Problem communicating with remote server...

Session 2010 - 12
Internet Publications
Other Bills before Parliament


 
 

Public Bill Committee: 24 May 2011                     

134

 

Finance (No. 3) Bill, continued

 
 

David Gauke

 

133

 

Schedule  17,  page  285,  line  3,  leave out ‘the day before’.

 


 

David Gauke

 

134

 

Parliamentary Star    

Schedule  19,  page  302,  line  30,  after ‘liabilities’ insert ‘(“M’s liabilities”)’.

 

David Gauke

 

135

 

Parliamentary Star    

Schedule  19,  page  302,  line  31,  after ‘to M’ insert ‘(“N’s liabilities”)’.

 

David Gauke

 

136

 

Parliamentary Star    

Schedule  19,  page  302,  line  34,  leave out ‘to N’.

 

David Gauke

 

137

 

Parliamentary Star    

Schedule  19,  page  302,  line  34,  leave out ‘to M’.

 

David Gauke

 

138

 

Parliamentary Star    

Schedule  19,  page  302,  line  43,  leave out ‘and’ and insert—

 

‘( )    

a liability which M has to N to which sub-paragraph (2A) applies is to

 

be treated as a liability to which an asset of N corresponds, and’.

 

David Gauke

 

139

 

Parliamentary Star    

Schedule  19,  page  302,  line  47,  at end insert—

 

  ‘(2A)  

This sub-paragraph applies to a liability which M has to N if—

 

(a)    

as at the end of the chargeable period, the assets of the relevant group

 

include a financial asset in respect of an advance of cash made by M

 

to N,

 

(b)    

underlying that asset, as collateral, are securities which have been

 

transferred by M to another person,

 

(c)    

the liability is a financial liability in respect of M’s obligation to return

 

the securities or similar securities to N, and

 

(d)    

the provision mentioned in sub-paragraph (1)(c) covers both the

 

financial asset mentioned in paragraph (a) and that financial liability.

 

            

Section 556 of CTA 2009 (meaning of securities and similar securities) applies

 

for the purposes of this sub-paragraph as it applies for the purposes of Chapter

 

10 of Part 6 of that Act.’.

 

David Gauke

 

140

 

Parliamentary Star    

Schedule  19,  page  303,  line  1,  leave out ‘to N’.


 
 

Public Bill Committee: 24 May 2011                     

135

 

Finance (No. 3) Bill, continued

 
 

David Gauke

 

141

 

Parliamentary Star    

Schedule  19,  page  303,  line  6,  leave out ‘to M’.

 

David Gauke

 

142

 

Parliamentary Star    

Schedule  19,  page  306,  line  34,  leave out paragraph (a) and insert—

 

‘(a)    

an entity (“M”) within sub-paragraph (9) has liabilities to another

 

entity (“N”) not within that sub-paragraph, and N has assets which

 

correspond to those liabilities (“M’s liabilities”),’

 

David Gauke

 

143

 

Parliamentary Star    

Schedule  19,  page  306,  line  38,  after ‘to M’ insert ‘(“N’s liabilities”)’.

 

David Gauke

 

144

 

Parliamentary Star    

Schedule  19,  page  306,  line  41,  leave out ‘to N’.

 

David Gauke

 

145

 

Parliamentary Star    

Schedule  19,  page  306,  line  41,  leave out ‘to M’.

 

David Gauke

 

146

 

Parliamentary Star    

Schedule  19,  page  307,  line  1,  leave out ‘In’ and insert ‘For the purposes of’.

 

David Gauke

 

147

 

Parliamentary Star    

Schedule  19,  page  307,  line  3,  at end insert—

 

‘( )    

if N is a relevant foreign bank covered by paragraph 17(17), liabilities

 

of M to N are to be ignored so far as N’s assets corresponding to those

 

liabilities are assets of the permanent establishment through which N

 

carries on a trade in the United Kingdom as determined at Step 2 in

 

paragraph 24(1),’.

 

David Gauke

 

148

 

Parliamentary Star    

Schedule  19,  page  307,  line  6,  leave out ‘and’ and insert—

 

‘( )    

a liability which M has to N to which sub-paragraph (10A) applies is

 

to be treated as a liability to which an asset of N corresponds, and’.

 

David Gauke

 

149

 

Parliamentary Star    

Schedule  19,  page  307,  line  10,  at end insert—

 

‘(10A)  

This sub-paragraph applies to a liability which M has to N if—

 

(a)    

as at the end of the chargeable period, the assets of M include a

 

financial asset in respect of an advance of cash made by M to N,

 

(b)    

underlying that asset, as collateral, are securities which have been

 

transferred by M to another person,

 

(c)    

the liability is a financial liability in respect of M’s obligation to return

 

the securities or similar securities to N, and


 
 

Public Bill Committee: 24 May 2011                     

136

 

Finance (No. 3) Bill, continued

 
 

(d)    

the provision mentioned in sub-paragraph (8)(c) covers both the

 

financial asset mentioned in paragraph (a) and that financial liability.

 

            

Section 556 of CTA 2009 (meaning of securities and similar securities) applies

 

for the purposes of this sub-paragraph as it applies for the purposes of Chapter

 

10 of Part 6 of that Act.’.

 

David Gauke

 

150

 

Parliamentary Star    

Schedule  19,  page  307,  line  13,  leave out ‘to N’.

 

David Gauke

 

151

 

Parliamentary Star    

Schedule  19,  page  307,  line  18,  leave out ‘to M’.

 

David Gauke

 

152

 

Parliamentary Star    

Schedule  19,  page  310,  line  46,  leave out paragraph (a) and insert—

 

‘(a)    

an entity (“M”) within sub-paragraph (9) has liabilities to another

 

entity (“N”) not within that sub-paragraph, and N has assets which

 

correspond to those liabilities (“M’s liabilities”),’

 

David Gauke

 

153

 

Parliamentary Star    

Schedule  19,  page  311,  line  3,  after ‘to M’ insert ‘(“N’s liabilities”)’.

 

David Gauke

 

154

 

Parliamentary Star    

Schedule  19,  page  311,  line  6,  leave out ‘to N’.

 

David Gauke

 

155

 

Parliamentary Star    

Schedule  19,  page  311,  line  6,  leave out ‘to M’.

 

David Gauke

 

156

 

Parliamentary Star    

Schedule  19,  page  311,  line  13,  leave out ‘In sub-paragraph (8)(c)’ and insert ‘For

 

the purposes of sub-paragraph (8)’.

 

David Gauke

 

157

 

Parliamentary Star    

Schedule  19,  page  311,  line  15,  at end insert—

 

‘( )    

if N is a relevant foreign bank covered by paragraph 19(17), liabilities

 

of M to N are to be ignored so far as N’s assets corresponding to those

 

liabilities are assets of the permanent establishment through which N

 

carries on a trade in the United Kingdom as determined at Step 2 in

 

paragraph 24(1),’.

 

David Gauke

 

158

 

Parliamentary Star    

Schedule  19,  page  311,  line  18,  leave out ‘and’ and insert—

 

‘( )    

a liability which M has to N to which sub-paragraph (10A) applies is

 

to be treated as a liability to which an asset of N corresponds, and’.


 
 

Public Bill Committee: 24 May 2011                     

137

 

Finance (No. 3) Bill, continued

 
 

David Gauke

 

159

 

Parliamentary Star    

Schedule  19,  page  311,  line  22,  at end insert—

 

‘(10A)  

This sub-paragraph applies to a liability which M has to N if—

 

(a)    

as at the end of the chargeable period, the assets of M include a

 

financial asset in respect of an advance of cash made by M to N,

 

(b)    

underlying that asset, as collateral, are securities which have been

 

transferred by M to another person,

 

(c)    

the liability is a financial liability in respect of M’s obligation to return

 

the securities or similar securities to N, and

 

(d)    

the provision mentioned in sub-paragraph (8)(c) covers both the

 

financial asset mentioned in paragraph (a) and that financial liability.

 

            

Section 556 of CTA 2009 (meaning of securities and similar securities) applies

 

for the purposes of this sub-paragraph as it applies for the purposes of Chapter

 

10 of Part 6 of that Act.’.

 

David Gauke

 

160

 

Parliamentary Star    

Schedule  19,  page  311,  line  25,  leave out ‘to N’.

 

David Gauke

 

161

 

Parliamentary Star    

Schedule  19,  page  311,  line  30,  leave out ‘to M’.

 

David Gauke

 

162

 

Parliamentary Star    

Schedule  19,  page  312,  line  37,  after ‘liabilities’ insert ‘(“the relevant entity’s

 

liabilities”)’.

 

David Gauke

 

163

 

Parliamentary Star    

Schedule  19,  page  312,  line  39,  after ‘entity’ insert ‘(“N’s liabilities”)’.

 

David Gauke

 

164

 

Parliamentary Star    

Schedule  19,  page  312,  line  42,  leave out ‘to N’.

 

David Gauke

 

165

 

Parliamentary Star    

Schedule  19,  page  312,  line  43,  leave out ‘to the relevant entity’.

 

David Gauke

 

166

 

Parliamentary Star    

Schedule  19,  page  312,  line  47,  leave out ‘In’ and insert ‘For the purposes of’.

 

David Gauke

 

167

 

Parliamentary Star    

Schedule  19,  page  313,  line  3,  leave out ‘and’ and insert—

 

‘( )    

a liability which the relevant entity has to N to which sub-paragraph

 

(2A) applies is to be treated as a liability to which an asset of N

 

corresponds, and’.


 
 

Public Bill Committee: 24 May 2011                     

138

 

Finance (No. 3) Bill, continued

 
 

David Gauke

 

168

 

Parliamentary Star    

Schedule  19,  page  313,  line  7,  at end insert—

 

  ‘(2A)  

This sub-paragraph applies to a liability which the relevant entity has to N if—

 

(a)    

as at the end of the chargeable period, the assets of the relevant entity

 

include a financial asset in respect of an advance of cash made by the

 

relevant entity to N,

 

(b)    

underlying that asset, as collateral, are securities which have been

 

transferred by the relevant entity to another person,

 

(c)    

the liability is a financial liability in respect of the relevant entity’s

 

obligation to return the securities or similar securities to N, and

 

(d)    

the provision mentioned in sub-paragraph (1)(c) covers both the

 

financial asset mentioned in paragraph (a) and that financial liability.

 

            

Section 556 of CTA 2009 (meaning of securities and similar securities) applies

 

for the purposes of this sub-paragraph as it applies for the purposes of Chapter

 

10 of Part 6 of that Act.’.

 

David Gauke

 

169

 

Parliamentary Star    

Schedule  19,  page  313,  line  9,  after ‘of the’ insert ‘relevant’.

 

David Gauke

 

170

 

Parliamentary Star    

Schedule  19,  page  313,  line  10,  leave out ‘its liabilities to N’ and insert ‘the

 

relevant entity’s liabilities’.

 

David Gauke

 

171

 

Parliamentary Star    

Schedule  19,  page  313,  line  16,  leave out ‘to the relevant entity’.

 

David Gauke

 

172

 

Parliamentary Star    

Schedule  19,  page  314,  line  30,  after ‘liabilities’ insert ‘(“the bank’s liabilities”)’.

 

David Gauke

 

173

 

Parliamentary Star    

Schedule  19,  page  314,  line  32,  after ‘bank’ insert ‘(“N’s liabilities”)’.

 

David Gauke

 

174

 

Parliamentary Star    

Schedule  19,  page  314,  line  35,  leave out ‘to N’.

 

David Gauke

 

175

 

Parliamentary Star    

Schedule  19,  page  314,  line  36,  leave out ‘to the bank’.


 
 

Public Bill Committee: 24 May 2011                     

139

 

Finance (No. 3) Bill, continued

 
 

David Gauke

 

176

 

Parliamentary Star    

Schedule  19,  page  314,  line  46,  leave out ‘In’ and insert ‘For the purposes of’.

 

David Gauke

 

177

 

Parliamentary Star    

Schedule  19,  page  315,  line  5,  leave out ‘and’ and insert—

 

‘( )    

a liability which the relevant foreign bank has to N to which sub-

 

paragraph (3A) applies is to be treated as a liability to which an asset

 

of N corresponds, and’.

 

David Gauke

 

178

 

Parliamentary Star    

Schedule  19,  page  315,  line  9,  at end insert—

 

  ‘(3A)  

This sub-paragraph applies to a liability which the relevant foreign bank has to

 

N if—

 

(a)    

as at the end of the chargeable period, the assets of the relevant foreign

 

bank include a financial asset in respect of an advance of cash made

 

by the relevant foreign bank to N,

 

(b)    

underlying that asset, as collateral, are securities which have been

 

transferred by the bank to another person,

 

(c)    

the liability is a financial liability in respect of the bank’s obligation to

 

return the securities or similar securities to N, and

 

(d)    

the provision mentioned in sub-paragraph (1)(c) covers both the

 

financial asset mentioned in paragraph (a) and that financial liability.

 

            

Section 556 of CTA 2009 (meaning of securities and similar securities) applies

 

for the purposes of this sub-paragraph as it applies for the purposes of Chapter

 

10 of Part 6 of that Act.’.

 

David Gauke

 

179

 

Parliamentary Star    

Schedule  19,  page  315,  line  25,  leave out ‘its liabilities to N’ and insert ‘the bank’s

 

liabilities’.

 

David Gauke

 

180

 

Parliamentary Star    

Schedule  19,  page  315,  line  30,  leave out ‘to the bank’.

 

David Gauke

 

181

 

Parliamentary Star    

Schedule  19,  page  328,  line  36,  leave out paragraph (b) and insert—

 

‘(b)    

a covered bond vehicle, or’.

 

David Gauke

 

182

 

Parliamentary Star    

Schedule  19,  page  329,  line  3,  at end insert—

 

‘“covered bond vehicle” means a limited liability partnership—

 

(a)    

which is a party to a capital market arrangement, or a transaction

 

in pursuance of a capital market arrangement,

 

(b)    

whose trade or business (ignoring any incidental activities)

 

consists wholly of one or both of the following—

 

(i)    

providing guarantees, and


 
 

Public Bill Committee: 24 May 2011                     

140

 

Finance (No. 3) Bill, continued

 
 

(ii)    

acquiring, owning and managing assets directly or

 

indirectly forming the whole or part of the security for

 

the capital market arrangement, and

 

(c)    

which is within the charge to corporation tax;’.

 


 

David Gauke

 

183

 

Parliamentary Star    

Page  44,  line  32,  leave out Clause 79.

 


 

NEW CLAUSES

 

Private finance initiative income

 

Caroline Lucas

 

NC1

 

To move the following Clause:—

 

‘The Treasury shall, within six months of the passing of this Act, report to

 

Parliament its assessment of the amount of tax revenue forgone by companies

 

receiving payments under Private Finance Initiative contracts being based outside

 

the United Kingdom.’.

 


 

VAT and charitable healthcare providers

 

Nic Dakin

 

NC2

 

To move the following Clause:—

 

‘The Treasury shall, within one year of the passing of this Act, lay a report before

 

Parliament on the treatment for Value Added Tax of supplies by charities to

 

bodies exercising functions on behalf of a Minister of the Crown of healthcare or

 

welfare services or associated goods’.

 



 
previous section contents continue
 

© Parliamentary copyright
Revised 24 May 2011