House of Commons Amendments

House of Commons

Session 2008 - 09
Internet Publications
Other Bills before Parliament

5

House of Commons

Tuesday 2 June 2009

Public Bill Committee Proceedings

Finance Bill

[fifth and sixth Sittings]

Mr Jeremy Browne

Not selected  4

Clause  17,  page  11,  line  4,  leave out from ‘substitute’ to end of line 29 and insert—

‘(1)
Aircraft flight duty is chargeable in respect of each freight and passenger aircraft

on each flight undertaken by that aircraft from a destination within the UK.’.

Mr Greg Hands

Mr Mark Hoban

Mr David Gauke

Not selected  40

Clause  17,  page  11,  line  33,  at end insert—

‘(3A)
The Treasury shall, no later than the date of the Pre-Budget Report 2009, bring

forward plans to replace Air Passenger Duty with a per-plane tax on aircraft

currently subject to Air Passenger Duty.’.

Mr Jeremy Browne

Not selected  3

Page  11,  line  1,  leave out Clause 17.

Clause Agreed to on division.

Schedule 5 Agreed to.

Clauses 18, 19 and 21 to 23 Agreed to.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Withdrawn  31

Schedule  6,  page  90,  line  44,  leave out ‘£50,000’ and insert ‘£100,000’.

Public Bill Committee Proceedings: 2 June 2009
6

Finance Bill, continued

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  32

Schedule  6,  page  90,  line  46,  leave out ‘£50,000’ and insert ‘£100,000’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  37

Schedule  6,  page  91,  line  27,  leave out ‘24 November’ and insert ‘31 December’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  33

Schedule  6,  page  91,  line  31,  leave out ‘£50,000’ and insert ‘£100,000’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  28

Schedule  6,  page  91,  line  32,  leave out ‘24 November 2009’ and insert ‘31

December 2010’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  34

Schedule  6,  page  91,  line  33,  leave out ‘£50,000’ and insert ‘£100,000’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  29

Schedule  6,  page  91,  line  34,  leave out ‘24 November’ and insert ‘31 December’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  30

Schedule  6,  page  91,  line  37,  at end insert—

‘(3A)
The limits referred to in subsubparagraphs 3(a) and (b) shall not apply to the

accounting period immediately preceding the relevant accounting period in

which the trading loss arose.’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  36

Schedule  6,  page  91,  line  38,  leave out subsections (4) and (5).

Public Bill Committee Proceedings: 2 June 2009
7

Finance Bill, continued

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  35

Schedule  6,  page  91,  line  41,  leave out ‘£50,000’ and insert ‘£100,000’.

Schedule Agreed to.

Clause 24 Agreed to.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Withdrawn  38

Clause  25,  page  15,  leave out lines 37 to 38 and insert ‘the Treasury may by regulations

make provision for and in connection with the application of all relevant enactments as

follows.

(1A)
The Treasury may make regulations to—

(a)
give effect to the agreement referred to in subsection (1), and

(b)
give effect to subsection (3).

(1B)
Regulations under this section may include provision having effect in relation to

any time before they are made even if the provision creates or increases the

liability to tax of P or such other person as is referred to in subsection (3).

(1C)
Regulations under this section may include—

(a)
provision amending any relevant enactment, and

(b)
consequential, supplementary and transitional provisions.

(1D)
Regulations under this section are to be made by statutory instrument subject to

annulment in pursuance of a resolution of the House of Commons.’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  39

Clause  25,  page  16,  leave out lines 14 to 16.

Clause Agreed to.

Clause 26 Agreed to.

Mr Stephen Timms

Agreed to  8

Schedule  7,  page  96,  line  29,  after ‘acquisition’, insert ‘by the company of a major

interest in the land’.

Mr Stephen Timms

Agreed to  9

Schedule  7,  page  98,  line  28,  leave out ‘ “sub-contractor payment” substitute

Public Bill Committee Proceedings: 2 June 2009
8

Finance Bill, continued

“connected sub-contractor payment’ and insert ‘ “sub-contracted land remediation”

substitute “connected sub-contracted land remediation” ’.

Schedule, as amended, Agreed to.

Clause 27 Agreed to.

Mr Stephen Timms

Agreed to  13

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 Mark Hoban

Mr David Gauke

Mr Greg Hands

Withdrawn  27

Schedule  8,  page  101,  line  12,  at end insert—

  ‘(1B)
The individual may elect for section 135 or section 136 not to apply in respect

of the shares.’.

Mr Stephen Timms

Agreed to  14

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

‘1A
In paragraph 16 (information), omit sub-paragraph (4A).’.

Mr Stephen Timms

Agreed to  15

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—

Public Bill Committee Proceedings: 2 June 2009
9

Finance Bill, continued

(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).’.

Mr Stephen Timms

Agreed to  16

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

Agreed to  17

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

Schedule, as amended, Agreed to.

Clause 28 Agreed to.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Withdrawn  23

Schedule  9,  page  103,  line  2,  at end insert—

‘A1(1)
Section 832(1) of ICTA is amended as follows.

      (2)
For the definition of “ordinary share capital”, substitute—

“ordinary share capital”, in relation to a company, means all the issued share

capital (by whatever name called) of the company, other than relevant

preference shares (within the meaning of Schedule 18).’.

Mr Stephen Timms

Agreed to  10

Schedule  9,  page  103,  line  28,  leave out ‘in any circumstances’ and insert ‘by

virtue of any term subject to which the shares are issued or held’.

Mr Stephen Timms

Agreed to  11

Schedule  9,  page  103,  line  39,  leave out ‘in any circumstances’ and insert ‘by

virtue of any term subject to which the shares are issued or held’.

Mr Stephen Timms

Agreed to  12

Schedule  9,  page  104,  line  14,  leave out sub-paragraph (i).

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Withdrawn  22

Schedule  9,  page  104,  line  21,  at end insert—

Public Bill Committee Proceedings: 2 June 2009
10

Finance Bill, continued

  ‘(6A)
An order under sub-paragraph (5) must specify that no company may be

regarded as being or having been in severe financial difficulties in any

accounting period during which it agrees or agreed to contribute to, or

increases or increased the value of, the pension arrangements of any director

or former director a sum in excess of £1 million.’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Withdrawn  21

Schedule  9,  page  104,  line  33,  at end insert—

‘1B
Notwithstanding anything else in this Schedule, in determining whether two or

more companies are members of the same group no account shall be taken of

any interest held by UK Financial Investments Limited.”’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  24

Schedule  9,  page  104,  line  39,  after ‘by’, insert ‘paragraphs 1 to 4 of’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  25

Schedule  9,  page  104,  line  43,  at end insert—

  ‘(6A)
If a company so elects, the amendments made by paragraph (A1) of this

Schedule, do not have effect in relation to shares issued by the company—

(a)
before the date on which this Act is passed;

(b)
on or after that date under an agreement entered into before that date.’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Not called  26

Schedule  9,  page  104,  line  44,  after ‘6’, insert ‘or 6A’.

Schedule, as amended, Agreed to.

Clause 29 Agreed to.

Schedule 10 Agreed to.

[Adjourned until Tuesday 9 June at 10.30 am.