Amendments proposed to the Finance Bill - continued House of Commons

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Limited liability partnerships: investment LLPs and property investment LLPs

   

Mr Andrew Smith

NC17

*To move the following Clause:—

    '.—(1) Schedule (Limited liability partnerships: investment LLPs and property investment LLPs) to this Act has effect with respect to limited liability partnerships whose business consists wholly or mainly in the making of investments.

    (2) The provisions of that Schedule shall be deemed to have come into force on 6th April 2001.'


Application of definitions of private residences and job-related accommodation

   

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC1

To move the following Clause:—

    'Sections 222(1), (8) and (8A) of the Taxation of Chargeable Gains Act 1992 (which define private residence and job-related accommodation for the purposes of relief) shall be applied by the Inland Revenue in the exercise of all of its functions.'.


VAT: exceptional circumstances rapid refunds

   

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC2

To move the following Clause:—

    '.—(1) This section applies to any business which—

    (a) has been significantly affected, directly or indirectly, by the incidence of foot and mouth disease, and

    (b) is, or is likely to be, entitled to a refund of input VAT in respect of its trading in the year 2001-02.

    (2) The Commissioners of Customs and Excise shall, if satisfied on the basis of a claim made in that behalf that a business is one to which this section applies, make an immediate refund on account of input VAT (to be known as an Exceptional Circumstances Rapid Refund).

    (3) The amount of refund made under subsection (2) shall be—

    (a) in the case of a business which was registered for VAT on or before 5th April 1998, one twenty-fourth of the input VAT paid by the business in financial years 1998-99 and 1999-2000;

    (b) in the case of a business which was registered for VAT later than 5th April 1998, an amount calculated in accordance with directions to be given by the Treasury.

    (4) Where a refund paid on account under this section is more than the refund actually due, the Commissioners shall recoup the balance at the conclusion of financial year 2001-02.

    (5) The Treasury may by order substitute, for "the conclusion of financial year 2001-02" in subsection (4), "the conclusion of financial year 2002-03".'.


Expediting relief for trading losses

   

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC3

To move the following Clause:—

    '.—Section 380 of the Taxes Act 1988 (set-off of losses against general income) shall apply to farmers or sole traders who qualify for business rate relief, in respect of financial year 2001-02 only, with the following modifications—

    (a) in subsection (1), after "loss", insert "or has reason to anticipate that, because of the incidence of foot and mouth disease, he will sustain a loss";

    (b) in subsection (1), for "with twelve months from the 31st January next following that year" substitute "at any time between 6th April 2001 and 6th April 2004".'.


Tax on savings and dividends

   

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight [R]
Mr Peter Luff

NC4

To move the following Clause:—

    '.—The Chancellor of the Exchequer shall make arrangements to review the level of income tax charged on savings and dividends by starting and basic rate tax payers and shall lay a report on the outcome of the review before the House of Commons by January 2002.'.


Widows' payments

   

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC5

To move the following Clause:—

    '.—The Chancellor of the Exchequer shall make arrangements to review the effect on widowed parents of the provisions of section 617 of the Taxes Act 1988 concerning social security benefits which are charged to tax and shall lay a report on the outcome of the review before the House of Commons by January 2002.'


Age-related personal allowances

   

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC6

To move the following Clause:—

    '.—The Chancellor of the Exchequer shall make arrangements to review the level of the age-related personal allowances defined in section 257(2) and (3) of the Taxes Act 1988 and shall lay a report on the outcome of the review before the House of Commons by January 2002.'


Approved share option schemes

   

Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight [R]
Mr Peter Luff

NC7

To move the following Clause:—

    '.—The Chancellor of the Exchequer shall make arrangements to review the level of the limit on the maximum value of share options under an Approved Share Option Scheme and shall lay a report on the outcome of the review before the House of Commons by January 2002.'


Taxation of married couples

   

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC8

To move the following Clause:—

    '.—The Chancellor of the Exchequer shall make arrangements to review the effect on married couples with children under the age of 11 years of the level of personal tax allowances under section 257 of the Taxes Act and shall lay a report on the outcome of the review before the House of Commons by January 2002.'


Children's tax credit: children under five years of age

   

Mr Oliver Letwin
Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight
Mr Peter Luff

NC9

To move the following Clause—:

    '(1) After section 257AA(2) of the Taxes Act 1988 (which specifies the amount by reference to which the children's tax credit is calculated) insert—

    "(2AA) for a year of assessment during the whole or part of which is qualifying child under five years of age (or more than one) is resident with the claimant, subsection (2) above has effect as if the amount specified there were increased by £200."

    (2) After subsection (3) of that section (reduction of amount where claimant has income within the higher rate band) insert:

    "(3AA) Where subsection (2AA) above applies, the reference in subsection (3) above to the amount specified in subsection (2) above is to the higher amount applicable by virtue of subsection (2AA) above.".

    (3) After subsection (4) of that section (meaning of "qualifying child") insert:

    "(4AA) In this section 'qualifying child under five years of age', in relation to a year of assessment, means a qualifying child less than five years of age at the beginning of that tax year.".

    (4) In section 257C(1) and (3) of the Taxes Act 1988 (indexaton) for "257AA(2)" substitute "257AA(2) and (2A) and (2AA)".

    (5) Schedule 13B to the Taxes Act 1988 (children's tax credit: Provisions applicable where child lives with more than one adult in a year of assessment) is amended in accordance with Schedule 11A to this Act.

    (6) Subsections (1) to (3) and (5) above have effect for the year 2003-04 and subsequent years of assessment.

    (7) Subsection (4) above has effect for the purposes of the application of section 257AA of the Taxes Act 1988 for the year 2004-05 and subsequent years of assessment.'.


Exemption from Capital Gains Tax

   

Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight [R]
Mr Peter Luff

NC10

To move the following Clause:—

    '—. In section 271(1) of the Taxation of Chargeable Gains Act 1992 (concerning exemption from CGT) after subsection (j) insert—

    "(k) any gain accruing to a UK resident company, or to a non-resident company chargeable to UK corporation tax under section 10 of this Act, in respect of the disposal of a substantial shareholding in a trading company or a member of a trading group. For the purposes of this subsection a substantial shareholding is a shareholding of 20% or more held for a period of a year or more.".'.


Substantial shareholdings: deferral of capital gains tax

   

Mr Richard Ottaway
Mr James Clappison
Mr Howard Flight [R]
Mr Peter Luff

NC11

To move the following Clause:—

    '.—In section 155 of the Taxation of Chargeable Gains Act 1992 (concerning classes of assets for roll-over relief) Class 9, after Head B, insert new subsection.

    "CLASS 9

    Substantial shareholdings in trading companies or members of a trading group. For the purposes of this section, a substantial shareholding is a shareholding of 20 per cent. or more held for a period of a year or more.".'.


Environmental protection rebates scheme

   

Mr David Heath
Mr Matthew Taylor
Mr Edward Davey
Mr A. J. Beith
Mr Malcolm Bruce
Mrs Ray Michie

NC12

To move the following Clause:—

    (1) The Treasury may by order made by statutory instrument introduce a scheme of rebates to those persons charged with the aggregates levy and who have employed environmental protection measures in the process of commercial exploitation of aggregate;

    (2) Environmental protection measures in this part are those measures which the Secretary of State shall by order determine to be in the interests of protecting or enhancing the environment;

    (3) No rebate under this scheme shall be made unless the environmental protection measures:

    (a) relate directly to the process of commercial exploitation of aggregate; and

    (b) shall have been verified and certified by an external body prescribed for that purpose by the Secretary of State;

    (4) A statutory instrument containing an order under this section shall not be made without prior consultation with those persons appearing to the Secretary of State to be representative of those having an interest in:

            (i) the commercial exploitation of aggregate;

            (ii) the protection of the natural environment;

            (iii) the local communities affected.

    (5) A statutory instrument containing an order under this section shall be laid before Parliament and approved by resolution of the House of Commons.'.

 
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