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Notices of Amendments: 3 July 2009                     

1084

 

Finance Bill, continued

 
 

“(4A)    

In the application of section 107 (8A) for ‘profits’ substitute ‘UK

 

profits’ as defined in paragraph 6 (4).”.

 

      (4)  

Section 142 (1) of TCGA 1992 is amended by inserting “or section 107(8A)

 

(b) 2006” after the reference to “ITTOIA 2005”.’.

 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

18

 

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

 

‘Conditions for tax-exempt business

 

3A  (1)  

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

 

      (2)  

In subsection (8)(b) after “before”, insert “the third anniversary of ”.

 

      (3)  

The amendment made by sub-paragraph (2) has effect for distributions in

 

respect of accounting periods beginning on or after 1 January 2008 and ending

 

on or before 31 March 2010.

 

3B  (1)  

Schedule 17 is amended as follows.

 

      (2)  

In paragraph 6 (4) after “before”, insert “the third anniversary of”.

 

      (3)  

The amendment made by sub-paragraph (2) has effect for distributions in

 

respect of accounting periods beginning on or after 1 January 2008 and ending

 

on or before 31 March 2010.’.

 


 

Mr Chancellor of the Exchequer

 

47

 

Parliamentary Star    

Page  290,  line  24  [Schedule  34],  at end insert—

 

‘Profit: financing-cost ratio

 

5A  (1)  

In section 115 (profit: financing-cost ratio), after subsection (3) insert—

 

“(3A)    

The Commissioners for Her Majesty’s Revenue and Customs may

 

waive a charge in respect of an accounting period where they think

 

that—

 

(a)    

the company was in severe financial difficulties at a time in

 

the accounting period,

 

(b)    

the result of the sum specified in subsection (2) is less than

 

1.25 in respect of the accounting period because of

 

circumstances that arose unexpectedly, and

 

(c)    

in those circumstances, the company could not reasonably

 

have taken action to avoid the result being less than 1.25.

 

(3B)    

The regulations may specify criteria to be applied by the

 

Commissioners in determining whether to waive a charge.”

 

      (2)  

The Commissioners may waive a charge in respect of accounting periods

 

ending before the day on which this Act is passed.’.


 
 

Notices of Amendments: 3 July 2009                     

1085

 

Finance Bill, continued

 
 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

15

 

Page  290,  line  24  [Schedule  34],  at end insert—

 

‘Profit: financing-cost ratio

 

5A  (3)  

Section 115 (4) is amended as follows.

 

      (4)  

In subsection 115 (4) (a) after “costs giving rise to”, insert “credits or”.

 

      (5)  

In subsection 115 (4) at end insert “but exclude—

 

(f)    

financing costs falling within (a) to (e) above which are exceptional

 

due to their size or incidence.”.’.

 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

16

 

Page  290,  line  29  [Schedule  34],  at end insert—

 

‘Termination by notice: Commissioners

 

6A  (1)  

Section 129 is amended as follows.

 

      (2)  

In section 129 (2) (c) at end insert “but a breach of the conditon in section 107

 

(8) where the company is in financial difficulties shall not be treated as

 

serious”.

 

      (3)  

The amendment made by sub-paragraph (2) is to be treated as always having

 

had effect.’.

 


 

Mr Chancellor of the Exchequer

 

48

 

Parliamentary Star    

Page  291,  line  28  [Schedule  35],  at end insert ‘(but subject to paragraph 16A).’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

29

 

Page  293,  line  4  [Schedule  35],  leave out subsection (2).

 



 
 

Notices of Amendments: 3 July 2009                     

1086

 

Finance Bill, continued

 
 

Mr Mark Hoban

 

30

 

Page  295,  line  46  [Schedule  35],  at end insert—

 

‘(3)    

When an individual establishes a protected pension input amount in respect of

 

any of the schemes listed in paragraphs 8 to 13 below and their arrangements

 

change, the protected input amount applies to the new arrangement.’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

25

 

Page  296,  line  25  [Schedule  35],  at end insert—

 

‘(3A)    

Where contributions are not paid in accordance with subsection 3(c) above, the

 

protected pension input amount is the lower of £50,000 or the average of

 

contributions made over the last three years.’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

26

 

Page  297,  line  23  [Schedule  35],  at end insert—

 

‘(3A)    

Where contributions are not paid in accordance with subsection 3(c) above, the

 

protected pension input amount is the lower of £50,000 or the average of

 

contributions made over the last three years.’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

27

 

Page  298,  line  25  [Schedule  35],  at end insert—

 

‘(3A)    

Where contributions are not paid in accordance with subsection 3(c) above, the

 

protected pension input amount is the lower of £50,000 or the average of

 

contributions made over the last three years.’.

 



 
 

Notices of Amendments: 3 July 2009                     

1087

 

Finance Bill, continued

 
 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

28

 

Page  299,  line  15  [Schedule  35],  at end insert—

 

‘(2A)    

Where contributions are not paid in accordance with subsection 2(b) above, the

 

protected pension input amount is the lower of £50,000 or the average of

 

contributions made over the last three years.’.

 


 

Mr Chancellor of the Exchequer

 

49

 

Parliamentary Star    

Page  302,  line  41  [Schedule  35],  at end insert—

 

‘Increased special annual allowance

 

16A(1)  

This paragraph has effect where the mean of the infrequent money purchase

 

contributions amount for the tax years 2006-07, 2007-08 and 2008-09 (“the

 

relevant mean”) exceeds £20,000.

 

      (2)  

Where the relevant mean is less than £30,000, this Schedule has effect as if the

 

references in paragraph 1(4) and (5) to £20,000 were instead to the relevant

 

mean.

 

      (3)  

Where the relevant mean is £30,000 or more, this Schedule has effect as if

 

those references were instead to £30,000.

 

      (4)  

The “infrequent money purchase contributions amount” for a tax year is the

 

aggregate of any relevant contributios paid in the tax year—

 

(a)    

under money purchase arrangements, other than cash balance

 

arrangements, under registered pension schemes, and

 

(b)    

less frequently than on a quarterly basis;

 

            

(and so is nil if no such contributions were so paid).

 

      (5)  

But if the infrequent money purchase contributions amount for a tax year

 

would otherwise be greater than the annual allowance for the tax year, it is to

 

be taken to be the annual allowance for the tax year.

 

      (6)  

“Relevant contributions” means contributions which are—

 

(a)    

relievable pension contributions by or on behalf of the individual, or

 

(b)    

contributions paid by an employer of the individual in respect of the

 

individual.’.

 


 

Mr Chancellor of the Exchequer

 

50

 

Parliamentary Star    

Page  303,  line  18  [Schedule  35],  leave out ‘are members of’ and insert—

 

‘(a)    

are or have been members of currently-relieved non-UK pension

 

schemes, or

 

(b)    

have been members of overseas pension schemes that were not’.

 



 
 

Notices of Amendments: 3 July 2009                     

1088

 

Finance Bill, continued

 
 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

33

 

Page  353,  line  21  [Schedule  46],  at end insert—

 

‘Annual report by Commissioners

 

2A         

The Commissioners must, at least once a year, make a report on—

 

      (a)  

compliance by companies with paragraph 1 (1), and

 

      (b)  

the amount of additional tax collected as a consequence.

 

2B         

The first report should be made not later than 18 months after the date on which

 

this Act is passed.’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

7

 

Page  366,  line  43  [Schedule  48],  leave out from ‘tax’ to end of line 1 on page 367.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

8

 

Page  368,  line  14  [Schedule  48],  leave out ‘Paragraphs (c) and (d) of sub-paragraph

 

2A do’ and insert ‘Paragraph (c) of sub-paragraph 2A does’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

9

 

Page  382,  line  41  [Schedule  51],  after ‘a’, insert ‘deliberate’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

10

 

Page  384,  line  11  [Schedule  51],  after ‘a’, insert ‘deliberate’.

 



 
 

Notices of Amendments: 3 July 2009                     

1089

 

Finance Bill, continued

 
 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

11

 

Page  392  [Schedule  52],  leave out line 7.

 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

12

 

Page  392  [Schedule  52],  leave out lines 10 to 16.

 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

13

 

Page  392,  line  46  [Schedule  52],  leave out sub-paragraph (7).

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

19

 

Page  410,  line  34  [Schedule  54],  leave out from first ‘is’ to end of line 35 and insert

 

‘the end of the accounting period in which the loss is incurred’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

20

 

Page  419,  line  21  [Schedule  55],  at end insert—

 

  ‘(3A)  

The aggregate penalties against partners of a partnership under this paragraph

 

may not exceed the amount that could have been assessed on one partner.’.

 


 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

21

 

Page  423,  line  14  [Schedule  56],  leave out ‘by’.

 



 
 

Notices of Amendments: 3 July 2009                     

1090

 

Finance Bill, continued

 
 

Mr Chancellor of the Exchequer

 

51

 

Parliamentary Star    

Page  425,  line  1  [Schedule  56],  leave out from beginning to ‘P’ in line 2.

 

Mr Chancellor of the Exchequer

 

52

 

Parliamentary Star    

Page  425,  line  4  [Schedule  56],  leave out ‘whether before or after that date,’.

 

Mr Chancellor of the Exchequer

 

53

 

Parliamentary Star    

Page  425,  line  6  [Schedule  56],  leave out ‘during’ and insert ‘between the date on

 

which P makes the request and the end of’.

 

 

Order of the House [6 MAY 2009]

 

That the following provisions shall apply to the Finance Bill:

 

 

1.    

Clauses 7, 8, 9, 11, 14, 16, 20 and 92 be committed to a Committee of the

 

whole House;

 

2.    

the remainder of the Bill be committed to a Public Bill Committee; and

 

3.    

when the provisions of the Bill considered by the Committee of the whole

 

House and the Public Bill Committee have been reported to the House, the

 

Bill be proceeded with as if it had been reported as a whole to the House from

 

the Public Bill Committee.

 


 
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