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| | Clause 4, page 2, line 23, leave out ‘“6 per cent”’ and insert ‘“5 per cent in the case |
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| | of personal health insurance, and 6 per cent in any other case”’. |
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| | Clause 4, page 2, line 23, leave out ‘“6 per cent”’ and insert ‘“5 per cent in the case |
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| | of motor insurance, and 6 per cent in any other case”’. |
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| | Clause 4, page 2, line 26, at end add ‘, subject to a report having been laid by the |
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| | Secretary of State containing an assessment of the consequences of the changes in |
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| | subsection (1) on consumers and the insurance industry.’. |
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| | Clause 4, page 2, line 32, leave out subsection (4). |
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| | Clause 4, page 2, line 34, at end add— |
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| | | ‘(5) | The Secretary of State must report by the end of 2010 his assessment of the |
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| | | benefits for taxpayers of advertising the Insurance Premium Tax rates in a more |
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| | | prominent manner on all relevant insurance policy documentation.’. |
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| | Clause 4, page 2, line 34, at end add— |
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| | | ‘(5) | Any proceeds for the Exchequer arising from this section in respect of motor |
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| | | insurance are to be dedicated to road safety and casualty reduction measures.’. |
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| | Clause 5, page 3, line 9, at end add— |
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| | | ‘(4) | An order under this section may only be made once the Treasury has published a |
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| | | (a) | the outline for the proposed replacement arrangement for the provisions |
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| | | contained in Schedule 2 to the Finance Act 2010; |
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| | | (b) | a distributional analysis showing the likely impact of the proposed |
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| | | replacement arrangement; and |
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| | | (c) | the revenue implications of the proposed replacement arrangement.’. |
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| | Page 3, line 4, leave out Clause 5. |
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| | | Clause Agreed to on division. |
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| | Clause 6, page 3, line 12, leave out ‘22 June 2010’ and insert ‘a date set by the |
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| | Secretary of State by regulation.’. |
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| | Clause 6, page 3, line 12, at end add— |
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| | | ‘(2) | Schedule 3 shall not have effect unless the Chancellor of the Exchequer has laid |
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| | | before the House of Commons a report on the implications of the abolition of |
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| | | compulsory annuitisation of pensions, including— |
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| | | (a) | the revenue implications of abolition; and |
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| | | (b) | a distributional analysis showing who would benefit from abolition.’. |
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| | Schedule 3, page 19, line 38, leave out ‘22 June 2010’ and insert ‘a date set by the |
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| | Secretary of State by regulation.’. |
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| | | Revenue forecasts for tax rate changes |
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| | To move the following Clause:— |
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| | | ‘(1) | When proposing future increases in rates of tax on income and capital the |
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| | | Government shall bring forward a forecast of revenue following the change based |
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| | | upon a dynamic model of the impact of the rate increase on taxpayer numbers and |
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| | | (2) | These models will be based on analysis of past behavioural changes and adjusted |
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| | | in the light of experience.’. |
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| | | Inquiry into a banking transactions tax |
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| | To move the following Clause:— |
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| | | ‘(1) | It shall be the duty of the Chancellor of the Exchequer to appoint a committee of |
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| | | inquiry to report within 6 months on the practical action necessary to introduce a |
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| | | banking transactions tax. |
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| | | (2) | For the purposes of subsection (1), a banking transactions tax is a tax, charged at |
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| | | the rate of 0.005 per cent of the value of the transaction, on— |
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| | | (a) | foreign exchange dealings in sterling, and |
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| | | (b) | derivative, swap, bond and over the counter trading, |
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| | | | where the economic substance of the transaction arises in the United Kingdom or |
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| | | the place where the transaction is recorded is the United Kingdom.’. |
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| | | The Office for Tax Responsibility |
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| | To move the following Clause:— |
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| | | ‘(1) | There shall be established The Office for Tax Responsibility. |
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| | | (2) | The Office for Tax Responsibility shall report to, but be independent of, the |
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| | | Chancellor of the Exchequer and shall also be independent of Her Majesty’s |
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| | | Treasury and Her Majesty’s Revenue and Customs (“HMRC”). |
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| | | (3) | The Office for Tax Responsibility shall be managed by the Director for Tax |
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| | | Responsibility who shall be supported in their work by no fewer than two and no |
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| | | more than four Commissioners for Tax Responsibility who shall, with the |
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| | | Director of Tax Responsibility, constitute the Board of the Office for Tax |
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| | | (4) | The Office for Tax Responsibility shall— |
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| | | (a) | be afforded such budget as shall be required for it to undertake its duties |
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| | | as laid down in this Act; |
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| | | (b) | be given the right to access all such information held by such other |
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| | | government departments, agencies, local authorities and authorities |
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| | | established under statute as it in its sole discretion shall determine is |
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| | | required to fulfil its duties laid down in this Act subject to the sole |
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| | | requirement that all obligations to respect the confidentiality of those |
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| | | with whom those such other agents of government engage shall also be |
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| | | assumed by the Office for Tax Responsibility when using data those |
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| | | agents of government shall supply to the Office for Tax Responsibility |
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| | | for the purpose of undertaking its duties; |
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| | | (c) | engage such staff (including the Director and Commissioners) as it needs |
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| | | to fulfil its duties, such staff not to be seconded from other government |
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| | | departments, agencies, local authorities or authorities established under |
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| | | such statute and such staff not to be seconded to it by any entity registered |
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| | | at the time such secondment shall take place as a tax agent by HMRC. |
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| | | (5) | The Office for Tax Responsibility shall report annually on— |
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| | | (a) | its best estimate of the United Kingdom tax gap. In so doing it shall— |
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| | | (i) | calculate the tax gap separately for each of income tax, national |
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| | | insurance in all its forms, corporation tax, value added tax, excise |
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| | | and customs duties in all their forms, stamp duty in all its forms, |
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| | | capital gains tax, inheritance tax, petroleum revenue tax, landfill |
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| | | tax, air passenger duty, insurance premium tax, climate change |
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| | | levy, aggregates levy, domestic rates and business rates, but with |
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| | | specific requirement being made that the interaction of the tax |
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| | | gap calculated for any one tax be specifically considered when |
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| | | estimating the tax gap for any other tax before preparing and |
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| | | publishing an estimate of the total annual United Kingdom tax |
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| | | (ii) | use a methodology for calculating the tax gap that estimates the |
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| | | net theoretical tax liability for the particular tax subject to |
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| | | calculation within the United Kingdom economy as a whole |
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| | | from which is then subtracted the acutal receipts for the tax in |
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| | | question to produce an estimate of the annual tax gap for the tax |
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| | | (iii) | analyse the tax gap with regard to each tax between that |
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| | | attributable to tax evasion, tax avoidance and unpaid or late paid |
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| | | (iv) | publish its methodology and workings with regard to the |
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| | | calculation of each component of the tax gap subject only to |
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| | | withholding such information as is required to prevent any |
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| | | breach of taxpayer confidentiality; |
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| | | (b) | progress made by HMRC in closing the tax gap; |
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| | | (c) | the methods it proposes HMRC and other agencies, if appropriate, should |
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| | | adopt better to tackle the tax gap; |
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| | | (d) | those legislative changes required, in its opinion, to close the tax gap; |
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| | | (e) | the budget resources that in its opinion HMRC and those other agencies |
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| | | addressing that issue will require to address the tax gap it identifies; |
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| | | (f) | its forecast of the taxation and other benefits that might arise from |
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| | | allocating such resources for the purpose identified in paragraph (e) |
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| | | above: other benefits for this purpose to include all those social benefits |
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| | | resulting from tackling the tax gap. |
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| | | (6) | The Office for Tax Responsibility shall engage with those persons who wish to |
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| | | make representations on matters relating to the tax gap so that those persons’ |
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| | | concerns and expectations for the closing of that tax gap are reflected in the work |
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| | | of the Office for Tax Responsibility.’. |
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