Amendments proposed to the Finance Bill - continued House of Commons

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

81

Clause     96,     page     72,     line     37,     at end insert—

    '(4A)   Section 25 of the Finance Act 1990 and section 339 of the Taxes Act 1988 are amended as follows.

          '(4B)   At the end of subsection (2)(f) of section 25 of the Finance Act 1990 insert ", but this paragraph shall not apply where, had such property been transferred to the charity by way of gift, relief would have been allowed under section 587B of the Taxes Act 1988."

          (4C)   At the end of subsection (3E) of section 339 of the Taxes Act 1988 insert ", but this subsection shall not apply where, had such property been transferred to the charity by way of gift, relief would have been allowed under section 587B of the Taxes Act 1988.".'.

   

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

166

Clause     96,     page     74,     line     22,     at end add—

    '(10)   Section 25 of the Finance Act 1990 shall be amended as follows with effect from the year 2002-03.

    (11)   After subsection (6) of that section insert—

          "(6A)   For the purposes of the Income Tax Acts and the Taxation of Chargeable Gains Act 1992, if the basic rate limit for the year of assessment referred to in subsection (6) above, as increased by subsection (6)(a)(ii) above, exceeds the income and capital gains of the donor which are chargeable at the starting rate, lower rate or basic rate for that year of assessment, the excess, in so far as it arises from the operation of subsection (6)(a)(ii), shall be carried forward to the next following year of assessment and the basic rate limit of that year shall be increased by the amount of the excess so carried forward, and if the basic rate limit of the next following year, as so increased, exceeds the income and capital gains of the donor which are chargeable at the starting rate, lower rate or basic rate for that year of assessment, the excess so arising for that year shall be carried forward and so on, until no excess remains.

          (6B)   In a case where an excess is carried forward under subsection (6A) above, the reference to profits or gains chargeable to income tax or capital gains tax in subsection (2)(i)(i) above shall include a reference to profits or gains chargeable to income tax and capital gains tax for any year of assessment to which such an excess is so carried forward."

    (12)   Section 587B of the Taxes Act 1988 shall be amended as follows with effect from the year 2002-03.

    (13)   After subsection (2) of that section insert—

          "(2A)   In the case of a disposal by an individual, if the relief that may be claimed for the year of assessment referred to in subsection (2)(a)(i) above exceeds the total income of the individual for that year of assessment, the excess after making a claim for that year of assessment shall be carried forward to the next following year of assessment and the individual may make a claim for relief under this section for the amount of the excess in the next following year, and if the relief that may be claimed in the next following year, after making such a claim, exceeds the total income of the individual for that year of assessment, the excess shall be carried forward to the next following year and so on until no excess remains.

          (2B)   In the case of a disposal by an individual, if the relief that may be claimed for a given year of assessment under subsection (2) or (2A) above exceeds the total income of the individual for that year of assessment, the individual may make a claim for that year of assessment to treat the excess as increasing the annual exempt amount for that year for the purposes of charging capital gains tax under section 3(2) of the Taxation of Chargeable Gains Act 1992. To the extent that relief is so given as a result of such a claim, the amount of any excess which may be carried forward to the next following year under subsection (2A) shall be reduced.".'.


   

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

192

*Clause     97,     page     74,     line     27,     at end add 'or in any of the next succeeding six years of assessment.'.

   

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

193

*Clause     97,     page     74,     leave out lines 28 to 33 and insert—

    '(2)   Any such election must be made by notice in writing to an officer of the Inland Revenue on or before the 31st January next following the end of the year of assessment to which the claim made by the donor relates.'.

   

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

194

*Clause     97,     page     74,     line     34,     leave out 'previous year' and insert 'year to which the election relates'.

   

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

195

*Clause     97,     page     74,     line     39,     leave out 'previous year of assessment' and insert 'year of assessment to which the election relates'.

   

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

196

*Clause     97,     page     74,     line     45,     leave out '6th April 2002' and insert 'the day on which this Act is passed.'.


   

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

86

Clause     98,     page     75,     line     3,     after 'release', insert 'or constitutes long-form drama'.

   

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

87

Clause     98,     page     75,     line     19,     at end insert—

      '(d) "long-form drama" means a production of a duration of 60 minutes or more in total, shot to cinematic standards, of single or short episodic type with a budget in excess of £600,000 per hour.'.

   

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

88

Clause     98,     page     75,     leave out lines 30 and 31 and insert 'unless before 17th April 2002 expenditure has been incurred on a film or a binding commitment to incur expenditure on a film has been entered into, in either case or in aggregate representing more than 20 per cent. of the budgeted cost of the film.'.


   

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

168

Clause     108,     page     85,     line     6,     after 'dwelling', insert 'without significant expenditure being incurred on it'.


   

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

169

Schedule     34,     page     464,     line     3,     leave out paragraphs 7 and 8.


   

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

170

Schedule     35,     page     468,     line     12,     leave out paragraphs 8 and 9.


   

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

171

Clause     112,     page     90,     line     12,     leave out subsection (3).


   

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

118

Clause     113,     page     90,     line     21,     leave out subsection (1) and insert—

    '(1)   This section applies to a contract or agreement for the sale of an estate or interest in land in the United Kingdom where—

      (a) at the time the contract or agreement is made or at any time thereafter while the contract or agreement is capable of completion by transfer of the legal estate to the purchaser or to any person nominated by the purchaser, the legal estate is vested in a nominee or trustee and the sole or main benefit that may be expected to accrue from the separation of the legal estate from the beneficial interest is the deferral or avoidance of a charge to ad valorem stamp duty, and

      (b) the amount or value of the consideration exceeds £10 million or the instrument forms part of a larger transaction or series of transactions in respect of which the amount or value, or aggregate amount or value exceeds £10 million.'.

   

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

172

Clause     113,     page     90,     line     23,     leave out 'the consideration' and insert 'so much of the consideration as is attributable to the estate or interest in land'.


   

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

173

Clause     114,     page     91,     line     33,     at end insert 'or ordinary trade debts as defined in paragraph 35(5) of Schedule 16 '.


NEW CLAUSES

Tax relief for expenditure on vaccine research etc. (No. 2)

   

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

NC1

To move the following Clause:—

    '.—(1)   Grants of up to £15m per annum may be awarded by order of the Secretary of State for qualifying research and development.

    (2)   For the purposes of subsection (1), qualifying research and development means research and development relating to vaccines or medicines for use in humans—

      (a) for the prevention or treatment of tuberculosis,

      (b) for the prevention or treatment of malaria,

      (c) for the prevention of infection by human immunodeficiency virus, or

      (d) for the prevention of the onset, or the treatment, of acquired immune deficiency syndrome resulting from infection by human immunodeficiency virus in the prescribed clades only

    (3)   For the purposes of subsection (2) "prescribed clade" means clade A, C, D or E or such other class as the Secretary of State may by regulations prescribe.

    (4)   This section has effect from 1st April 2002.'.

 
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Prepared 7 Jun 2002