Notices of Amendments: 3 July 2009

1079

Finance Bill, continued

“(aa)

has reached that age and is studying full-time for a higher

education qualification in medicine, veterinary science or

architecture or such other vocational courses as the Treasury

may prescribe by regulations, or”’.

Mr Frank Field

Mr Greg Pope

Lynne Jones

Alan Simpson

Ms Diane Abbott

John McDonnell

Total signatories: 16

Kelvin Hopkins

Jeremy Corbyn

Mr David Drew

Dr Vincent Cable

Mr Jeremy Browne

Mrs Ann Cryer

Mr Austin Mitchell

Jim Dobbin

Siobhain McDonagh

Mr Roger Godsiff

2

Page  1,  line  8  [Clause  1],  at end insert—

‘(3)	This section is subject to section [Implementation of section 1].’.

Dr Vincent Cable

Mr Jeremy Browne

Mr Colin Breed

Dr John Pugh

37

Page  2,  line  10  [Clause  3],  leave out ‘£6,475’ and insert ‘£10,000’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

40

Page  3,  line  7  [Clause  6],  at end insert—

‘(3A)

At the end of section 646(8) of ITTOIA 2005 (adjustments between settlor and

trustees etc.), insert—

“(9)	A settlor of a settlement in respect of which he is liable to pay income tax

under section 624 or 629 is entitled to receive credit for any income tax

paid by the trustees of such a settlement in calculating his income tax

liability and to be repaid any excess of that credit over that liability.

(10)	A settlor who receives a credit under subsection (9) above is to that extent

not entitled to recover any tax from the trustees under subsection (1)

above.”

Notices of Amendments: 3 July 2009

1080

Finance Bill, continued

(3B)	The amendment made by subsection (3A) shall be deemed to have effect from 6

April 2006.’.

Dr Vincent Cable

Mr Jeremy Browne

Mr Colin Breed

Dr John Pugh

36

Page  3,  line  31  [Clause  8],  at end insert—

‘(2A)

At the end of subsection 13(3) of ICTA 1988 (small companies’ relief), insert—

“(3A)

Where in any accounting period the profits of a company do not exceed

1/12 of the lower relevant maximum amount, the company may claim a

further reduction (to be known as the “very small companies’ relief”) on

the amount of corporation tax payable under this section.

(3B)	The Chancellor of the Exchequer shall, by regulations and within three

months of Royal Assent, prescribe the level of the very small companies’

relief.

(3C)	Regulations made under subsection (3B) may not be made unless a draft

of the statutory instrument containing the regulations has been laid

before, and approved by a resolution of, each House of parliament.”’.

Dr Vincent Cable

Mr Jeremy Browne

Mr Colin Breed

Dr John Pugh

38

Page  4,  line  34  [Clause  11],  at end insert—

‘(3A)

After subsection (1A) insert—

“(1AB)

The rate under section 36 (1AA)(a) shall be reduced by 2 per cent. for the

tax year 2010-11 and by a further 2 per cent. for each subsequent tax

year.”’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

Lynne Jones

1

Page  11,  line  32  [Clause  17],  at end insert—

‘(4)	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.’.

Notices of Amendments: 3 July 2009

1081

Finance Bill, continued

Stewart Hosie

Mr Eric Illsey

Mr Jeremy Browne

4

Page  12,  line  15  [Clause  20],  leave out subsection (2).

Dr John Pugh

Mr Jeremy Browne

39

Page  12,  line  16  [Clause  20],  leave out ‘for “15” substitute “22”’ and insert ‘after

“of”, insert “no more than”’.

Mr Eric Illsley

22

Page  12,  line  16  [Clause  20],  leave out ‘22’ and insert ‘16’.

Mr Eric Illsley

23

Page  12,  line  16  [Clause  20],  leave out ‘22’ and insert ‘17’.

Stewart Hosie

Mr Jeremy Browne

5

Page  12,  line  20  [Clause  20],  leave out ‘27 April 2009’ and insert ‘1 April 2010’.

Mr Eric Illsley

24

Page  12,  line  20  [Clause  20],  leave out ‘27 April 2009’ and insert ‘1 April 2011’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

31

Page  15,  line  40  [Clause  25],  leave out from ‘unless’ to end of line 9 on page 16

and insert ‘they have been made in accordance with section 257 of the Banking Act 2009’.

Mr Chancellor of the Exchequer

41

Page  28,  line  16  [Clause  59],  after ‘made’, insert ‘by a tax authority’.

Notices of Amendments: 3 July 2009

1082

Finance Bill, continued

Mr Chancellor of the Exchequer

42

Page  29,  line  6  [Clause  59],  after ‘made’, insert ‘by a tax authority’.

Mr David Heath

3

Page  46,  line  10  [Clause  91],  at end insert—

‘( )	In particular, the Charter must include policies in relation to prosecution and

alternatives to prosecution, and the circumstances in which monies collected but

legally returnable to any person may be retained pending futher investigation.’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

6

Page  46,  line  20  [Clause  91],  at end insert—

‘(3)	The Charter prepared under section 16A (1) of CRCA 2005 shall not come into

effect until it has been approved by a resolution of the House of Commons.’.

Mr Chancellor of the Exchequer

43

Page  46,  line  23  [Clause  92],  leave out ‘large’ and insert ‘qualifying’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

32

Page  46,  line  26  [Clause  92],  at end insert—

‘(3)	That Schedule will cease to have effect on the fourth anniversary of the day on

which this Act is passed.’.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

14

Page  51,  line  23  [Clause  101],  at end insert—

‘(7A)

Repayment interest is not taxable.’.

Mr Chancellor of the Exchequer

44

Page  55,  line  1  [Clause  107],  leave out from beginning to ‘P’ in line 2.

Notices of Amendments: 3 July 2009

1083

Finance Bill, continued

Mr Chancellor of the Exchequer

45

Page  55,  line  4  [Clause  107],  leave out ‘whether before or after that date,’.

Mr Chancellor of the Exchequer

46

Page  55,  line  10  [Clause  107],  leave out ‘during’ and insert ‘between the date on

which P makes the request and the end of’.

Dr John Pugh

Mr Jeremy Browne

34

Page  202,  line  19  [Schedule  17],  at end insert ‘or part of a transaction of a value

exceeding £100 million’.

Dr John Pugh

Mr Jeremy Browne

35

Page  203  [Schedule  17],  leave out line 10.

Mr Mark Hoban

Mr David Gauke

Mr Greg Hands

17

Page  289,  line  23  [Schedule  34],  at end insert—

‘Stock dividends

3A  (1)

Section 107 (conditions for tax-exempt business) is amended as follows.

(2)	In subsection (8) omit “(a) by way of dividend, and (b)”.

(3)	After subsection (8) insert—

“(8A)

In this Part and for the purposes of section 973 of ITA 2007, a

distribution of the profits of the property rental business shall

include—

(a)	an amount distributed by way of dividend, and

(b)	an issue of shares to which section 249 (1)(a) of ICTA applies

and in case a falling within (b). the amount of the distribution shall be

the cash equivalent of share capital determined in accordance with

section 412 of ITTOIA 2005, but otherwise Chapter 5 of Part 4 of

ITTOIA 2005 shall not apply.”.

3B  (1)

Paragraph 6 of Schedule 17 is amended as follows.

(2)	In paragraph 6 (4), delete “by way of dividend and (c)”.

(3)	After paragraph 6 (4) insert—

---

Revised 6 July 2009