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| | (except Clauses 4, 7, 10, 19, 35 and 72)
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| | [NINTH AND TENTH Sittings]
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| | Schedule 8, page 159, line 11, leave out from ‘earnings’ to end of line 12 and insert |
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| | ‘specified in regulations made by the Treasury under this paragraph.’. |
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| | Schedule 8, page 159, leave out lines 13 to 33 and insert— |
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| | | ‘(4) | In subsection (1)(b) “excluded amounts” means amounts specified in regulations |
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| | | made by the Treasury under this subsection.’. |
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| | Schedule 8, page 160, leave out lines 40 to 43 and insert— |
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| | | “relevant earnings” has the same meaning as in subsection (1)(a) of section |
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| | | 270B (see subsection (3) of that section), and |
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| | | “excluded amounts” has the same meaning as in subsection (1)(b) of section |
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| | | 270B (see subsection (4) of that section).’. |
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| | Schedule 8, page 161, line 38, at end insert— |
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| | | ‘ | Regulations made under section 270B(3)(b) or (4) of ITEPA 2003 (inserted by |
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| | | paragraph 3) on or before 31 December 2011 may have retrospective effect in |
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| | | relation to the tax year 2011-12.’. |
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| | | Schedule, as amended, Agreed to. |
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| | | Clauses 36 to 39 Agreed to. |
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| | Clause 40, page 26, line 6, at end add— |
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| | | ‘(7) | The Treasury shall, within three months of the passing of this Act publish final |
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| | | details of a new UK-wide Government contribution-based tax-free children’s |
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| | | savings scheme for looked-after children.’. |
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| | Clause 40, page 26, line 6, at end add— |
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| | | ‘(7) | The Government will, by 30 September 2011, publish a report on— |
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| | | (a) | children’s savings accounts, and |
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| | | (b) | saving across society, |
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| | | | including the impact of Government policy.’. |
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| | | Clauses 41 and 42 Agreed to. |
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| | Clause 43, page 27, line 18, leave out subsection (6). |
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| | Schedule 10, page 171, line 22, at end insert— |
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| | | ‘(4) | But where an early commencement election is made in relation to a group— |
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| | | (a) | sub-paragraphs (1) and (3) apply in relation to that group as if the |
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| | | references in those sub-paragraphs to the passing of this Act were |
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| | | references to 1 April 2011, and |
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| | | (b) | sub-paragraph (2) applies in relation to any disposal of shares by a |
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| | | member of that group as if the reference in that sub-paragraph to the |
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| | | passing of this Act were a reference to 1 April 2011. |
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| | | (5) | An early commencement election in relation to a group means an election |
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| | | made for the purposes of this paragraph by the principal company of the group. |
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| | | (6) | If a company ceases to be a member of a group in the period which begins with |
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| | | 1 April 2011 and ends with the passing of this Act, an early commencement |
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| | | election may be made or revoked in relation to the group only with the consent |
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| | | of that company contained in a notice which accompanies the election or |
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| | | (7) | Where an early commencement election is revoked, the election is treated as |
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| | | (8) | An early commencement election may not be made or revoked after 31 March |
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| | | 2012 (and paragraph 3(1)(b) of Schedule 1A to the Management Act |
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| | | (amendment of elections etc) does not apply in relation to an early |
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| | | Schedule, as amended, Agreed to. |
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| | [Adjourned until Tuesday 7 June at 10.30 am |
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