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Consideration of Bill: 7 July 2009                     

1097

 

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”’.

 


 

Tax relief on donations to a registered political party

 

Martin Linton

 

Mr Gordon Prentice

 

Nc9

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

Tax relief shall be given to individuals who make donations to a registered

 

political party.

 

(2)    

To obtain tax relief under this section the following conditions must be

 

satisfied—

 

(a)    

the individual who made the donation is a permissible donor as defined

 

in the Political Parties, Elections and Referendums Act 2000,

 

(b)    

the registered political party to which the donation is made is a party

 

which, at the last general election preceding the donation, had at least two

 

members elected to the House of Commons,

 

(c)    

conditions A to F in section 416 of ITA 2007 (meaning of “qualifying

 

donation”) would have been met if the donations had been made to a

 

charity, and

 

(d)    

the donor has given a declaration in the manner specified by regulations

 

made by the Commissioners for Her Majesty’s Revenue and Customs

 

and containing any information and any statements required by

 

regulations.

 

(3)    

Regulations made by the Commissioners for Her Majesty’s Revenue and

 

Customs under subsection 2(d) may provide for declarations—

 

(a)    

to have effect,

 

(b)    

to cease to have effect, or

 

(c)    

to be treated as never having had effect.

 

    

in any circumstances and for any purposes specified by the regulations.

 

(4)    

Regulations under subsection 2(d)—

 

(a)    

shall be made by statutory instrument, and

 

(b)    

shall be subject to annulment pursuant to a resolution of the House of

 

Commons.

 

(5)    

Tax relief in relation to donations given by an individual in any fiscal year must

 

not exceed an amount to be set by regulations made by the Treasury.

 

(6)    

Tax relief shall not be given on higher rate income tax.

 

(7)    

Subject to subsections (5) and (6), the amount of tax relief shall be computed and

 

allocated to the political party to which the donation was given as if that party was

 

a charity to which Chapter 2 of Part 8 of ITA 2007 applies.’.

 



 
 

Consideration of Bill: 7 July 2009                     

1098

 

Finance Bill, continued

 
 

Mr Frank Field

 

Mr Greg Pope

 

Lynne Jones

 

Alan Simpson

 

Ms Diane Abbott

 

John McDonnell

 

Total signatories: 24

 

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

 

Ms Karen Buck

 

Ms Sally Keeble

 

Mark Durkan

 

Steward Hosie

 

Bob Spink

 

Mr Dai Davies

 

Dr Richard Taylor

 

Lady Hermon

 

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.”

 

(3B)    

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

 

April 2006.’.


 
 

Consideration of Bill: 7 July 2009                     

1099

 

Finance Bill, continued

 
 

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.’.

 



 
 

Consideration of Bill: 7 July 2009                     

1100

 

Finance Bill, continued

 
 

Stewart Hosie

 

Mr Eric Illsey

 

Mr Jeremy Browne

 

Kelvin Hopkins

 

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

 

Kelvin Hopkins

 

Mr Parmjit Dhanda

 

Mr Edward O’Hara

 

David Taylor

 

John Cummings

 

Total signatories: 11

 

Mr Anthony Wright

 

Mr John Grogan

 

Patrick Hall

 

Janet Anderson

 

Mr Clive Betts

 

22

 

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

 

Mr Eric Illsley

 

Kelvin Hopkins

 

Mr Parmjit Dhanda

 

Mr Edward O’Hara

 

David Taylor

 

John Cummings

 

Total signatories: 11

 

Mr Anthony Wright

 

Mr John Grogan

 

Patrick Hall

 

Janet Anderson

 

Mr Clive Betts

 

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’.


 
 

Consideration of Bill: 7 July 2009                     

1101

 

Finance Bill, continued

 
 

Mr Eric Illsley

 

Kelvin Hopkins

 

Mr Parmjit Dhanda

 

Mr Edward O’Hara

 

David Taylor

 

John Cummings

 

Total signatories: 11

 

Mr Anthony Wright

 

Mr John Grogan

 

Patrick Hall

 

Janet Anderson

 

Mr Clive Betts

 

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’.

 


 

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.’.


 
 

Consideration of Bill: 7 July 2009                     

1102

 

Finance Bill, continued

 
 

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.

 

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’.

 



 
 

Consideration of Bill: 7 July 2009                     

1103

 

Finance Bill, continued

 
 

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—

 

“(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”.’.


 
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