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House of Commons

 
 

Thursday 28th May 2009

 

Public Bill Committee

 

Finance Bill


 

Mr Stephen Timms

 

1

 

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

 

‘A1      

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.

 

      (2)  

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

 

(g)    

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,”.

 

      (3)  

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.

 

      (2)  

In sub-paragraph (4)—

 

(a)    

omit “or (h)”, and

 

(b)    

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

 

2007”.

 

      (3)  

Omit sub-paragraph (4A).

 

1    (1)  

Paragraph 9 (other reconstructions and amalgamations)’.

 

Mr Stephen Timms

 

2

 

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

 

‘1A      

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

 

Mr Stephen Timms

 

3

 

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

 

‘Consequential repeals

 

5A         

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

 

(a)    

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

 

(b)    

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

 

(c)    

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

 

4

 

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

 

‘5B      

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

 

5

 

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

 

Mr Stephen Timms

 

6

 

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

 

‘(1A)    

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—

 

“(b)    

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.” ’.


 
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