House of Commons portcullis
House of Commons
Session 2008 - 09
Internet Publications
Other Bills before Parliament



House of Commons


Thursday 28th May 2009


Public Bill Committee


Finance Bill


Mr Stephen Timms




Schedule  8,  page  101,  line  4,  leave out from beginning to ‘is’ in line 5 and insert—



Schedule 5B to TCGA 1992 (enterprise investment scheme: re-investment) is


amended as follows.


A2  (1)  

Paragraph 1(2) (application of Schedule) is amended as follows.



For paragraphs (g) and (h) substitute “and



all of the money raised by the issue of the shares (other than any of them


which are bonus shares) is, no later than the time mentioned in section


175(3) of ITA 2007, employed wholly for the purpose of that activity,”.



In the words following the paragraphs, for “conditions in paragraphs (g) and (h)


above do” substitute “condition in paragraph (g) above does”.


A3  (1)  

Paragraph 1A (failure of conditions of application) is amended as follows.



In sub-paragraph (4)—



omit “or (h)”, and



for “sub-paragraph (4A) below” substitute “section 175(3) of ITA





Omit sub-paragraph (4A).


1    (1)  

Paragraph 9 (other reconstructions and amalgamations)’.


Mr Stephen Timms




Schedule  8,  page  101,  line  18,  at end insert—



In paragraph 16 (information), omit sub-paragraph (4A).’.


Mr Stephen Timms




Schedule  8,  page  102,  line  19,  at end insert—


‘Consequential repeals



In consequence of the amendments made by paragraphs A2, A3 and 1A, omit—



in FA 2001, in Schedule 15, paragraphs 26 to 28,



in FA 2004, in Schedule 18, paragraph 13(1)(f), and



in ITA 2007, in Schedule 1, paragraph 345(2)(b), (3)(a) and (13)(b).’.



Public Bill Committee: 28th May 2009


Finance Bill, continued


Mr Stephen Timms




Schedule  8,  page  102,  line  20,  at end insert—



The amendments made by paragraphs A2, A3, 1A, 3, 4 and 5A have effect in


relation to shares issued on or after 22 April 2009.’.


Mr Stephen Timms




Schedule  8,  page  102,  line  32,  leave out paragraph 8.


Mr Stephen Timms




Schedule  12,  page  128,  line  5,  at end insert—



In determining for the purposes of subsection (1)(c) whether subsection (1) of


section 171 would have applied, it is to be assumed that subsection (1A)(b) of that


section read—



that, at the time of the disposal, company B is resident in the


United Kingdom, or carrying on a trade in the United Kingdom


through a permanent establishment there.” ’.

House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2009
Revised 29 May 2009