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Other Bills before Parliament


 
 

1857

 

House of Commons

 
 

Tuesday 3 May 2011

 

Committee of the whole House

 

Finance (No. 3) Bill


 

(Clauses 4, 7, 10, 19, 35 and 72)


 

Note

 

The Amendments have been arranged in accordance with 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 (No. 3) Bill are taken shall be: Clauses 72, 19, 7, 4, 10 and 35.

 


 

Mr David Hanson

 

Kerry McCarthy

 

Ms Angela Eagle

 

Chris Leslie

 

9

 

Clause  72,  page  41,  line  27,  at end add—

 

‘(2)    

The Chancellor shall review the bank levy and publish a report, before 31

 

December 2011, on—

 

(a)    

the Government’s analysis behind the rate and threshold chosen for the

 

bank levy;

 

(b)    

the adequacy of the bank levy in the context of other reforms to the wider

 

banking system; and

 

(c)    

the total tax revenues expected from banks across all categories of

 

taxation in each year from 2011-12 to 2016-17.’.

 



 
 

Committee of the whole House: 3 May 2011                

1858

 

Finance (No. 3) Bill, continued

 
 

Mr David Hanson

 

Kerry McCarthy

 

Ms Angela Eagle

 

Chris Leslie

 

7

 

Clause  19,  page  12,  line  36,  at end add—

 

‘(8)    

The Chancellor shall publish, within 3 months of the passing of this Act, an

 

assessment of the impact of taxation on fuel prices.’.

 


 

Malcolm Bruce

 

Sir Robert Smith [R]

 

13

 

Clause  7,  page  2,  line  36,  leave out ‘for “20%” substitute “32%”’, and insert ‘after

 

“a sum equal to 20% of its adjusted ring fence profits for that period”, insert “increasing

 

by 1 per cent. for every $5 by which the reference hydrocarbon price exceeds $75 subject

 

to a maximum rate of 32%”.’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

14

 

Clause  7,  page  2,  line  36,  at end insert—

 

‘(1A)    

A reference price will be determined by an independent arbiter agreed jointly

 

between the Government and Oil and Gas UK and will determine separate prices

 

for oil, gas and condensates.’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

15

 

Clause  7,  page  2,  line  36,  at end insert—

 

‘(1B)    

The increased charge shall not apply to fields producing more than 90 per cent.

 

gas. Where a field produces oil and gas the charge will be based on the price of

 

oil equivalent taking into account the ratios of oil to gas produced.’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

16

 

Clause  7,  page  2,  line  36,  at end insert—

 

‘(1C)    

The supplementary charge may be abated or offset against the cost of investment

 

to increase production.’.

 

Malcolm Bruce

 

Sir Robert Smith

 

2

 

Clause  7,  page  3,  line  2,  leave out ‘24 March 2011’ and insert ‘30 September

 

2011’.


 
 

Committee of the whole House: 3 May 2011                

1859

 

Finance (No. 3) Bill, continued

 
 

Sir Robert Smith [R]

 

Malcolm Bruce

 

17

 

Clause  7,  page  3,  line  2,  after ‘2011’, insert ‘and before 30 September 2012’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

3

 

Clause  7,  page  3,  line  4,  leave out ‘24 March 2011’ and insert ‘30 September

 

2011’.

 

Sir Robert Smith [R]

 

Malcolm Bruce

 

18

 

Clause  7,  page  3,  line  4,  after ‘2011’, insert ‘or 30 September 2012’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

4

 

Clause  7,  page  3,  line  8,  leave out ‘24 March 2011’ and insert ‘30 September

 

2011’.

 

Sir Robert Smith [R]

 

Malcolm Bruce

 

19

 

Clause  7,  page  3,  line  8,  after ‘2011’, insert ‘or 30 September 2012’.

 

Mr Chancellor of the Exchequer

 

11

 

Clause  7,  page  3,  line  13,  at end insert—

 

‘(4A)    

But if the basis of apportionment in subsection (4)(b) would work unjustly or

 

unreasonably in the company’s case, the company may elect for its profits to be

 

apportioned on another basis that is just and reasonable and specified in the

 

election.’.

 

Mr Chancellor of the Exchequer

 

12

 

Clause  7,  page  3,  line  16,  leave out ‘subsection (4)’ and insert ‘subsections (4) and

 

(4A)’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

5

 

Clause  7,  page  3,  line  27,  leave out ‘24 March 2011’ and insert ‘30 September

 

2011’.


 
 

Committee of the whole House: 3 May 2011                

1860

 

Finance (No. 3) Bill, continued

 
 

Sir Robert Smith [R]

 

Malcolm Bruce

 

20

 

Clause  7,  page  3,  line  28,  after ‘2011’, insert ‘or 30 September 2012’.

 

Mr David Hanson

 

Kerry McCarthy

 

Ms Angela Eagle

 

Chris Leslie

 

10

 

Clause  7,  page  4,  line  7,  at end add—

 

‘(11)    

The Chancellor shall produce, before 30 September 2011, an assessment of the

 

impact of taxation of ring fence profits on business investment and growth

 

including an assessment of the long-term sustainability of oil and gas exploration

 

in the North Sea.’.

 


 

Caroline Lucas

 

1

 

Clause  4,  page  2,  line  15,  leave out ‘26%’ and insert ‘30%’.

 


 

Mr David Hanson

 

Kerry McCarthy

 

Ms Angela Eagle

 

Chris Leslie

 

6

 

Clause  10,  page  6,  line  22,  at end add—

 

‘(14)    

The Chancellor shall publish, by 31 October 2012, an assessment of the impact

 

of the changes to capital allowances on the UK economy.’.

 


 

Mr David Hanson

 

Kerry McCarthy

 

Ms Angela Eagle

 

Chris Leslie

 

8

 

Clause  35,  page  21,  line  39,  at end add—

 

‘(2)    

The Chancellor shall prepare, before 1 September 2011, a report on the impact of

 

taxation on childcare.’.

 


 
 

Committee of the whole House: 3 May 2011                

1861

 

Finance (No. 3) Bill, continued

 
 

Order of the House [26 April 2011]

 

That—

 

1.    

Clauses 4, 7, 10, 19, 35 and 72 be committed to a Committee of the whole

 

House.

 

2.    

The remainder of the Bill be committed to a Public Bill Committee.

 

3.    

When the provisions of the Bill considered by the Committee of the whole

 

House and the Public Bill Committee have been reported to the House, the

 

Bill be proceeded with as if it had been reported as a whole to the House from

 

the Public Bill Committee.

 


 
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