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Public Bill Committee: 9 June 2009                     

90

 

Finance Bill, continued

 
 

      (2)  

For this purpose “accounting period” and “controlled foreign company” have

 

the same meaning as they have for the purposes of Chapter 4 of Part 17 of

 

ICTA.’.

 


 

Mr Jeremy Browne

 

Dr John Pugh

 

41

 

Schedule  17,  page  189,  line  41,  leave out ‘£100’ and insert ‘£1’.

 

Mr Mark Hoban

 

161

 

Schedule  17,  page  190,  line  10,  at end insert ‘or’.

 

Mr Mark Hoban

 

160

 

Schedule  17,  page  190,  line  12,  leave out from ‘partnership’ to end of line 14.

 

Mr Mark Hoban

 

162

 

Schedule  17,  page  190,  line  33,  leave out ‘a’ and insert ‘an event or’.

 

Mr Jeremy Browne

 

Dr John Pugh

 

42

 

Schedule  17,  page  190,  line  34,  leave out paragraphs (a) and (b).

 

Mr Mark Hoban

 

163

 

Schedule  17,  page  191,  line  38,  at end insert—

 

‘“debenture” does not include a guarantee;

 

“transfer” does not include a transfer by way of security.’.

 

Mr Mark Hoban

 

164

 

Schedule  17,  page  192,  line  9,  at end insert ‘or six months after the regulations

 

referred to in paragraph 4(2) are made, whichever is the later’.

 

Mr Mark Hoban

 

165

 

Schedule  17,  page  192,  line  10,  after ‘Schedule’, insert ‘(with exception of those

 

made under paragraph 8(2)(e))’.

 


 

Mr Mark Hoban

 

171

 

Clause  39,  page  19,  line  14,  at end insert ‘and accordingly section 397A shall not

 

apply in respect of such dividend’.


 
 

Public Bill Committee: 9 June 2009                     

91

 

Finance Bill, continued

 
 

Mr Mark Hoban

 

174

 

Clause  39,  page  19,  leave out lines 15 to 18 and insert—

 

‘(3)    

For the purposes of this section and subject to subsections (3A) and (3B) below,

 

an offshore fund satisfies the qualifying investments test if, on the last day of each

 

quarter of the offshore fund’s relevant period of account, the market value of the

 

fund’s qualifying investments does not exceed 60% of the market value of all of

 

the assets of the fund (excluding cash awaiting investment).

 

(3A)    

The offshore fund shall not satisfy the qualifying investments test if it makes any

 

arrangements with regard to its investments where the purpose of such

 

arrangements is wholly or mainly to satisfy the qualifying investments test on

 

such relevant quarter date and where, having regard to the offshore fund’s overall

 

investment strategy, the offshore fund would have been unlikely to satisfy the

 

qualifying investments test had the test been applied on any other date.

 

(3B)    

Where any of the investments held by the offshore fund are “qualifying holdings”

 

(as defined in section 495 of the CTA 2009), such qualifying holding shall not

 

constitute a qualifying investment if the company, scheme or fund which might

 

otherwise constitute the qualifying holding has, for the 12 month period

 

preceding the date that the dividend is paid, provided written confirmation on a

 

quarterly basis to the offshore fund that its investment strategy is to invest in

 

assets which the company, scheme or fund anticipates will meet the qualifying

 

investments test and it is not aware that this strategy has been breached.’.

 

Mr Mark Hoban

 

175

 

Clause  39,  page  19,  line  23,  leave out from ‘means’ to end of line 31 and insert ‘the

 

accounting period ending prior to payment of the dividend.’.

 

Mr Stephen Timms

 

89

 

Clause  39,  page  19,  line  43,  at end insert—

 

‘(3A)    

Accordingly, in section 367 of ITTOIA 2005 (priority between Chapters within

 

Part 4), in subsection (3)—

 

(a)    

in paragraph (a), after “dividends)” insert “, 378A (offshore fund

 

distributions)”, and

 

(b)    

in paragraph (b), insert at the end “or Chapter 4 (or both)”.’.

 


 

Mr Mark Hoban

 

172

 

Schedule  19,  page  200,  line  28,  after ‘(6)’, insert ‘, section 378A’.

 

Mr Stephen Timms

 

Mr Mark Hoban

 

158

 

Schedule  19,  page  201,  line  2,  leave out from ‘fund’ to end of line 3.

 

Mr Mark Hoban

 

169

 

Schedule  19,  page  202,  line  15,  leave out from ‘397AA’ to end of line 18.


 
 

Public Bill Committee: 9 June 2009                     

92

 

Finance Bill, continued

 
 

Mr Mark Hoban

 

166

 

Schedule  19,  page  204,  line  14,  leave out ‘22’ and insert ‘6’.

 

Mr Mark Hoban

 

167

 

Schedule  19,  page  204,  line  16,  leave out ‘22’ and insert ‘6’.

 

Mr Mark Hoban

 

168

 

Schedule  19,  page  204,  line  18,  leave out ‘22’ and insert ‘6’.

 


 

Dr Vincent Cable

 

Mr Jeremy Browne

 

Mr Colin Breed

 

176

 

Parliamentary Star    

Schedule  24,  page  233,  line  16,  leave out ‘485B’ and insert ‘486B’.

 

Mr Stephen Timms

 

159

 

Schedule  24,  page  243,  line  9,  leave out ‘14’ and insert ‘15’.

 


 

Mr Stephen Timms

 

178

 

Parliamentary Star    

Schedule  25,  page  247,  line  6,  after ‘taxed),’ insert—

 

‘(aa)    

section 809AZCA (certain annuities),’.

 

Mr Stephen Timms

 

179

 

Parliamentary Star    

Schedule  25,  page  248,  line  15,  at end insert—

 

‘809AZCA 

  Exception: certain annuities

 

This Chapter does not apply to a transfer of a right to—

 

(a)    

annual payments under a life annuity as defined in section 473(2) of

 

ITTOIA 2005, or

 

(b)    

annual payments under an annuity which is pension income within the

 

meaning of Part 9 of ITEPA 2003 (see section 566(2) of that Act).’.

 

Mr Stephen Timms

 

180

 

Parliamentary Star    

Schedule  25,  page  250,  line  32,  at end insert ‘and

 

(i)    

in CTA 2009, in Schedule 1, paragraphs 214 and 230.’.

 



 
 

Public Bill Committee: 9 June 2009                     

93

 

Finance Bill, continued

 
 

Dr Vincent Cable

 

Mr Jeremy Browne

 

Mr Colin Breed

 

177

 

Parliamentary Star    

Clause  52,  page  24,  line  13,  leave out ‘£100’ and insert ‘£500’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

72

 

Clause  54,  page  26,  line  6,  leave out ‘at or about the same time’ and insert ‘in the

 

same registration period’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

73

 

Clause  67,  page  32,  line  6,  leave out ‘12 January’ and insert ‘1 April’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

74

 

Clause  67,  page  32,  line  7,  leave out subsections (3) and (4).

 


 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

75

 

Clause  91,  page  45,  line  2,  leave out ‘aspire’ and insert ‘use all reasonable

 

endeavours to achieve’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

76

 

Clause  91,  page  45,  line  3,  at end insert ‘and set out the rights and responsibilities

 

of taxpayers and other persons with whom HMRC deals’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

77

 

Clause  91,  page  45,  line  5,  leave out ‘regularly’.


 
 

Public Bill Committee: 9 June 2009                     

94

 

Finance Bill, continued

 
 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

78

 

Clause  91,  page  45,  line  5,  after ‘review’, insert ‘at least once every year’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

79

 

Clause  91,  page  45,  line  5,  after ‘review’, insert ‘at least once every 3 years’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

80

 

Clause  91,  page  45,  line  5,  leave out ‘and’ and insert—

 

‘(b)    

consult with stakeholders in carrying out the review, and’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

65

 

Schedule  46,  page  343,  line  20,  leave out ‘or officer’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

81

 

Clause  93,  page  45,  line  27,  leave out ‘£25,000’ and insert ‘the greater of—

 

(i)    

£25,000 or

 

(ii)    

a percentage of the person’s income as determined by an order

 

made by the Treasury.’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

82

 

Clause  93,  page  45,  line  30,  after ‘deliberate’, insert ‘and concealed’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

83

 

Clause  93,  page  45,  leave out lines 32 to 40.


 
 

Public Bill Committee: 9 June 2009                     

95

 

Finance Bill, continued

 
 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

84

 

Clause  93,  page  46,  line  14,  at end insert—

 

‘(5A)    

No information may be published without the consent of the Chief Executive of

 

Her Majesty’s Revenue and Customs.’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

85

 

Clause  93,  page  46,  line  18,  at end insert ‘and

 

(c)    

inform the person of his right of appeal under subsection (11A) below’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

86

 

Clause  93,  page  46,  line  36,  at end insert—

 

‘(11A)    

No information may be published until the person has had the opportunity to

 

appeal to the First Tier Tribunal for an in-camera hearing against the decision to

 

publish details of that person.

 

(11B)    

The Treasury may by order made by statutory instrument make provision for and

 

in connection with appeals to the First Tier Tribunal under subsection (11A).’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

87

 

Clause  94,  page  47,  line  11,  leave out subsections (2) to (5).

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

88

 

Clause  94,  page  47,  line  19,  at end insert—

 

‘(3A)    

An order under this section may not—

 

(a)    

remove or weaken a safeguard available to a taxpayer, or

 

(b)    

increase a penalty or HMRC power.’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

61

 

Clause  94,  page  47,  line  22,  leave out ‘annulment in pursuance of a’ and insert ‘an

 

affirmative’.

 



 
 

Public Bill Committee: 9 June 2009                     

96

 

Finance Bill, continued

 
 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

66

 

Schedule  47,  page  345,  line  35,  leave out sub-paragraph (5).

 


 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

62

 

Clause  95,  page  48,  line  2,  leave out subsections (5) to (8).

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

63

 

Clause  95,  page  48,  line  4,  at end insert—

 

‘(5A)    

An order under this section may not—

 

(c)    

remove or weaken a safeguard available to a taxpayer, or

 

(d)    

increase a penalty or HMRC power.’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

64

 

Clause  95,  page  48,  line  11,  leave out ‘annulment in pursuance of a’ and insert ‘an

 

affirmative’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

67

 

Schedule  49,  page  358,  line  50,  at end insert—

 

‘(ba)    

Revenue and Customs has used all reasonable efforts to ascertain contact

 

details of the debtor’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Mr Greg Hands

 

68

 

Schedule  49,  page  359,  line  24,  at end insert ‘such period being not less than 30

 

days from the date of the notice.’.


 
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