Session 2010 - 12
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31

 

House of Commons

 
 

Tuesday 24 May 2011

 

Public Bill Committee Proceedings

 

Finance (No. 3) Bill


 

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


 

[NINTH AND TENTH Sittings]


 

David Gauke

 

Agreed to  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

 

Agreed to  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.’.

 

David Gauke

 

Agreed to  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

 

Agreed to  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.’.

 

Schedule, as amended, Agreed to.

 

Clauses 36 to 39 Agreed to.

 



 
 

Public Bill Committee Proceedings: 24 May 2011            

32

 

Finance (No. 3) continued

 
 

David Hanson

 

Kerry McCarthy

 

Negatived on division  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

 

Negatived on division  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.’.

 

Clause Agreed to.

 

Clauses 41 and 42 Agreed to.

 


 

David Hanson

 

Kerry McCarthy

 

Withdrawn  99

 

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

 

Clause Agreed to.

 

Clause 44 Agreed to.

 

Schedule 9 Agreed to.

 

Clause 45 Agreed to.

 


 

David Gauke

 

Agreed to  112

 

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

 

    ‘(4)  

But where an early commencement election is made in relation to a group—

 

(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.


 
 

Public Bill Committee Proceedings: 24 May 2011            

33

 

Finance (No. 3) continued

 
 

      (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).’

 

Schedule, as amended, Agreed to.

 

[Adjourned until Tuesday 7 June at 10.30 am


 
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