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7

 

House of Commons

 
 

Notices of Amendments

 

given up to and including

 

Thursday 8 July 2010

 

New Amendments handed in are marked thus Parliamentary Star

 

Committee of the whole House


 

Finance Bill


 

Note

 

The Amendments have been arranged in the order to be proposed by Mr

 

Chancellor of the Exchequer.

 


 

Mr Chancellor of the Exchequer

 

To move, That the order in which proceedings in the Committee of the whole House

 

on the Finance Bill are taken shall be: Clauses 1 and 2, Schedule 1, Clause 3, Schedule 2,

 

Clauses 4 to 6, Schedule 3, Clause 7, Schedule 4, Clause 8, Schedule 5, Clause 9, new

 

Clauses, new Schedules, Clauses 10 and 11.

 


 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Caroline Lucas

 

11

 

Clause  1,  page  1,  line  6,  at end insert—

 

‘(2)    

Subsection (1) shall not have effect unless the Chancellor of the Exchequer has

 

laid before the House of Commons a report on the extent of avoidance and


 
 

Notices of Amendments: 8 July 2010                     

8

 

Finance Bill, continued

 
 

evasion of corporation tax and on the measures he proposes to take to ensure the

 

payment of tax which is due.’.

 

Chris Leslie

 

20

 

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

Section 3 of the Finance Act 2010 (small profits rates and fractions for financial

 

year 2010) is amended as follows.

 

(3)    

After subsection (3) insert a new subsection—

 

“(3A)    

For the financial year 2011 the small profits rate is 20 per cent. on profits

 

of companies other than ring fence profits.”.’.

 

Chris Leslie

 

Cathy Jamieson

 

Barry Gardiner

 

Chris Bryant

 

Tom Greatrex

 

Luciana Berger

 

21

 

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

The main rate of corporation tax for financial year 2011 will remain at 28 per cent.

 

on the profits of banking institutions as defined by section 2 of the Banking Act

 

2009.’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

29

 

Parliamentary Star    

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

For the financial year 2011, the small profits rate is—

 

(a)    

20% on profits of companies other than ring fence profits, and

 

(b)    

19% on ring fence profits of companies.

 

(3)    

For the purposes of Part 3 CTA 2010, for that year—

 

(a)    

the standard fraction is 7/400ths, and

 

(b)    

The ring fence fraction is 11/400ths.’.

 

Stephen Timms

 

Mr Alistair Darling

 

Mr Liam Byrne

 

Ms Angela Eagle

 

34

 

Parliamentary Star    

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

Prior to this rate taking effect, the Chancellor will place in the Library of the

 

House of Commons an assessment of the impact of this clause on the banking

 

sector.’.


 
 

Notices of Amendments: 8 July 2010                     

9

 

Finance Bill, continued

 
 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

49

 

Parliamentary Star    

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

In section 2(2)(a) of the Finance Act 2010, after “companies”, add “not meeting

 

the condition in (c) below”.

 

(3)    

At the end of section 2 of the Finance Act 2010 add—

 

“(c)    

26 per cent. on profits of companies whose taxable profits will be

 

increased by more than 1 per cent. as a result of changes in

 

investment allowances.”.’.

 

Andrew George

 

Roger Williams

 

Mr Mark Williams

 

Mr David Ward

 

50

 

Parliamentary Star    

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

This section shall not come into force until the Treasury has laid before the House

 

of Commons as assessment of the impact of this section on—

 

(a)    

the banking sector, and

 

(b)    

all other sectors to which corporation tax applies.’.

 


 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Caroline Lucas

 

12

 

Clause  2,  page  2,  line  4,  at end insert—

 

‘(2)    

Schedule 1 shall not have effect unless the Chancellor of the Exchequer has laid

 

before the House of Commons a report on the extent of avoidance and evasion of

 

capital gains tax and on the measures he proposes to take to ensure the payment

 

of tax which is due.’.

 


 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

30

 

Parliamentary Star    

Schedule  1,  page  6,  leave out lines 13 to 16 and insert—

 

‘(3)    

The rate of capital gains tax in respect of gains accruing in a tax year to—

 

(a)    

the trustees of a settlement is 28%, and


 
 

Notices of Amendments: 8 July 2010                     

10

 

Finance Bill, continued

 
 

(b)    

The personal representatives of a deceased person is 18% for the first

 

£10,000 of gains and 28% thereafter.’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Caroline Lucas

 

5

 

Schedule  1,  page  6,  line  16,  leave out ‘28%’ and insert ‘40%’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

31

 

Parliamentary Star    

Schedule  1,  page  6,  line  16,  leave out ‘28%’ and insert ‘25%’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Caroline Lucas

 

6

 

Schedule  1,  page  6,  line  16,  at end insert—

 

‘(3A)    

If income tax is chargeable at the additional rate in respect of any part of the

 

income of an individual for a tax year, the rate of capital gains tax in respect of

 

gains accruing to the individual in the year is 50%.’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Caroline Lucas

 

7

 

Schedule  1,  page  6,  line  17,  after ‘If’, insert—

 

‘(a)    

no income tax is chargeable at the additional rate in respect of any part of

 

the income of an individual for a tax year, but

 

(b)    

’.


 
 

Notices of Amendments: 8 July 2010                     

11

 

Finance Bill, continued

 
 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Caroline Lucas

 

8

 

Schedule  1,  page  6,  line  20,  leave out ‘28%’ and insert ‘40%’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

32

 

Parliamentary Star    

Schedule  1,  page  6,  line  20,  leave out ‘28%’ and insert ‘25%’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Caroline Lucas

 

9

 

Schedule  1,  page  6,  line  25,  leave out ‘28%’ and insert ‘40%’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

33

 

Parliamentary Star    

Schedule  1,  page  6,  line  25,  leave out ‘28%’ and insert ‘25%’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

10

 

Schedule  1,  page  9,  line  29,  at end insert ‘, provided that the Chancellor of the

 

Exchequer has laid before the House of Commons a report on the implications of aligning

 

rates of captital gains tax with rates of income tax.’.

 



 
 

Notices of Amendments: 8 July 2010                     

12

 

Finance Bill, continued

 
 

Stewart Hosie

 

Jonathan Edwards

 

Angus Robertson

 

Mr Elfyn Llwyd

 

Caroline Lucas

 

Mr Mike Weir

 

13

 

Clause  3,  page  2,  line  7,  leave out subsection (1).

 

Chris Leslie

 

22

 

Clause  3,  page  2,  line  8,  at end insert—

 

‘(2)    

Subsection (1) shall apply until 4 January 2012.’.

 

Stewart Hosie

 

Jonathan Edwards

 

Angus Robertson

 

Mr Elfyn Llwyd

 

Caroline Lucas

 

Mr Mike Weir

 

14

 

Clause  3,  page  2,  line  9,  leave out subsection (2).

 

Mr Liam Byrne

 

Ms Angela Eagle

 

Stephen Timms

 

Mr Alistair Darling

 

35

 

Parliamentary Star    

Clause  3,  page  2,  line  11,  at beginning insert ‘Subject to subsection (3A) below,’.

 

Jon Trickett

 

Mr Dai Havard

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Caroline Lucas

 

Paul Blomfield

 

1

 

Clause  3,  page  2,  line  12,  after ‘made’, insert ‘on or after a specified date’.

 

Mr Liam Byrne

 

Ms Angela Eagle

 

Stephen Timms

 

Mr Alistair Darling

 

36

 

Parliamentary Star    

Clause  3,  page  2,  line  13,  at end insert—

 

‘(3A)    

The amendment made by subsection (1) shall not have effect in relation to any

 

supply made on or after 4 January 2011 to a charity where such supply is made to

 

that charity solely in relation to its charitable non-business activities.’.


 
 

Notices of Amendments: 8 July 2010                     

13

 

Finance Bill, continued

 
 

Jon Trickett

 

Mr Dai Havard

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Caroline Lucas

 

Paul Blomfield

 

2

 

Clause  3,  page  2,  line  15,  after ‘imported’, insert ‘on or after a specified date’.

 

Mr Liam Byrne

 

Ms Angela Eagle

 

Stephen Timms

 

Mr Alistair Darling

 

38

 

Parliamentary Star    

Clause  3,  page  2,  line  16,  leave out subsection (5) and add—

 

‘(5)    

Schedule 3 to the Finance Act 2009 shall have effect for the purposes of

 

supplementing this section, with the following changes:

 

(a)    

in paragraph 1(2), “the date of the VAT change” shall be amended to

 

refer to 4 January 2011.

 

(b)    

in paragraph 8, the reference to section 839 of ICTA shall be amended to

 

refer to section 1122 of CTA 2010.

 

(c)    

omit paragraph 11.

 

(d)    

renumber paragraphs 12 and 13 as 11 and 12 respectively.

 

(e)    

insert new paragraph 13 as follows:

 

“Condition D cases involving hire purchase, conditional sale or credit sale of goods

 

13         

There is no supplementary charge under this Schedule on a supply of goods

 

within paragraph 2 if—

 

(a)    

the only relevant condition met is condition D,

 

(b)    

the VAT invoice—

 

(i)    

relates to a supply of goods made under a hire-puchase,

 

conditional sale or credit sale agreement,

 

(ii)    

forms part of that agreement, and

 

(iii)    

is issued in accordance with normal commercial practice in

 

relation to a supply made under such an agreement, and

 

(c)    

the basic time of supply of the goods is intended and expected to be

 

within 6 months of the date of the VAT invoice which relates to the

 

supply.”

 

(f)    

replace the existing paragraph 14 with the following:

 

“Normal commercial practice

 

14         

In this Part of this Schedule, “normal commercial practice”, in relation to a

 

supply or grant of a right, means—

 

(a)    

normal commercial practice of the supplier or grantor at a time when

 

an increase in the rate of VAT in force under section 2 of the VATA

 

1994 is not expected, or

 

(b)    

if the supplier or grantor has no such practice, the normal commercial

 

practice of suppliers making similar supplies, or granters granting

 

similar rights, in the United Kingdom at such a time.”.’.


 
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