Amendments proposed to the Finance Bill - continued House of Commons

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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.'.


Gifts of medical supplies and equipment (No. 2)

   

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

NC2

To move the following Clause:—

    '.—(1)   Where on or after 1st April 2002 any person ("the donor") makes a gift of relevant goods from trading stock for a relevant purpose then:

      (a) no amount shall be required to be brought into account as a trading receipt or gain in consequence of the making or receiving of the gift; and

      (b) the costs of making and delivering the gift shall be deducted as an expense of the trade of the donor in computing the profits of that trade.

    (2)   Where the donor or any person connected with him receives any benefit in money or money's worth attributable to the making of that gift, then for the accounting period in which the benefit is received the donor shall be deemed to be in receipt of income chargeable to tax under Case VI of Schedule D on an amount equal to the higher of—

      (a) any relief claimed pursuant to subsection (1), and

      (b) the amount of the benefit in question.

    (3)   The Secretary of State may by order prescribe relevant purposes and relevant goods to have effect for the purposes of this section, either generally or in respect of a given time or situation.

    (4)   Section 839 of the Taxes Act 1988 (connected persons) applies for the purposes of subsection (2).'.


Community amateur sports clubs to be treated as charities

   

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

NC3

To move the following Clause:—

    '.—(1)   The promotion of sport, provision or sports facilities, physical education or healthy recreation by a registered community amateur sports club shall be treated as having a charitable purpose for the purposes of the Taxes Acts with effect from 17th April 2002.

    (2)   Paragraphs 1, 2, 3, 11, 12, 13, 14 and 15 of Schedule 18 shall have effect from 17th April 2002.'.


Company ceasing to be member of a group

   

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

NC4

To move the following Clause:—

    '.—(1)   In subsection (1)(c) of section 179 of the Taxation of Chargeable Gains Act 1992 (company ceasing to be a member of group) for "six" substitute "two".

    (2)   In subsection (6)(a) of that section for "6" substitute "2".'.


Taper relief: holding period for business assets when roll-over relief on transfer of business assets applies
   

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

NC5

To move the following Clause:—

    '.—(1)   After section 162(3) of the Taxation of Chargeable Gains Act 1992 (roll-over relief on the transfer of business) insert—

          "(3A)   For the purpose of computing any chargeable gain accruing on the disposal of any new asset that is eligible for taper relief under subsection (3) above the qualifying holding period for taper relief shall be deemed to have commenced on the period after 5th April 1998 when the business so transferred under subsection (1) above was held and to have ceased upon the disposal of the new asset.".'.


Arrangements with respect to payment of corporation tax
   

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

NC6

To move the following Clause:—

    '.—(1)   After subsection (2)(d) of section 36 of the Finance Act 1998, insert—

      "(da) may make provision for members of the group of companies to elect to base this corporation tax payment on the previous year's taxable profits;".

    (2)   In section 59E(1) of the Taxes Management Act 1970, at end insert—

       "such that for a company:

      (a) payment of corporation tax shall be paid in four annual instalments (for the purposes of this subsection the 'Instalment Date');

      (b) the corporation tax payable on each of the first, second and third Instalment Dates shall be equal to one quarter of the total corporation tax paid by the company in the immediately preceeding year of assessment;

      (c) the corporation tax payable on the fourth Instalment Date shall be equal to the aggregate of—

      (i) one quarter of the total corporation tax paid by the company in the immediately preceding year of assessment; and

      (ii) the difference between the total corporation tax liability of the company concerned for the year of assessment in which the fourth Instalment Date falls and the corporation tax liability of the company in the immediately preceding year of assessment.".'.


Attribution of gains to members of non-resident companies (No. 2)
   

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

NC8

To move the following Clause:—

    '.—( )   In section 13 of the Taxation of Chargeable Gains Act 1992 (attribution of gains to members of non-resident companies) in subsection (5) omit the word "or" immediately preceding paragraph (d) and at the end of that paragraph insert "; or

      (e) a chargeable gain accruing on the disposal of an asset held by a company which complies with subsection (2) of section 13A of the Taxes Act 1988 (close investment-holding companies).".'.


Expensive cars

   

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

NC9

To move the following Clause:—

    '.—(1)   In the Capital Allowances Act 2001:

      (a) in section 74(2)(b), for "£12,000", substitute "£24,000";

      (b) in section 75(1), for "£3,000", substitute "£6,000";

      (c) in section 76(2) and section 76(4), for "£3,000" substitute "£6,000";

      (d) in section 76(3)(a), for "£12,000", substitute "£24,000".

    (2)   In section 578A of the Income and Corporation Taxes Act 1988, in subsections (2)(b) and (3), for "£12,000", substitute "£24,000".

    (3)   This section has effect for accounting periods commencing on or after 1st April 2002.'.

 
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Prepared 11 Jun 2002