167

House of Commons

Notices of Amendments

given on

Thursday 18 June 2009

For other Amendment(s) see the following page(s):

Finance Bill Committee 157-165

Public Bill Committee

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Finance Bill

(Except Clauses 7, 8, 9, 11, 14, 16, 20 and 92)

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Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

268

Schedule  46,  page  343,  line  2,  leave out paragraph 16 and insert—

‘15A	The Treasury may by regulations define “appropriate tax accounting

arrangements”.’.

Mr Stephen Timms

269

Schedule  46,  page  338,  line  34,  leave out ‘large’ and insert ‘qualifying’.

Mr Stephen Timms

270

Schedule  46,  page  338,  line  35,  leave out ‘and each of its subsidiaries (if any)’.

Mr Stephen Timms

271

Schedule  46,  page  339,  line  1,  leave out ‘large’ and insert ‘qualifying’.

Mr Stephen Timms

272

Schedule  46,  page  339,  line  3,  leave out ‘and its subsidiaries (if any)’.

Mr Stephen Timms

273

Schedule  46,  page  339,  line  18,  leave out ‘large’ and insert ‘qualifying’.

Notices of Amendments: 18 June 2009

168

Finance Bill, continued

Mr Stephen Timms

274

Schedule  46,  page  339,  leave out lines 21 to 25 and insert—

‘()	The certificate must—

(a)	state whether the company’.

Mr Stephen Timms

275

Schedule  46,  page  339,  line  28,  leave out ‘giving’ and insert ‘if it did not, give’.

Mr Stephen Timms

276

Schedule  46,  page  339,  line  29,  leave out ‘and its subsidiaries (if any)’.

Mr Stephen Timms

277

Schedule  46,  page  339,  line  30,  leave out from ‘arrangements’ to end of line 32.

Mr Stephen Timms

278

Schedule  46,  page  339,  line  36,  after third ‘the’, insert ‘company’s’.

Mr Stephen Timms

279

Schedule  46,  page  339,  line  38,  at end insert—

‘()	A certificate may relate to more than one qualifying company.’.

Mr Stephen Timms

280

Schedule  46,  page  339,  line  40,  leave out ‘large company must notify the

Commissioners’ and insert ‘qualifying company must ensure that the Commissioners are

notified’.

Mr Stephen Timms

281

Schedule  46,  page  340,  line  3,  after third ‘the’, insert ‘company’s’.

Mr Stephen Timms

282

Schedule  46,  page  340,  line  6,  at end insert—

‘()	A notification may relate to more than one qualifying company.’.

Mr Stephen Timms

283

Schedule  46,  page  340,  line  14,  leave out paragraph 6.

Mr Stephen Timms

284

Schedule  46,  page  340,  leave out lines 37 to 40.

Notices of Amendments: 18 June 2009

169

Finance Bill, continued

Mr Stephen Timms

285

Schedule  46,  page  341,  line  6,  leave out ‘2 or’.

Mr Stephen Timms

286

Schedule  46,  page  341,  line  7,  leave out ‘6 or’.

Mr Stephen Timms

287

Schedule  46,  page  341,  line  11,  leave out ‘large’ and insert ‘qualifying’.

Mr Stephen Timms

288

Schedule  46,  page  341,  line  11,  leave out ‘it fails to notify the Commissioners of

the name’ and insert ‘, for a financial year, the Commissioners are not notified of the name

or names’.

Mr Stephen Timms

289

Schedule  46,  page  341,  line  16,  leave out ‘large’ and insert ‘qualifying’.

Mr Stephen Timms

290

Schedule  46,  page  341,  line  30,  leave out ‘large’ and insert ‘qualifying’.

Mr Stephen Timms

291

Schedule  46,  page  341,  line  40,  after third ‘the’ insert ‘company’s’.

Mr Stephen Timms

292

Schedule  46,  page  341,  line  41,  at end insert—

‘()	HMRC may not assess a person who is the senior accounting officer of a

company (“C”) as liable to a penalty under paragraph 5 or 7 for a financial year

(“the relevant financial year”) if—

(a)	at any time in the relevant financial year the person was the senior

accounting officer of another company that was a member of the same

group as C, and

(b)	HMRC has assessed the person as liable, as the senior accounting

officer of the other company, to a penalty under that paragraph for a

financial year that ends on a day in the relevant financial year.

()	HMRC may not assess a company (“C”) as liable to a penalty under paragraph

9 for a financial year (“the relevant financial year”) if—

(a)	C was a member of a group at the end of that year, and

(b)	HMRC has assessed another company that was a member of the same

group as C at that time as liable to a penalty under that paragraph—

(i)	for its financial year ending on the same day as the relevant

financial year, or

(ii)	if its financial year does not end on that day, for its financial

year ending last before that day.’.

Notices of Amendments: 18 June 2009

170

Finance Bill, continued

Mr Stephen Timms

293

Schedule  46,  page  342,  line  25,  leave out ‘6,’.

Mr Stephen Timms

294

Schedule  46,  page  343,  line  3,  leave out from ‘enable’ to end of line 4 and insert

‘the company’s relevant liabilities to be calculated accurately in all material respects.’.

Mr Stephen Timms

295

Schedule  46,  page  343,  leave out lines 7 and 8 and insert—

‘()	“Relevant liabilities”, in relation to a company, means liabilities in respect

of—

(a)	corporation tax (including any amount assessable or chargeable as if it

were corporation tax),

(b)	value added tax,

(c)	amounts for which the company is accountable under PAYE

regulations,

(d)	insurance premium tax,

(e)	stamp duty land tax,

(f)	stamp duty reserve tax,

(g)	petroleum revenue tax,

(h)	customs duties, and

(i)	excise duties.’.

Mr Stephen Timms

296

Schedule  46,  page  343,  leave out lines 10 to 15 and insert—

‘Meaning of “qualifying company”

17  (1)

A company is a qualifying company in relation to a financial year if the

qualification test was satisfied in the previous financial year (subject to any

regulations under sub-paragraph (2)).

(1A)	The qualification test is that the company satisfied either or both of the

following requirements—

	1. Relevant turnover	More than £200 million
	2. Relevant balance sheet total	More than £2 billion.

(1B)	If the company was not a member of a group at the end of the previous

financial year—

(a)	“relevant turnover” means the company’s turnover, and

(b)	“relevant balance sheet total” means the company’s balance sheet

total.

(1C)	If the company was a member of a group at the end of the previous financial

year—

(a)	“relevant turnover” means the aggregate turnover of the company

(“C”) and any other company that was a member of the same group as

C at the end of C’s previous financial year, and

Notices of Amendments: 18 June 2009

171

Finance Bill, continued

(b)	“relevant balance sheet total” means the aggregate balance sheet totals

of C and any such company.

(1D)	If the financial year of a company that was a member of the same group as C

does not end on the same day as C’s previous financial year, the figures for that

company that are to be included in the aggregate figures are the figures for that

company’s financial year ending last before the end of C’s previous financial

year.

(1E)	“Turnover”, in relation to a company, has the same meaning as in Part 15 of

the Companies Act 2006 (see section 474 of that Act).

(1F)	“Balance sheet total”, in relation to a company and a financial year, means the

aggregate of the amounts shown as assets in the company’s balance sheet as at

the end of the financial year.’.

Mr Stephen Timms

297

Schedule  46,  page  343,  line  17,  leave out ‘large’ and insert ‘qualifying’.

Mr Stephen Timms

298

Schedule  46,  page  343,  leave out lines 20 to 22 and insert—

‘()	“Senior accounting officer”, in relation to a company that is not a member of

a group, means the director or officer who, in the company’s reasonable

opinion, has overall responsibility for the company’s financial accounting

arrangements.

()	“Senior accounting officer”, in relation to a company that is a member of a

group, means the group director or officer who, in the company’s reasonable

opinion, has overall responsibility for the company’s financial accounting

arrangements.

()	“Group director or officer”, in relation to a company, means a director or

officer of the company or of a relevant body that is a member of the same group

as the company.

()	A person may be the senior accounting officer of more than one company.’.

Mr Stephen Timms

299

Schedule  46,  page  343,  leave out lines 29 to 32.

Mr Stephen Timms

300

Schedule  46,  page  343,  line  35,  leave out from ‘“company”’ to end of line 36 and

insert ‘has the same meaning as in the Companies Acts (see section 1(1) of the Companies

Act 2006) but does not include a company that is an open-ended investment company

(within the meaning of section 468A of ICTA) or an investment trust (within the meaning

of section 842 of ICTA);’.

Mr Stephen Timms

301

Schedule  46,  page  343,  leave out lines 39 and 40.

Mr Stephen Timms

302

Schedule  46,  page  344,  line  2,  at end insert—

Notices of Amendments: 18 June 2009

172

Finance Bill, continued

‘“relevant body” means a company or other body corporate but does not

include a limited liability partnership;’.

Mr Stephen Timms

303

Schedule  46,  page  344,  leave out lines 3 to 5.

Mr Stephen Timms

304

Schedule  46,  page  344,  line  7,  at end insert—

‘(2)	For the purposes of this Schedule—

(a)	a relevant body is a member of a group if—

(i)	another relevant body is its 51 per cent subsidiary, or

(ii)	it is a 51 per cent subsidiary of another relevant body, and

(b)	two relevant bodies are members of the same group if—

(i)	one is a 51 per cent subsidiary of the other, or

(ii)	both are 51 per cent subsidiaries of a third relevant body.

(3)	Section 838 of ICTA (meaning of “51 per cent subsidiary”) applies for the

purposes of this Schedule as it applies for the purposes of the Corporation Tax

Acts (subject to the modification in sub-paragraph (4)).

(4)	It applies as if references in that section to a body corporate were to a relevant

body.’.

Mr Stephen Timms

305

Clause  93,  page  46,  line  27,  leave out from ‘paragraph’ to end of line 36 and insert

‘10 of Schedule 24 to FA 2007, or

(b)	paragraph 13 of Schedule 41 to FA 2008,

(reductions for disclosure) to the full extent permitted.’.

Mr Stephen Timms

306

Schedule  47,  page  348,  line  11,  leave out from ‘person’ to ‘the’ in line 13 and insert

‘if—

(a)	it appears to an officer of Revenue and Customs that a counteraction

provision may apply to the person by reason of one or more transactions,

and

(b)

’.

Mr Stephen Timms

307

Clause  104,  page  52,  line  17,  at end insert—

‘( )	In the following provisions, for the words from “the same rate” to the end

substitute “the rate applicable under section 178 of the Finance Act 1989”—

(a)	section 48(1) of FA 1975 (interest on repayment of estate duty), and

(b)	section 235(1) of IHTA 1984 (interest on overpaid inheritance tax).

( )	In section 178(2) of FA 1989 (setting of rates of interest)—

(a)	after paragraph (g) insert—

“(ga)

section 48(1) of the Finance Act 1975,”, and

(b)	in paragraph (k), after “sections 233” insert “, 235(1)”.’.

Notices of Amendments: 18 June 2009

173

Finance Bill, continued

Mr Stephen Timms

308

Schedule  55,  page  400,  line  30,  after ‘P’, insert ‘first’.

Mr Stephen Timms

309

Schedule  55,  page  400,  line  34,  leave out ‘P is not liable’.

Mr Stephen Timms

310

Schedule  55,  page  400,  line  35,  after ‘applies’ insert—

‘(a)	paragraphs 10(2)(b) and 11(5)(b) do not apply, and

(b)	P is not liable’.

Mr Stephen Timms

311

Schedule  55,  page  400,  line  37,  leave out from first ‘the’ to end of line 38 and insert

‘date on which P first made a return’.

Mr Stephen Timms

312

Schedule  56,  page  406,  line  38,  column  3,  leave out from ‘Amount’ to end of

line 41 and insert ‘charged in an assessment under paragraph 11(1) of Schedule 2 to OTA

1975’.

Mr Stephen Timms

313

Schedule  56,  page  407,  line  7,  at end insert—

	‘ 15A	Petroleum revenue tax	Amount charged in an assessment	The date falling 6 months and 30 days
			made where participator fails to	after the end of the chargeable period’.
			deliver return for a chargeable period

Mr Stephen Timms

314

Schedule  56,  page  407,  line  9,  column  2,  leave out ‘or 9 to 11’ and insert ‘, 9 or

10’.

Mr Stephen Timms

315

Schedule  56,  page  407,  line  38,  at end insert—

‘ 20A

Petroleum revenue tax

Amount charged in an assessment, or

The date falling 30 days after—

an amendment of an assessment,

(a)	the date by which the amount

made in circumstances other than

must be paid, or

those set out in items 11 and 15A

(b)	the date on which the assess-

ment or amendment is made,

whichever is later’.

Mr Stephen Timms

316

Schedule  56,  page  407,  line  40,  column  2,  leave out ‘or 9 to 11’ and insert ‘, 9

or 10’.

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Revised 19 June 2009