Amendments proposed to the Finance Bill - continued House of Commons

back to previous text

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight [R]
Mr Christopher Chope
Mr Peter Luff

30

Schedule     10,     page     179,     line     30,     at end insert—

'Conditions for shares to qualify as business assets

    1A (1)   Paragraph 4 (conditions for shares to qualify as business assets) is amended as follows.

    (2)   In sub-paragraph (2) for "if at that time" substitute "if at the time it was acquired".

    (3)   In sub-paragraph (3) for "if at that time" substitute "if at the time it was acquired".

    (4)   In sub-paragraph (4) for "if at that time" substitute "if at the time it was acquired".'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight [R]
Mr Christopher Chope
Mr Peter Luff

31

Schedule     10,     page     181,     line     16,     leave out 'means' and insert 'includes'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

12

Clause     47,     page     32,     line     19,     leave out from 'relief)' to end of line 21 and insert 'for "disregarding section 3(1) of the Taxation of Chargeable Gains Act 1992 and the effect of this section" substitute "disregarding the effect of this section and either 2A (taper relief) or section 3(1) (annual exempt amount) of the Taxation of Chargeable Gains Act 1992 as the person elects for the year of assessment in question.".'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

36

Page     33,     line     7,     leave out Clause 48.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

22

Clause     49,     page     34,     line     15,     leave out 'on same day' and insert 'by employees'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

23

Clause     49,     page     34,     line     17,     leave out 'on the same day and in the same capacity' and insert 'in circumstances in which those shares qualify as business assets for the purposes of section 2A by virtue of paragraph 4(2) of Schedule A1'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

24

Clause     49,     page     34,     line     17,     leave out 'on the same day' and insert 'during any thirty-day period.'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

21

Clause     49,     page     34,     line     24,     leave out from 'where' to ', or' in line 26 and insert 'paragraph 44, 45 or 46 of that Schedule (exercise of option to acquire shares) applies'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

52

*Clause     50,     page     37,     line     15,     leave out 'has' and insert 'and Schedule (set off of losses treated as accruing to settlors) to this Act have'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

53

*Schedule     11,     page     185,     line     22,     leave out from beginning to end of line 44 on page 187 and insert—

    '(2)   After subsection (5) (computation of tax in cases where gains treated as accruing to settlor etc in respect of trust gains) insert—

          "(6)   Subsections (4) and (5) above shall cease to have effect for the year 2003-04 and subsequent years of assessment.".'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight [R]
Mr Christopher Chope
Mr Peter Luff

25

Schedule     12,     page     189,     line     9,     after 'enterprise', insert 'or a small or medium-sized enterprise which makes an election pursuant to paragraph 16A below'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

54

*Schedule     12,     page     189,     line     25,     at end insert—

    '3A.   A company's "qualifying R and D expenditure" shall not include any amount in respect of which, under the law of any territory outside the United Kingdom, the company is entitled to a deduction for the purposes of any foreign tax which exceeds the amount of such expenditure.'.

   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight [R]
Mr Christopher Chope
Mr Peter Luff

26

Schedule     12,     page     194,     line     35,     at end insert—

'Regulatory simplification


    16A. (1)   In respect of any financial year any small or medium-sized enterprise may elect to forego the reliefs available to it under Schedule 20 to the Finance Act 2000 (tax relief for expenditure on research and development) and instead claim relief under this Schedule as if it were a large enterprise.

    (2)   Any election pursuant to this paragraph must be made in writing to the Inspector of Taxes prior to the end of the financial year in question.'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

4

Page     37,     line     37,     leave out Clause 53.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

5

Schedule     13,     page     207,     leave out lines 18 to 20 and insert—

    '(1)   This Schedule applies to expenditure incurred on or after 1st April 2002.'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

6

Schedule     14,     page     209,     line     38,     leave out from 'after' to end of line 39 and insert '1st April 2002'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

13

Page     38,     line     1,     leave out Clause 54.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

28

Clause     56,     page     38,     leave out from beginning of line 39 to end of line 9 on page 39 and add—

    '(3)   Schedules 16 and 17 shall come into force on 1st April 2002.

    (4)   For the purposes of subsection (3), Schedule 16 shall have effect in relation to—

      (a) investments made on or after 17th April 2002, and

      (b) claims made in a year of assessment ending on or after 17th April 2002.

    (5)   For the purposes of subsection (3), Schedule 17 shall have effect so that—

      (a) paragraphs 2 to 4 shall have effect for years of assessment ending on or after 17th April 2002, and

      (b) paragraph 5 of Schedule 17 shall have effect for accounting periods ending on or after that day.'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

27

Page     39,     line     10,     leave out Clause 57.


   

Mr Mark Hoban

41

Schedule     18,     page 240,     line     28,     leave out from beginning to 'and'.

   

Mr Mark Hoban

42

Schedule     18,     page 241,     line     1,     leave out from beginning to 'and' in line 2.

   

Mr Mark Hoban

43

Schedule     18,     page 241,     line     24,     leave out from beginning to 'and'.

   

Mr Mark Hoban

44

Schedule     18,     page 242,     line     7,     leave out 'income and'.

   

Mr Mark Hoban

45

Schedule     18,     page 242,     line     11,     leave out from 'is' to 'the' in line 14.

   

Mr Mark Hoban

46

Schedule     18,     page 242,     line     17,     leave out 'income and'.

   

Mr Mark Hoban

47

Schedule     18,     page 242,     line     19,     leave out 'income and'.

   

Mr Mark Hoban

48

Schedule     18,     page 242,     line     22,     leave out 'income and'.

   

Mr Mark Hoban

49

Schedule     18,     page 242,     line     41,     leave out 'income and'.

   

Mr Mark Hoban

50

Schedule     18,     page 242,     line     42,     leave out 'income and'.

   

Mr Mark Hoban

51

Schedule     18,     page 243,     line     3,     leave out 'income and'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

18

Schedule     19,     page     246,     line     19,     at end insert—

      '(ia) is a car adapted to run on road fuel gas (with an applicable CO2 emissions figure not exceeding 240 grams per kilometre driven), or.'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

19

Clause     59,     page     39,     line     31,     at end insert 'or

      (aa) it is a car adapted to run on road fuel gas (with an applicable CO2 emissions figure not exceeding 240 grams per kilometre driven) or.'.


   

Mr Michael Howard
Mr John Bercow
Mr Howard Flight
Mr Christopher Chope
Mr Peter Luff

20

Schedule     20,     page     249,     line     29,     at end insert—

      '"natural gas" shall include "road fuel gas";

      "road fuel gas" has the same meaning as in section 168AB of the Income and Corporation Taxes Act 1988.'.

 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page Search page Enquiries index

©Parliamentary copyright 2002
Prepared 16 May 2002