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Index of Amendments

S.C.F.

Amendment Paper as at
Tuesday 21st May 2002

STANDING COMMITTEE F


New Amendments handed in are marked thus *

FINANCE BILL

(Except Clauses 4, 19, 23, 26 to 29, 87 to 92, 131 and 134 and Schedules 1, 5 and 38)

NOTE

The Amendments have been arranged in accordance with the Order of the Committee [14th May], as follows:—

Clauses 1 to 3, Clause 5, Schedule 2, Clause 6, Schedule 3, Clauses 7 to 12, Schedule 4, Clauses 13 to 18, Clauses 20 to 22, Clauses 24 and 25, Clauses 30 to 33, Clause 36, Clauses 34 and 35, Clause 37, Schedule 6, Clause 39, Clause 38, Clauses 40 to 42, Schedule 7, Clause 43, Schedule 8, Clause 44, Schedule 9, Clauses 45 and 46, Schedule 10, Clauses 47 to 50, Schedule 11, Clause 51, Clause 117, Clause 52, Schedule 12, Clause 53, Schedules 13 and 14, Clauses 54 and 55, Schedule 15, Clause 56, Schedules 16 and 17, Clause 57, Schedule 18, Clause 58, Schedule 19, Clauses 59 and 60, Schedule 20, Clauses 61 and 62, Schedule 21, Clause 63, Schedule 22, Clauses 64 to 66, Clause 101, Clauses 67 to 78, Schedule 23, Clause 79, Schedule 24, Clauses 80 and 81, Schedule 25, Clause 82, Schedules 26 to 28, Clauses 102 and 103, Clause 105, Clause 83, Schedules 29 and 30, Clause 104, Clause 84, Schedule 31, Clause 85, Schedule 32, Clause 86, Clauses 93 to 100, Clauses 106 and 107, Schedule 33, Clauses 108 and 109, Schedule 34, Clauses 110 and 111, Schedule 35, Clauses 112 to 114, Schedule 36, Clauses 115 and 116, Clauses 118 to 129, Schedule 37, Clause 130, Clauses 132 and 133, Clauses 135 to 140, New Clauses, New Schedules, Schedule 39.

   

Mr Edward Davey
Mr John Burnett
Mr David Laws
Dr John Pugh

82

Schedule     8,     page     151,     line     37,     leave out paragraph 5.

   

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

64

Schedule     8,     page     153,     line     3,     leave out 'or interests in shares'.

   

Mr Mark Hoban

39

Schedule     8,     page 153,     line     5,     leave out '10' and insert '5'.

   

Mr Mark Hoban

40

Schedule     8,     page 153,     line     7,     leave out '10' and insert '5'.

   

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

63

Schedule     8,     page     157,     line     18,     at end insert 'or would have been so treated as not involving a disposal or acquisition but for the application of paragraph 4 above'.

   

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

62

Schedule     8,     page     157,     line     20,     after '136', insert 'or would have applied but for the application of paragraph 4 of above'.

   

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

38

Schedule     8,     page 169,     line     41,     at end insert—

'Part 6

Clearance Procedure

    40 (1)   Paragraphs 1, 2 or 3 of this Schedule shall be deemed to have effect (and the requirements mentioned therein shall be deemed to have been met), in relation to an investing company where the Board have, on the application of the investing company, notified the investing company concerned that the Board are satisfied that the exemptions in paragraphs 1, 2 or 3 of this Schedule apply to that investing company and that the requirements mentioned in paragraphs 1, 2 or 3 have been met.

    (2)   Any application under sub-paragraph (1) above shall be in writing and shall contain particulars of the operations or transactions that are to be effected by the applicant and the Board may, within 30 days of receipt of the application or of any further particulars previously required under this sub-paragraph, by notice require the applicant to furnish further particulars for the purpose of enabling the Board to make their decision; and if such notice is not complied with within 30 days or such longer period as the Board may allow, the Board need not proceed further on the application.

    (3)   The Board shall notify their decision to the applicant within 30 days of receiving the application or, if they give notice under sub-paragraph (2) above, within 30 days of the notice being complied with.

    (4)   If the Board notify the applicant that they are not satisfied as mentioned in sub-paragraph (1) above or do not notify their decision to the applicant within the time required by sub-paragraph (3) above, the applicant may within 30 days of the notification or of that time require the Board to transmit the application, together with any notice given and further particulars furnished under sub-paragraph (2) above, to the Special Commissioners; and in that event any notification by the Special Commissioners shall have effect for the purposes of sub-paragraph (1) above as if it were a notification by the Board.

    (5)   If any particulars furnished under this paragraph do not fully and accurately disclose all facts and considerations material for the decision of the Board or the Special Commissioners, any resulting notification that the Board or Commissiones are satisfied as mentioned in sub-paragraph (1) above shall be void.'.


   

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

71

Schedule     9,     page     173,     line     31,     after 'capital', insert ', preference share capital or debentures'.

   

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

72

Schedule     9,     page     173,     line     33,     after 'capital', insert ', preference share capital or debentures'.

   

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

73

Schedule     9,     page     173,     line     34,     after 'capital', insert ', preference share capital or debentures'.

   

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

74

Schedule     9,     page     173,     line     37,     after 'capital', insert ', preference share capital or debentures'.

   

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

75

Schedule     9,     page     173,     line     39,     after 'capital', insert ', preference share capital or debentures'.

   

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

83

Schedule     9,     page     173,     line     41,     after 'capital', insert 'preference share capital or debenture capital'.

   

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

76

Schedule     9,     page     173,     line     42,     after 'capital', insert ', preference share capital or debentures'.


   

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

84

*Schedule     10,     page     185,     line     12,     at end add—

    'Election as to deemed acquisition date for certain assets    13   After paragraph 24 (joint enterprise companies: relevant connection) insert—

          "Election as to deemed acquisition date for certain assets    25.—(1)   This paragraph applies to assets acquired before 6th April 2000 and disposed of after 5th April 2002 ('paragraph 25 assets').

          (2)   A person may elect that for the purposes of applying taper relief, the chargeable gain arising on the disposal of any paragraph 25 asset shall be determined as if that asset had been acquired by him on either:

          (a) 6th April 2000; or

          (b) 6th April 2002.

          (3)   An election by a person under subparagraph (2) above shall be irrevocable and shall be made by notice to an officer of the Board before the 31st January next following the year of assessment in which the disposal in question occurs.".'.


   

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 section 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.".'.

 
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Prepared 21 May 2002