|
†
|
3
|
WAYS AND MEANS: Adjourned debate on Question [24 March].
|
[Until 10.00 pm]
|
|
|
|
|
|
|
(1)
|
It is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision in
connection with finance.
|
|
|
(2)
|
This Resolution does not extend to the making of any amendment with respect to value added tax so as to provide—
|
|
|
(a)
|
for zero-rating or exempting a supply, acquisition or importation,
|
|
|
(b)
|
for refunding an amount of tax,
|
|
|
(c)
|
for any relief, other than a relief that—
|
|
|
(i)
|
so far as it is applicable to goods, applies to goods of every description, and
|
|
|
(ii)
|
so far as it is applicable to services, applies to services of every description.—(Mr Chancellor of the Exchequer).
|
|
|
The remaining Motions, numbered 2 to 50, and that relating to Procedure (Future Taxation) are to be moved at the conclusion
of the Budget Debate after the decision on the Motion before the House. They will be decided without debate (Standing Order
No. 51(3)).
|
|
2. Income tax (charge, main rates, thresholds and allowances etc for 2010-11)
|
|
|
|
|
(1)
|
Income tax is charged for the tax year 2010-11.
|
|
|
|
|
(a)
|
the basic rate is 20%,
|
|
|
(b)
|
the higher rate is 40%, and
|
|
|
(c)
|
the additional rate is 50%.
|
|
|
(3)
|
The amounts specified in the following provisions of the Income Tax Act 2007 are the same for the tax year 2010-11 as for
the tax year 2009-10—
|
|
|
(a)
|
sections 10(5) and 12(3) (basic rate limit and starting rate limit for savings),
|
|
|
(b)
|
sections 35, 36(1), 37(1) and 38(1) (personal allowances and blind person’s allowance),
|
|
|
(c)
|
sections 43, 45(3)(a) and (b) and 46(3)(a) and (b) (tax reductions for married couples and civil partners), and
|
|
|
(d)
|
sections 36(2), 37(2), 45(4) and 46(4) (adjusted net income limit).
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
3. Corporation tax (charge and main rates for financial year 2011)
|
|
|
|
|
(1)
|
Corporation tax is charged for the financial year 2011.
|
|
|
(2)
|
For that year the rate of corporation tax is—
|
|
|
(a)
|
28% on profits of companies other than ring fence profits, and
|
|
|
(b)
|
30% on ring fence profits of companies.
|
|
|
(3)
|
In paragraph (2) “ring fence profits” has the same meaning as in Part 8 of the Corporation Tax Act 2010 (see section 276 of
that Act).
|
|
|
4. Corporation tax (small profits rates and fractions for financial year 2010)
|
|
|
|
|
(1)
|
For the financial year 2010 the small profits rate is—
|
|
|
(a)
|
21% on profits of companies other than ring fence profits, and
|
|
|
(b)
|
19% on ring fence profits of companies.
|
|
|
(2)
|
For the purposes of Part 3 of the Corporation Tax Act 2010, for that year—
|
|
|
(a)
|
the standard fraction is 7/400ths, and
|
|
|
(b)
|
the ring fence fraction is 11/400ths.
|
|
|
(3)
|
In paragraph (1) “ring fence profits” has the same meaning as in Part 8 of the Corporation Tax Act 2010 (see section 276 of
that Act).
|
|
|
5. Stamp duty land tax (relief for first-time buyers)
|
|
|
|
|
(1)
|
Part 4 of the Finance Act 2003 (stamp duty land tax) is amended as follows.
|
|
|
(2)
|
After section 57A insert—
|
|
|
“ 57AA First-time buyers
|
|
(1)
|
A land transaction is exempt from charge under section 55 if—
|
|
|
(a)
|
it is a relevant acquisition of a major interest in land,
|
|
|
(b)
|
the land consists entirely of residential property,
|
|
|
(c)
|
the relevant consideration (see section 55) for the transaction (other than any consisting of rent) is more than £125,000
but not more than £250,000,
|
|
|
(d)
|
the purchaser, or (if more than one) each of the purchasers, is a first-time buyer who intends to occupy the residential property
as the purchaser’s only or main residence, and
|
|
|
(e)
|
(subject to subsection (4)) the transaction is not one of a number of linked transactions.
|
|
|
(2)
|
In this section “first-time buyer” means a person who—
|
|
|
(a)
|
has not previously been a purchaser in relation to a relevant acquisition of a major interest in land which consisted of or
included residential property,
|
|
|
(b)
|
has not previously acquired an equivalent interest in such land under the law of a territory outside the United Kingdom,
|
|
|
(c)
|
has not previously been, or been one of the persons who was, “the person” for the purposes of section 71A, 72, 72A or 73 in
a case where the first transaction within the meaning of the section concerned was a relevant acquisition of a major interest
in land which consisted of or included residential property, and
|
|
|
(d)
|
would not have been such a person for those purposes in such a case if the provisions mentioned in paragraph (c) had been
in force, and had had effect in the territory concerned, at all material times (subject, where required, to appropriate modifications).
|
|
|
(3)
|
In this section “relevant acquisition of a major interest in land” means an acquisition of a major interest in land other
than—
|
|
|
(a)
|
the grant of a lease for a term of less than 21 years, or
|
|
|
(b)
|
the assignment of a lease which has less than 21 years to run.
|
|
|
(4)
|
Subsection (1)(e) does not prevent a transaction being exempt from charge under section 55 if each of the linked transactions
is one the subject-matter of which is land, or an interest in or right over land, which falls within section 116(1)(a), (b)
or (c) by reason of its connection with the same building.”
|
|
|
(3)
|
After section 73C insert—
|
|
|
“ 73CA Sections 71A to 73: first-time buyers
|
|
(1)
|
Where section 71A, 72, 72A or 73 applies, the first transaction within the meaning of the section concerned is exempt from
charge under section 55 if—
|
|
|
(a)
|
the transaction is a relevant acquisition of a major interest in land,
|
|
|
(b)
|
the land consists entirely of residential property,
|
|
|
(c)
|
the relevant consideration (see section 55) for the transaction (other than any consisting of rent) is more than £125,000
but not more than £250,000,
|
|
|
(d)
|
the person (within the meaning of the section concerned), or (if more than one) each of them, is a first-time buyer who intends
to occupy the residential property as the person’s only or main residence, and
|
|
|
(e)
|
(subject to subsection (3)) the transaction is not one of a number of linked transactions.
|
|
|
|
|
“first-time buyer”, and
|
|
“relevant acquisition of a major interest in land”,
|
|
|
have the same meaning as in section 57AA.
|
|
|
(3)
|
Subsection (4) of section 57AA applies for the purposes of this section.”
|
|
|
(4)
|
In section 110 (approval of regulations under general power), insert at the end—
|
|
|
“ (6)
|
This section does not apply to regulations containing only provision varying section 57AA or 73CA, or paragraph 15 of Schedule
9, which does not increase any person’s liability to tax.”
|
|
|
(5)
|
In Schedule 9 (right to buy, shared ownership leases etc), insert at the end—
|
|
|
“First-time buyers
|
|
15
|
(1)
|
This paragraph applies where—
|
|
|
(a)
|
a lease is granted as mentioned in sub-paragraph (1)(a) of paragraph 2 and the conditions in sub-paragraph (2) of that paragraph
are met but no election is made for tax to be charged in accordance with that paragraph,
|
|
|
(b)
|
a lease is granted as mentioned in sub-paragraph (1)(a) of paragraph 4 and the conditions in sub-paragraph (2) of that paragraph
are met but no election is made for tax to be charged in accordance with that paragraph,
|
|
|
(c)
|
paragraph 4A applies in relation to the acquisition of an interest (but the acquisition is not exempt from charge by virtue
of sub-paragraph (2) of that paragraph),
|
|
|
(d)
|
a shared ownership trust is declared but no election is made for tax to be charged in accordance with paragraph 9, or
|
|
|
(e)
|
an equity-acquisition payment is made under a shared ownership trust (but the equity-acquisition payment, and the consequential
increase in the purchaser’s beneficial interest, are not exempt from charge by virtue of paragraph 10).
|
|
|
(2)
|
Neither section 57AA nor section 73CA applies in relation to—
|
|
|
(a)
|
the acquisition of the lease,
|
|
|
(b)
|
the acquisition of the interest,
|
|
|
(c)
|
the declaration of the shared ownership trust, or
|
|
|
(d)
|
the equity-acquisition payment and the consequential increase in the purchaser’s beneficial interest.”
|
|
|
(6)
|
The amendments made by this Resolution have effect in relation to any land transaction of which the effective date is on or
after 25 March 2010 but before 25 March 2012.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
6. Stamp duty land tax (rate for residential property where consideration over £1m)
|
|
| |
That provision may be made increasing the rate of stamp duty land tax for residential property in cases where the relevant
consideration is more than £1 million.
|
|
|
7. Inheritance tax (rate bands)
|
|
| |
That provision may be made disapplying the Table substituted in Schedule 1 to the Inheritance Tax Act 1984 by section 4 of
the Finance Act 2007 and providing for section 8 of that Act not to have effect by virtue of any difference between the retail
prices index for the month of September in 2010, 2011, 2012 and 2013 and the previous September.
|
|
|
8. Alcoholic liquor duties (rates)
|
|
|
|
|
(1)
|
The Alcoholic Liquor Duties Act 1979 is amended as follows.
|
|
|
(2)
|
In section 5 (rate of duty on spirits), for “£22.64” substitute “£23.80”.
|
|
|
(3)
|
In section 36(1AA)(a) (standard rate of duty on beer), for “£16.47” substitute “£17.32”.
|
|
|
(4)
|
In section 62(1A) (rates of duty on cider)—
|
|
|
(a)
|
in paragraph (a) (rate of duty per hectolitre in the case of sparkling cider of a strength exceeding 5.5 per cent), for “£207.20”
substitute “£217.83”,
|
|
|
(b)
|
in paragraph (b) (rate of duty per hectolitre in the case of cider of a strength exceeding 7.5 per cent which is not sparkling
cider), for “£47.77” substitute “£54.04”, and
|
|
|
(c)
|
in paragraph (c) (rate of duty per hectolitre in any other case), for “£31.83” substitute “£36.01”.
|
|
|
(5)
|
For the table in Schedule 1 substitute—
|
|
|
|
|
‘Table of rates of duty on wine and made-winePart 1
Wine or made-wine of a strength not exceeding 22 per cent
|
|
Description of wine or made-wine
|
Rates of duty per hectolitre
£
|
|
Wine or made-wine of a strength not exceeding 4 per cent
|
69.32
|
|
Wine or made-wine of a strength exceeding 4 per cent but not exceeding 5.5 per cent
|
95.33
|
|
Wine or made-wine of a strength exceeding 5.5 per cent but not exceeding 15 per cent and not being sparkling
|
225.00
|
|
Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent but less than 8.5 per cent
|
217.83
|
|
Sparkling wine or sparkling made-wine of a strength of 8.5 per cent or of a strength exceeding 8.5 per cent but not exceeding
15 per cent
|
288.20
|
|
Wine or made-wine of a strength exceeding 15 per cent but not exceeding 22 per cent
|
299.97
|
|
|
|
|
|
Part 2
Wine or made-wine of a strength exceeding 22 per cent
|
|
Description of wine or made-wine
|
Rates of duty per litre of alcohol in wine or made-wine
£
|
|
Wine or made-wine of a strength exceeding 22 per cent
|
23.80’.
|
|
|
|
(6)
|
The amendments made by this Resolution come into force on 29 March 2010.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
9. Tobacco products duty (rates)
|
|
|
|
|
(1)
|
For the table in Schedule 1 to the Tobacco Products Duty Act 1979 substitute—
|
|
|
|
|
1.Cigarettes
|
An amount equal to 24 per cent of the retail price plus £119.03 per thousand cigarettes
|
|
2.Cigars
|
£180.28 per kilogram
|
|
3.Hand-rolling tobacco
|
£129.59 per kilogram
|
|
4.Other smoking tobacco and chewing tobacco
|
£79.26 per kilogram’.
|
|
|
|
(2)
|
The amendment made by paragraph (1) comes into force at 6 pm on 24 March 2010.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
10. Vehicle excise duty (motorcycle rates)
|
|
|
|
|
(1)
|
In paragraph 2(1) of Schedule 1 to the Vehicle Excise and Registration Act 1994 (annual rates of duty: motorcycles)—
|
|
|
(a)
|
in paragraph (c) (motorbicycle which has engine with cylinder capacity exceeding 400cc but not exceeding 600cc), for “£48”
substitute “£50”, and
|
|
|
(b)
|
in paragraph (d) (motorcycle not within any of paragraphs (a) to (c)), for “£66” substitute “£70”.
|
|
|
(2)
|
The amendments made by paragraph (1) have effect in relation to licences taken out on or after 1 April 2010.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
11. Fuel duties (rates and rebates from April 2010)
|
|
|
|
|
(1)
|
The Hydrocarbon Oil Duties Act 1979 is amended as follows.
|
|
|
(2)
|
In section 6(1A) (main rates)—
|
|
|
(a)
|
in paragraph (a) (unleaded petrol), for “£0.5619” substitute “£0.5719”,
|
|
|
(b)
|
in paragraph (aa) (aviation gasoline), for “£0.3457” substitute “£0.3835”,
|
|
|
(c)
|
in paragraph (b) (light oil other than unleaded petrol or aviation gasoline), for “£0.6591” substitute “£0.6691”, and
|
|
|
(d)
|
in paragraph (c) (heavy oil), for “£0.5619” substitute “£0.5719”.
|
|
|
(3)
|
In section 6AA(3) (rate of duty on biodiesel), for “shall be £0.3619 a litre.” substitute “is the same as that in the case
of heavy oil.”
|
|
|
(4)
|
In section 6AB (rate of duty on bioblend)—
|
|
|
(a)
|
in subsection (3), for the words after “is the” substitute “same as that in the case of heavy oil.”, and
|
|
|
(b)
|
omit subsections (4) and (5).
|
|
|
(5)
|
In section 6AD(3) (rate of duty on bioethanol), for “shall be £0.3619 a litre.” substitute “is the same as that in the case
of unleaded petrol.”
|
|
|
(6)
|
In section 6AE (rate of duty on blends of bioethanol and hydrocarbon oil)—
|
|
|
(a)
|
in subsection (3), for the words after “bioethanol blend” substitute “is the same as that in the case of unleaded petrol.”,
and
|
|
|
(b)
|
omit subsections (4) and (5).
|
|
|
(7)
|
In section 8(3) (road fuel gas)—
|
|
|
(a)
|
in paragraph (a) (natural road fuel gas), for “£0.2216” substitute “£0.2360”, and
|
|
|
(b)
|
in paragraph (b) (other road fuel gas), for “£0.2767” substitute “£0.3053”.
|
|
|
(8)
|
In section 11(1) (rebate on heavy oil)—
|
|
|
(a)
|
in paragraph (a) (fuel oil), for “£0.1037” substitute “£0.1055”, and
|
|
|
(b)
|
in paragraph (b) (gas oil), for “£0.1080” substitute “£0.1099”.
|
|
|
(9)
|
In section 14(1) (rebate on light oil for use as furnace fuel), for “£0.1037” substitute “£0.1055”.
|
|
|
(10)
|
In section 14A(2) (rebate on certain biodiesel), for “£0.1080” substitute “£0.1099”.
|
|
|
(11)
|
The following are revoked—
|
|
|
(a)
|
the Hydrocarbon Oil Duties (Hydrogenation of Biomass) (Reliefs) Regulations 2006 (S.I. 2006/3426),
|
|
|
(b)
|
the Hydrocarbon Oil Duties (Sulphur-free Diesel) (Hydrogenation of Biomass) (Reliefs) (Amendment) Regulations 2007 (S.I. 2007/2406),
and
|
|
|
(c)
|
regulation 11 of the Hydrocarbon Oil, Biofuels and Other Fuel Substitutes (Determination of Composition of a Substance and
Miscellaneous Amendments) Regulations 2008 (S.I. 2008/753).
|
|
|
(12)
|
The amendments made by this Resolution come into force on 1 April 2010.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
12. Fuel duties (further changes in rates and rebates)
|
|
| |
That provision may be made amending rates of duty and rebates in the Hydrocarbon Oil Duties Act 1979 from 1 October 2010 and
1 January 2011.
|
|
|
13. Air passenger duty (rates)
|
|
| |
That provision may be made about the rates of air passenger duty.
|
|
|
14. Landfill tax (standard rate)
|
|
| |
That provision may be made about the standard rate of landfill tax.
|
|
|
15. Aggregates levy (rate)
|
|
| |
That provision may be made about the rate of aggregates levy.
|
|
|
16. Climate change levy (rates)
|
|
| |
That provision may be made about the rates of climate change levy.
|
|
|
17. Amusement machine licence duty (rates)
|
|
|
|
|
(1)
|
In section 23(2) of the Betting and Gaming Duties Act 1981 (amount of duty payable on amusement machine licence), for the
table substitute—
|
|
|
|
|
Months for which licence granted
|
Category A
£
|
Category B1
£
|
Category B2
£
|
Category B3
£
|
Category B4
£
|
Category C
£
|
|
1
|
520
|
265
|
210
|
210
|
190
|
85
|
|
2
|
1015
|
505
|
395
|
395
|
360
|
150
|
|
3
|
1520
|
760
|
605
|
605
|
545
|
225
|
|
4
|
2025
|
1015
|
800
|
800
|
725
|
300
|
|
5
|
2540
|
1270
|
1000
|
1000
|
900
|
375
|
|
6
|
3050
|
1520
|
1195
|
1195
|
1085
|
450
|
|
7
|
3555
|
1775
|
1395
|
1395
|
1265
|
520
|
|
8
|
4060
|
2025
|
1600
|
1600
|
1450
|
600
|
|
9
|
4570
|
2285
|
1800
|
1800
|
1630
|
675
|
|
10
|
5075
|
2540
|
1995
|
1995
|
1810
|
750
|
|
11
|
5580
|
2795
|
2195
|
2195
|
1990
|
820
|
|
12
|
5805
|
2905
|
2285
|
2285
|
2075
|
860’.
|
|
|
|
(2)
|
The amendment made by paragraph (1) has effect in relation to cases where the application for the amusement machine licence
is received by the Commissioners for Her Majesty’s Revenue and Customs after 4 pm on 26 March 2010.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made for and in connection with bank payroll tax.
|
|
|
|
| |
That provision may be made for and in connection with landline duty.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made amending Chapter 2 of Part 4 of the Income Tax
Act 2007.
|
|
|
|
| |
That provision may be made amending Chapter 4 of Part 4 of the Income Tax Act 2007.
|
|
|
22. Capital allowance buying
|
|
| |
That provision (including provision having retrospective effect) may be made amending Part 2 of the Capital Allowances Act
2001 in relation to cases where there is a qualifying change in relation to a company.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made about leased assets.
|
|
|
|
| |
That provision may be made about cushion gas.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made about sales of lessors.
|
|
|
26. Charities and community amateur sports clubs
|
|
| |
That provision (including provision having retrospective effect) may be made in relation to charities and community amateur
sports clubs.
|
|
|
27. Remittance basis: meaning of “relevant person”
|
|
| |
That provision may be made amending section 809M of the Income Tax Act 2007.
|
|
|
28. Foreign currency bank accounts
|
|
| |
That provision (including provision having retrospective effect) may be made about foreign currency bank accounts.
|
|
|
29. Reliefs and reductions for foreign tax
|
|
| |
That provision (including provision having retrospective effect) may be made about arrangements that increase reliefs or reductions
for foreign tax.
|
|
|
30. Chargeable gains: transfer of assets to non-resident company
|
|
| |
That provision (including provision having retrospective effect) may be made about chargeable gains in relation to transfers
of assets to companies not resident in the United Kingdom.
|
|
|
31. Transactions in securities
|
|
| |
That provision may be made amending Chapter 1 of Part 13 of the Income Tax Act 2007.
|
|
|
32. Approved CSOP schemes
|
|
| |
That provision may be made about the kinds of shares to which approved CSOP schemes can apply.
|
|
|
33. Unauthorised unit trusts
|
|
| |
That provision (including provision having retrospective effect) may be made about the taxation of unit holders of unauthorised
unit trusts.
|
|
|
34. Index-linked gilt-edged securities
|
|
| |
That provision (including provision having retrospective effect) may be made in relation to index-linked gilt-edged securities.
|
|
|
35. Approved share incentive plans
|
|
| |
That provision may be made about approved share incentive plans.
|
|
|
36. Release and writing off of debts
|
|
| |
That provision (including provision having retrospective effect) may be made about the release and writing off of debts.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made amending paragraph 4 of Schedule 13 to the Finance
Act 2007 and section 550 of the Corporation Tax Act 2009.
|
|
|
38. Risk transfer schemes
|
|
| |
That provision may be made about risk transfer schemes.
|
|
|
39. Insurance companies (apportionment)
|
|
| |
That provision (including provision having retrospective effect) may be made for the apportionment of asset value increases.
|
|
|
40. Pensions (special annual allowance charge)
|
|
| |
That provision (including provision having retrospective effect) may be made amending Schedule 35 to the Finance Act 2009.
|
|
|
41. Value added tax (reverse charge)
|
|
| |
That provision may be made for and in connection with extending section 55A of the Value Added Tax Act 1994 to supplies of
services.
|
|
|
42. Insurance premium tax (separate contracts)
|
|
|
|
|
(1)
|
Part 3 of the Finance Act 1994 (insurance premium tax) is amended as follows.
|
|
|
(2)
|
Section 72 (meaning of “premium”) is amended as follows.
|
|
|
(3)
|
After subsection (1A) insert—
|
|
|
“ (1AA)
|
A contract (“the relevant contract”) is not to be regarded as a separate contract for the purposes of subsection (1A) above
if conditions A to D are met.
|
|
|
(1AB)
|
Condition A is that the insured is an individual (“I”) and enters into the taxable insurance contract in a personal capacity.
|
|
|
(1AC)
|
Condition B is that I—
|
|
|
(a)
|
is required to enter into the relevant contract by, or as a condition of entering into, the taxable insurance contract, or
|
|
|
(b)
|
would be unlikely to enter into the relevant contract without also entering into the taxable insurance contract.
|
|
|
(1AD)
|
Condition C is that—
|
|
|
(a)
|
the amount charged to I under the relevant contract in respect of any particular services is not open to negotiation by I,
or
|
|
|
(b)
|
the other terms on which particular services are to be provided to I under the relevant contract are not open to such negotiation.
|
|
|
(1AE)
|
Condition D is that the amount charged to I under the taxable insurance contract is arrived at without a comprehensive assessment
having been undertaken of the individual circumstances of I which might affect the level of risk.”
|
|
|
(4)
|
After subsection (9) insert—
|
|
|
“ (9A)
|
Provision may be made by order amending subsections (1AA) to (1AE) above.”
|
|
|
(5)
|
In section 74(4) and (6) (orders which need to be approved by House of Commons), for “or 71” substitute “, 71 or 72”.
|
|
|
(6)
|
The amendment made by paragraph (3) has effect in relation to payments made on or after 24 March 2010.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
43. Inheritance tax (interests in possession and reversionary interests)
|
|
| |
That provision (including provision having retrospective effect) may be made about interests in possession and reversionary
interests.
|
|
|
44. Stamp duty reserve tax (depositary receipt and clearance services systems)
|
|
| |
That provision (including provision having retrospective effect) may be made about stamp duty reserve tax in relation to the
transfer of securities issued in connection with depositary receipt systems and clearance services systems.
|
|
|
45. Stamp duty land tax (partnerships)
|
|
|
|
|
(1)
|
In section 75C of the Finance Act 2003 (SDLT anti-avoidance: supplemental)—
|
|
|
(a)
|
in subsection (8), omit paragraph (b) and the “and” before it, and
|
|
|
(b)
|
after that subsection insert—
|
|
|
“ (8A)
|
Nothing in Part 3 of Schedule 15 applies to the notional transaction under section 75A.”
|
|
|
(2)
|
The amendments made by paragraph (1) have effect in relation to any notional transaction of which the effective date is on
or after 24 March 2010.
|
|
|
(3)
|
But those amendments do not have effect in relation to a notional transaction if any of the scheme transactions is—
|
|
|
(a)
|
completed before that date,
|
|
|
(b)
|
effected in pursuance of a contract entered into and substantially performed before that date, or
|
|
|
(c)
|
effected in pursuance of a contract entered into before that date and not excluded by paragraph (4).
|
|
|
(4)
|
A scheme transaction effected in pursuance of a contract entered into before 24 March 2010 is excluded by this paragraph if—
|
|
|
(a)
|
there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after 24 March
2010,
|
|
|
(b)
|
the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar
right, or
|
|
|
(c)
|
it is a land transaction and on or after that date there is an assignment (or assignation), subsale or other transaction relating
to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the
contract becomes entitled to call for a conveyance.
|
|
| |
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the
provisions of the Provisional Collection of Taxes Act 1968.
|
|
|
|
| |
That provision (including provision having retrospective effect) may be made about cases where there is a change in accounting
standards in relation to loan relationships or derivative contracts.
|
|
|
47. Furnished holiday lettings
|
|
| |
That provision may be made about furnished holiday lettings.
|
|
|
48. FSCS intervention in relation to insurance contracts
|
|
| |
That provision may be made about interventions under the Financial Services Compensation Scheme in relation to protected contracts
of insurance.
|
|
|
49. Alcoholic liquor duties (cider)
|
|
| |
That provision may be made for and in connection with amending the definition of “cider” in the Alcoholic Liquor Duties Act
1979.
|
|
|
50. Relief from tax (incidental and consequential charges)
|
|
| |
That it is expedient to authorise any incidental or consequential charges to any duty or tax (including charges having retrospective
effect) that may arise from provisions designed in general to afford relief from taxation.
|
|
| |
PROCEDURE (FUTURE TAXATION): That, notwithstanding anything to the contrary in the practice of the House relating to the matters
that may be included in Finance Bills, any Finance Bill of the present Session may contain the following provisions taking
effect in a future year—
|
|
|
(a)
|
provision for corporation tax to be charged for the financial year 2011,
|
|
|
(b)
|
provision increasing the rate of stamp duty land tax for residential property in cases where the relevant consideration is
more than £1 million,
|
|
|
(c)
|
provision about the standard rate of landfill tax,
|
|
|
(d)
|
provision about the rate of aggregates levy,
|
|
|
(e)
|
provision about the rates of climate change levy,
|
|
|
(f)
|
provision for and in connection with the high income excess relief charge,
|
|
|
(g)
|
provision about taxable benefits in respect of cars with a CO2 emissions figure,
|
|
|
(h)
|
provision amending section 317 of the Income Tax (Earnings and Pensions) Act 2003, and
|
|
|
(i)
|
provision exempting certain persons from income tax in respect of certain income arising in connection with the 2011 Champions
League final.
|
|
|
Debate may continue until 10.00 pm.
|
|
A Bill is to be brought in upon the foregoing Resolutions if they are agreed to by the House.
|
indicates a question for oral answer.