House of Commons Amendments

Session 2010 - 12
Internet Publications
Other Bills before Parliament

Public Bill Committee: 17 May 2011
89

Finance (No. 3) continued

“(2B)
For the purposes of sub-paragraph (1) an election under section 9A

of CTA 2010 (designated currency of a UK resident investment

company) is not to be regarded as an election upon which relief

under the Corporation Tax Acts is dependent, and sub-paragraph

(2)(b) does not apply in relation to such an election.

    (2C)
But if, by notice given to an officer of the Board, the United

Kingdom resident company which has or, as the case may be, any

two or more United Kingdom resident companies which together

have, a majority interest in the company so request, the company

shall be assumed (subject to section 9A(2) of CTA 2010) to have

made an election under section 9A of that Act in the form specified

in the notice (and accordingly that section and section 9B of that

Act apply to determine the effect (if any) of that election).”’

David Gauke

114


Schedule  7,  page  157,  line  15,  after ‘arises’ insert ‘(“the relevant period”)’.

David Gauke

115


Schedule  7,  page  157,  leave out lines 16 to 19 and insert—

‘(b)
a change in the company’s functional currency (within the meaning of

section 17(4) of that Act) as between the relevant period and a period of

account ending in the 12 months immediately preceding that period.’.

David Gauke

116


Schedule  7,  page  157,  line  31,  after ‘arises’ insert ‘(“the relevant period”)’.

David Gauke

117


Schedule  7,  page  157,  leave out lines 32 to 35 and insert—

‘(b)
a change in the company’s functional currency (within the meaning of

section 17(4) of that Act) as between the relevant period and a period of

account ending in the 12 months immediately preceding that period.’.

David Gauke

108

Schedule  8,  page  159,  line  11,  leave out from ‘earnings’ to end of line 12 and insert

‘specified in regulations made by the Treasury under this paragraph.’.

David Gauke

109

Schedule  8,  page  159,  leave out lines 13 to 33 and insert—

‘(4)
In subsection (1)(b) “excluded amounts” means amounts specified in regulations

made by the Treasury under this subsection.’.

Public Bill Committee: 17 May 2011
90

Finance (No. 3) continued

David Gauke

110

Schedule  8,  page  160,  leave out lines 40 to 43 and insert—

‘( )
In subsection (1)—

“relevant earnings” has the same meaning as in subsection (1)(a) of section

270B (see subsection (3) of that section), and

“excluded amounts” has the same meaning as in subsection (1)(b) of section

270B (see subsection (4) of that section).’.

David Gauke

111

Schedule  8,  page  161,  line  38,  at end insert—

‘
Regulations made under section 270B(3)(b) or (4) of ITEPA 2003 (inserted by

paragraph 3) on or before 31 December 2011 may have retrospective effect in

relation to the tax year 2011-12.’.

David Hanson

Kerry McCarthy

97

Clause  40,  page  26,  line  6,  at end add—

‘(7)
The Treasury shall, within three months of the passing of this Act publish final

details of a new UK-wide Government contribution-based tax-free children’s

savings scheme for looked-after children.’.

David Hanson

Kerry McCarthy

98

Clause  40,  page  26,  line  6,  at end add—

‘(7)
The Government will, by 30 September 2011, publish a report on—

(a)
children’s savings accounts, and

(b)
saving across society,


including the impact of Government policy.’.

David Hanson

Kerry McCarthy

99

Clause  43,  page  27,  line  18,  leave out subsection (6).

David Gauke

112

Schedule  10,  page  171,  line  22,  at end insert—

    ‘(4)
But where an early commencement election is made in relation to a group—

Public Bill Committee: 17 May 2011
91

Finance (No. 3) continued

(a)
sub-paragraphs (1) and (3) apply in relation to that group as if the

references in those sub-paragraphs to the passing of this Act were

references to 1 April 2011, and

(b)
sub-paragraph (2) applies in relation to any disposal of shares by a

member of that group as if the reference in that sub-paragraph to the

passing of this Act were a reference to 1 April 2011.

      (5)
An early commencement election in relation to a group means an election

made for the purposes of this paragraph by the principal company of the group.

      (6)
If a company ceases to be a member of a group in the period which begins with

1 April 2011 and ends with the passing of this Act, an early commencement

election may be made or revoked in relation to the group only with the consent

of that company contained in a notice which accompanies the election or

revocation.

      (7)
Where an early commencement election is revoked, the election is treated as

never having had effect.

      (8)
An early commencement election may not be made or revoked after 31 March

2012 (and paragraph 3(1)(b) of Schedule 1A to the Management Act

(amendment of elections etc) does not apply in relation to an early

commencement election).’

David Hanson

Kerry McCarthy

100

Clause  47,  page  28,  line  11,  at end add—

‘(2)
Notwithstanding the provisions of paragraph 14 of Schedule 12, the Schedule will

not come into force until a full impact assessment on developing countries’ tax

revenue has been laid before and approved by the House of Commons.’.

David Hanson

Kerry McCarthy

101

Schedule  13,  page  213,  line  31,  leave out ‘on the day on which this Act is passed’

and insert ‘when a full impact assessment on developing countries’ tax revenue has been

laid before and approved by the House of Commons.’.

Public Bill Committee: 17 May 2011
92

Finance (No. 3) continued

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’.

Review of the bank levy

Stella Creasy

David Miliband

Mrs Jenny Chapman

Steve Rotheram

Mr Graham Allen

Alex Cunningham

Sheila Gilmore

Lilian Greenwood

Ian Lavery

John Cryer

Teresa Pearce

Paul Blomfield

Nic Dakin

Ian Mearns

Mr Tom Harris

NC3

To move the following Clause:—

‘(1)
The Government shall lay before Parliament a review of the bank levy which will

consider whether the levy should be applied to groups judged by the Financial

Services Authority (or its successor body) to have engaged in high cost credit

lending which is detrimental to consumers. This review shall consider the

following matters—

(a)
the impact such an application could have on the provision of high cost

credit to consumers;

Public Bill Committee: 17 May 2011
93

Finance (No. 3) continued

(b)
the timetable for imposition of the banking levy to prevent further

consumer detriment in the provision of high cost credit;

(c)
the consequences of a failure by Government to intervene in the high cost

credit market for UK consumers; and

(d)
at what level the levy should be set at for such bodies so as to discourage

lending in a manner which is detrimental to consumers.’.

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.



© Parliamentary copyright	Revised 17 May 2011