prescribed accounting period in which the amount was credited to the person, and
(b) the time when evidence of facts sufficient in the opinion of the Commissioners to justify the making of the assessment comes to the knowledge of the Commissioners.”
(4) In subsection (4C), for “(2)” substitute “(3)”.
(5) The amendments made by this Resolution come into force on 19 March 2008.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
49. Value added tax (time limits for old claims)
That—
(1) The requirement in section 80(4) of the Value Added Tax Act 1994 that a claim under that section be made within 3 years of the relevant date does not apply to a claim in respect of an amount brought into account, or paid, for a prescribed accounting period ending before 4 December 1996 if the claim is made before 1 April 2009.
(2) The requirement in section 25(6) of the Value Added Tax Act 1994 that a claim for deduction of input tax be made at such time as may be determined by or under regulations does not apply to a claim for deduction of input tax that became chargeable, and in respect of which the claimant held the required evidence, in a prescribed accounting period ending before 1 May 1997 if the claim is made before 1 April 2009.
(3) In this Resolution—
“input tax” and “prescribed accounting period” have the same meaning as in the Value Added Tax Act 1994 (see section 96 of that Act), and
“the required evidence” means the evidence of the charge to value added tax specified in or under regulation 29(2) of the Value Added Tax Regulations 1995.
(4) This Resolution has effect on and after 19 March 2008.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
50. Inheritance tax (interests in possession)
That provision may be made amending section 53 of the Inheritance Tax Act 1984.
51. Vehicle excise duty (rebates)
That provision may be made about rebates of vehicle excise duty.
52. Climate change levy (coal mine methane)
That provision may be made for coal mine methane to cease to be regarded as a renewable source for the purposes of climate change levy.
53. Landfill tax credit (withdrawing approval of environmental bodies)
That—
(1) Part 3 of the Finance Act 1996 (landfill tax) is amended as follows.
(2) In section 53(4)(d) (withdrawal of approval of environmental body or regulatory body), for “approval of an environmental body or the regulatory body to be withdrawn” substitute “the withdrawal of approval of an environmental body by the Commissioners or by the regulatory body, and the withdrawal of approval of the regulatory body by the Commissioners,”.
(3) In section 54(1) (review of Commissioners’ decisions), after paragraph (c) insert—
“ (ca) a decision to withdraw approval of an environmental body under any provision contained in regulations by virtue of section 53(4)(d) above;”.
(4) The amendments made by this Resolution come into force on 19 March 2008.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
54. Air passenger duty (standard class travel)
That provision may be made amending the definition of standard class travel for the purposes of air passenger duty.
55. Alternative property finance
That—
(1) The Finance Act 2003 is amended as follows.
(2) For the title of section 73A substitute “Sections 71A to 73: relationship with Schedule 7”.
(3) After section 73A insert—
“ 73AB Sections 71A to 72A: arrangements to transfer control of financial institution
(1) Section 71A, 72 or 72A does not apply to alternative finance arrangements if those arrangements, or any connected arrangements, include arrangements for a person to acquire control of the relevant financial institution.
(2) That includes arrangements for a person to acquire control of the relevant financial institution only if one or more conditions are met (such as the happening of an event or doing of an act).
(3) In this section—
“alternative finance arrangements” means the arrangements referred to in section 71A(1), 72(1) or 72A(1);
“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
“connected arrangements” means any arrangements entered into in connection with the making of the alternative finance arrangements (including arrangements involving one or more persons who are not parties to the alternative finance arrangements);
“relevant financial institution” means the financial institution which enters into the alternative finance arrangements.
(4) Section 840 of the Taxes Act 1988 applies for the purposes of determining who has control of the relevant financial institution.”
(4) The amendments made by this Resolution have effect in relation to alternative finance arrangements entered into on or after 12 March 2008.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
56. Alternative finance arrangements
That provision may be made for amending Chapter 5 of Part 2 of the Finance Act 2005 by order.
57. Duties (abolition of disregard of fractions of penny)
That provision may be made repealing section 137(4) of the Customs and Excise Management Act 1979.
58. Relief from tax (incidental and consequential charges)
That it is expedient to authorise any incidental or consequential charges to any duty or tax (including charges having retrospective effect) that may arise from provisions designed in general to afford relief from taxation.
PROCEDURE (FUTURE TAXATION)
That, notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills, any Finance Bill of the present Session may contain the following provisions taking effect in a future year—
(a) provision for corporation tax to be charged for the financial year 2009,
(b) provision about the standard rate of landfill tax,
(c) provision about the rates of climate change levy,
(d) provision about the rate of aggregates levy, and
(e) provision amending section 139 of the Income Tax (Earnings and Pensions) Act 2003.
PROCEDURE (FIRST-YEAR TAX CREDITS)
That, notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills, any Finance Bill of the present Session may include provision for first-year tax credits to be paid in connection with first-year qualifying expenditure under the Capital Allowances Act 2001.
PROCEDURE (INFORMATION AND INSPECTION POWERS IN CONNECTION WITH CERTAIN FOREIGN TAXES)
That, notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills, any Finance Bill of the present Session may make provision about obtaining information and documents, and inspecting premises, in connection with—
(a) a tax of a member State, other than the United Kingdom, which is covered by the provisions for the exchange of information under the Directive of the Council of the European Communities dated 19th December 1977 No. 77/799/EEC (as amended from time to time),
(b) taxes and duties imposed under the law of a territory outside the United Kingdom and covered by arrangements having effect by virtue of section 173 of the Finance Act 2006, and
(c) value added tax charged in accordance with the law of a member State, other than the United Kingdom.
FINANCE [MONEY]
Queen’s recommendation having been signified —
That, for the purposes of any Act of the present Session relating to finance (“the Act”), it is expedient to authorise the payment out of money provided by Parliament of—
(a) sums incurred by the Commissioners for Her Majesty’s Revenue and Customs in making payments under the Act to charities who are given donations under the gift aid scheme,
(b) sums incurred by the Commissioners for Her Majesty’s Revenue and Customs in preparing for the introduction of a new duty chargeable in respect of flights by aircraft, and
(c) sums incurred by the Treasury in making payments under the Act from the Exchequer accounts in satisfaction of financial claims concerning any of those accounts.
Bill ordered to be brought in upon the foregoing resolutions: And that the Chairman of Ways and Means, the Prime Minister, Mr. Chancellor of the Exchequer, Secretary Hilary Benn, Mr. Secretary Hutton, Secretary James Purnell, Secretary Ruth Kelly, Secretary Ed Balls, Yvette Cooper, Angela Eagle, Kitty Ussher and Jane Kennedy do prepare and bring it in.
Finance Bill
Jane Kennedy accordingly presented a Bill to grant certain duties, to alter other duties, to amend the law relating to the national debt and the public revenue,
and to make further provision in connection with finance: And the same was read the First time; and ordered to be read a Second time tomorrow, and to be printed. [Bill 89]
DELEGATED LEGISLATION
Mr. Speaker: If hon. Members agree, I shall put together the motions on delegated legislation.
Motion made, and Question put forthwith, pursuant to Standing Order No. 118(6) (Delegated Legislation Committees),
That the draft Grants to the Churches Conservation Trust Order 2008, which was laid before this House on 28th January, be approved.
That the draft Offender Management Act 2007 (Consequential Amendments) Order 2008, which was laid before this House on 6th February, be approved.
That the draft Occupational Pension Schemes (Levy Ceiling) Order 2008, which was laid before this House on 7th February, be approved.
That the draft Occupational Pension Schemes (Levies) (Amendment) Regulations 2008, which were laid before this House on 27th February, be approved.
That the draft Pension Protection Fund (Pension Compensation Cap) Order 2008, which was laid before this House on 27th February, be approved.
That the draft Criminal Justice Act 1988 (Offensive Weapons) (Amendment) Order 2008, which was laid before this House on 27th February, be approved.
That the draft Rail Vehicle Accessibility (B2007 Vehicles) Exemption Order 2008, which was laid before this House on 31st January, be approved.
That the draft Crown Agents Holding and Realisation Board (Prescribed Day) Order 2008, which was laid before this House on 4th February, be approved. —[Mr. Michael Foster.]
regulatory reform
Motion made, and Question put forthwith, pursuant to Standing Order No. 18(1) (Consideration of draft regulatory reform orders),
That the draft Legislative Reform (Health and Safety Executive) Order 2008, which was laid before this House on 18th February, be approved. —[Mr. Michael Foster.]
european documents
Motion made, and Question put forthwith, pursu ant to Standing Order No. 119 (European Committees),
That this House takes note of European Union Documents No. 14937/07, Report by the Head of the European Defence Agency on its activity in 2007, No. 15413/07, the Council’s guidelines for the European Defence Agency’s work in 2008, and No. 16682/07 and Addenda 1 and 2, Commission Communication on a Strategy for a Stronger and More Competitive European Defence Industry; and endorses the Government’s approach to the development of the European Defence Agency and its view that the analysis and proposed solutions in the Commission’s Communication need further refinement before they could be supported. —[Mr. Michael Foster.]
Mr. Speaker: I think the Ayes have it.
Division deferred till Wednesday 19 March, pursuant to Standing Order No. 41A (Deferred divisions).
Motion made, and Question put forthwith, pursuant to Standing Order No. 119(9) (European Committees),
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