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1093

 

House of Commons

 
 

Tuesday 7 July 2009

 

Consideration of Bill

 

New Amendments handed in are marked thus Parliamentary Star

 

Finance Bill, As Amended


 

New Clauses

 

Transfers of trade to obtain terminal loss relief

 

Mr Chancellor of the Exchequer

 

NC8

 

To move the following Clause:—

 

‘(1)    

In section 393A of ICTA (set off of losses against profits of same or earlier

 

accounting period), after subsection (2D) insert—

 

“(2E)    

But subsection (2A) above does not apply by reason of a company

 

ceasing to carry on a trade if—

 

(a)    

on the company ceasing to carry on the trade, any of the activities

 

of the trade begin to be carried on by a person who is not (or by

 

persons any or all of whom are not) within the charge to

 

corporation tax, and

 

(b)    

the company’s ceasing to carry on the trade is part of a scheme

 

or arrangement the main purpose, or one of the main purposes,

 

of which is to secure that subsection (2A) above applies to a loss

 

by reason of the cessation.”

 

(2)    

The amendment made by subsection (1) has effect in relation to cessations of a

 

trade on or after 21 May 2009.’.

 



 
 

Consideration of Bill: 7 July 2009                     

1094

 

Finance Bill, continued

 
 

Implementation of section 1

 

Mr Frank Field

 

Mr Greg Pope

 

Kate Hoey

 

Mark Fisher

 

Ms Katy Clark

 

Ms Diane Abbott

 

Total signatories: 44

 

Mr Dai Havard

 

Mr Peter Kilfoyle

 

Paul Flynn

 

Mike Wood

 

Kelvin Hopkins

 

Jim Dowd

 

Ms Gisela Stuart

 

Michael Connarty

 

David Taylor

 

Janet Anderson

 

Lynne Jones

 

Alan Simpson

 

John McDonnell

 

Bob Spink

 

Jeremy Corbyn

 

Mr David Drew

 

Dr Vincent Cable

 

Mr Jeremy Browne

 

Mrs Ann Cryer

 

Mr Austin Mitchell

 

Jim Dobbin

 

Siobhain McDonagh

 

Mr Roger Godsiff

 

Mr David Cameron

 

Mr George Osborne

 

Mr Philip Hammond

 

Mr David Gauke

 

Mr Mark Hoban

 

James Duddridge

 

Derek Wyatt

 

Andrew Mackinlay

 

Ms Karen Buck

 

Ms Sally Keeble

 

Mark Durkan

 

Stewart Hosie

 

Mr Dai Davies

 

Dr Richard Taylor

 

Lady Hermon

 

Nc1

 

To move the following Clause:—

 

‘(1)    

The rates charged by virtue of section 1 shall not have effect until such date as

 

may be appointed by order made by the Treasury.

 

(2)    

No such order may be made until the Chancellor of the Exchequer lays before

 

Parliament a statement that, in his opinion, measures have been taken to ensure

 

that no person is worse off by reason of the person’s income not being sufficient

 

to secure that the effect of the abolition of the 10p starting rate has been entirely

 

offset by the reduction of the basic rate, which took effect in the tax year 2008-09.

 

(3)    

The power to make an order under subsection (1) shall be exercisable by statutory

 

instrument which shall be subject to annulment in pursuance of a resolution of the

 

House of Commons.’.

 


 

Anti-avoidance principle

 

Dr John Pugh

 

Mr Jeremy Browne

 

Nc2

 

To move the following Clause:—

 

‘(1)    

If, when determining the liability of a person to taxation, duty or similar charge

 

due under statute in the United Kingdom it shall be established that a step or steps

 

have been included in a transaction giving rise to that liability or to any claim for

 

an allowance, deduction or relief, with such steps have been included for the sole,

 

principal, main or explicit purpose of securing a reduction in that liability to

 

taxation, duty or similar charge with no other material economic purpose for the

 

inclusion of such a step being capable of demonstration by the taxpayer then

 

subject to the sole exception that the step or steps in question are specifically


 
 

Consideration of Bill: 7 July 2009                     

1095

 

Finance Bill, continued

 
 

permitted under the term of any legislation promoted for the specific purpose of

 

permitting such use, such step or steps shall be ignored when calculating the

 

resulting liability to taxation, duty or similar charge.

 

(2)    

In the interpretation of this provision a construction that would promote the

 

purpose or object underlying the provision shall be preferred to a construction

 

that would not promote that purpose or object.’.

 


 

Office of Tax Simplification

 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

NC3

 

To move the following Clause:—

 

‘(1)    

The Treasury shall establish an Office of Tax Simplification.

 

(2)    

Its mandate shall be to—

 

(a)    

review tax law

 

(b)    

make proposals on tax law reform and simplification.

 

(3)    

Regulations shall specify the governance arrangements of the Office of Tax

 

Simplification.

 

(4)    

Regulations made under this section may not be made unless they have been laid

 

before, and approved by a resolution of, the House of Commons.’.

 


 

Holiday accommodation report

 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

NC4

 

To move the following Clause:—

 

‘(1)    

The Chancellor of the Exchequer shall, before the publication of the 2009 Pre-

 

Budget Report, have compiled and laid before the House of Commons a report

 

containing an assessment of the impact of—

 

(a)    

section 503 of ICTA, and

 

(b)    

Chapter 6 of Part 3 of ITTOIA 2005,

 

    

on the liability to tax of commercially let furnished holiday accommodation.

 

(2)    

Any such report shall address the impact on the UK tourism industry.

 

(3)    

A Minister of the Crown must, not later than one month after the report has been

 

laid before the House of Commons, make a motion in that House in relation to the

 

report.’.

 



 
 

Consideration of Bill: 7 July 2009                     

1096

 

Finance Bill, continued

 
 

Pre-commencement notification

 

Stewart Hosie

 

NC5

 

To move the following Clause:—

 

‘(1)    

Part 7 of FA 2004 (disclosure of tax avoidance schemes) is amended as follows.

 

(2)    

In section 308 (duties of promoter) after subsection (5) insert—

 

“(5A)    

A person who is a promoter in relation to a notifiable proposal may seek

 

pre-commencement approval from HMRC as to whether the proposal is

 

in accordance with current legislation.

 

(5B)    

HMRC shall respond within a reasonable period of time to any request

 

for pre-commencement approval under subsection (5A).’.’.

 


 

Competitiveness of the tax system

 

Mr Mark Hoban

 

Mr David Gauke

 

Mr Greg Hands

 

NC6

 

To move the following Clause:—

 

‘Prior to the first reading of a Finance Bill, the Treasury will lay before

 

Parliament a report on the impact on the competitiveness of UK economy of—

 

(a)    

the measures set out in that Finance Bill,

 

(b)    

the rates of—

 

(i)    

corporation tax,

 

(ii)    

income tax,

 

(iii)    

national insurance,

 

(iv)    

capital gains tax,

 

(v)    

excise duties, and

 

(vi)    

vehicle excise duties,

 

(c)    

the complexity of the tax system, and

 

(d)    

the relationship between the HMRC and the taxpayer.’.

 


 

Pension death benefits in higher education

 

Mr Frank Field

 

NC7

 

To move the following Clause:—

 

‘(1)    

Section 15 of FA 2004 (meaning of “dependant”) is amended as follows.

 

(2)    

In subsection (2)(a) at end insert—


 
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