Finance Bill

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Division No. 10]
Bone, Mr. Peter
Breed, Mr. Colin
Browne, Mr. Jeremy
Field, Mr. Mark
Gauke, Mr. David
Greening, Justine
Hands, Mr. Greg
Viggers, Peter
Blackman-Woods, Dr. Roberta
Blizzard, Mr. Bob
Chapman, Ben
Eagle, Angela
Efford, Clive
Hall, Patrick
Hesford, Stephen
Joyce, Mr. Eric
Kennedy, rh Jane
Palmer, Dr. Nick
Sharma, Mr. Virendra
Simon, Mr. Siôn
Thornberry, Emily
Todd, Mr. Mark
Ussher, Kitty
Question accordingly negatived.
Amendments made: No. 155, in clause 93, page 56, line 7, leave out ‘4A(1)’ and insert ‘4A’.
No. 156, in clause 93, page 56, line 8, after ‘transactions),’, insert ‘—
(a) in sub-paragraph (1),’.
No. 157, in clause 93, page 56, line 9, at end insert—
‘(b) after that sub-paragraph insert—
“(1A) Sub-paragraph (1) has effect subject to sub-paragraph (3A).”,
(c) in sub-paragraph (3)—
(i) for “sub-paragraph (1)(a)” substitute “this paragraph”, and
(ii) for “this sub-paragraph” substitute “this paragraph”, and
(d) after sub-paragraph (3) insert—
“(3A) Sub-paragraph (1) does not apply where—
(a) there is a change in the control of the purchaser because a loan creditor (within the meaning of section 417(7) to (9) of the Taxes Act 1988) obtains control of, or ceases to control, the purchaser, and
(b) the other persons who controlled the purchaser before that change continue to do so.”’.
No. 158, in clause 93, page 56, line 12, leave out from ‘2008’ to end of line 19.—[Kitty Ussher.]
Clause 93, as amended, ordered to stand part of the Bill.

Clause 94

Transfers of interests in property-investment partnerships
Question proposed, That the clause stand part of the Bill.
The clause represents one of those occasions when the concerns that they and various professional groups raised have been recognised. On the one hand, I welcome the Treasury’s recognition of those concerns, but this time last year, it was apparent that the legislation in the 2007 Finance Bill was flawed and would have an unfortunate effect. As a consequence, there has been a period of uncertainty, and I just wanted to put on record that it is regrettable that clause 94 is necessary because of flaws in last year’s legislation. They were known to the professionals and to the equivalent Committee last year.
Question put and agreed to.
Clause 94 ordered to stand part of the Bill.
Schedule 31 agreed to.
Clause 95 ordered to stand part of the Bill.
Mr. Bob Blizzard (Waveney) (Lab): I beg to move that further consideration of the Bill be now adjourned. I just think that it is easier to stop here, before the debate on clause 96 starts, because we have Treasury questions in seven minutes’ time.
The Chairman: We could have done without the rationale—but I shall put the question.
Further consideration adjourned.—[Mr. Blizzard.]
Adjourned accordingly at twenty-three minutes past 10 o’clock till this day at One o’clock.
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