Clause 62 - First year allowances for expenditure wholly for a fence trade
Finance Bill
4:30 pm

Mr Joe Benton (Bootle, Labour)

I remind the Committee that with this we are taking the following amendments: No. 100, in page 40, line 27, after 'first-year', insert 'and writing-down'.

No. 101, in page 40, line 31, after 'amendments', insert 'relating to first-year allowances'.

No. 102, in page 40, line 32, at end add

'(4) The amendments relating to writing-down allowances made by that Schedule have effect for chargeable periods beginning on or after 1st January 2003.'

No. 103, in schedule 21, page 252, line 4, at end insert—

'6A In section 56 subsection 7 shall be replaced with—

''(1) The amount of the writing-down allowance to which a person is entitled for a chargeable period is a percentage of the amount by which AQE exceeds TDR, as shown in the Table—

6B In section 56 after subsection (7) add—

''(8) The increased writing-down allowance for ring fence trades will only be available for chargeable periods beginning on or after 1st January 2003.

(9) In this section ''ring fence trade'' has the same meaning as in section 4SF.''.'

No. 104, in page 255, line 30, at end insert—

'14 In section 418, subsection (1) shall be replaced with—

''(1) The amount of the writing-down allowance to which a person is entitled for a chargeable period in respect of qualifying expenditure is a percentage of the amount by which UQE exceeds TDR, as shown in the Table—

15 In section 418 after subsection (6), add—

''(7) The increased writing-down allowance for ring fence trades will only be available for chargeable periods beginning on or after 1st January 2003.

(8) In this section ''ring fence trade'' has the same meaning as in section 45F.''.'.

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