Clause 54
Finance (No. 2) Bill
2:45 pm
John Butterfill (Bournemouth West, Conservative)
With this it will be convenient to discuss the following: Amendment No. 78, in page 38, line 35 [Vol I], at end insert
‘at a rate that is less than an arm's length rate'.
Amendment No. 79, in page 38, line 36 [Vol I], at end insert
‘at a rate that is less than an arm's length rate'.
Amendment No. 80, in page 38, line 37 [Vol I], at end insert
‘at a rate that is less than an arm's length rate'.
Amendment No. 81, in page 38, line 39 [Vol I], at end insert
‘at a value that differs from market value so that the charity is disadvantaged by the transaction'.
Amendment No. 82, in page 39, line 3 [Vol I], after ‘investment', insert
‘other than a Qualifying Investment for the purposes of Schedule 20 of ICTA 1988'.
Amendment No. 83, in page 39 [Vol I], leave out lines 15 to 17.
Amendment No. 84, in page 39 [Vol I], leave out lines 18 to 23.
Amendment No. 85, in page 39, line 26 [Vol I], after ‘remuneration', insert
‘unless it is paid either under a contract of employment at a rate not exceeding an arm's length rate or'.
Amendment No. 86, in page 39 [Vol I], leave out lines 37 and 38.
Amendment No. 87, in page 40, line 9 [Vol I], leave out
‘on a recognised stock exchange'
and insert
‘or admitted to trading on any market which from time to time appears on the most-recently updated list of regulated markets as published by the European Commission under Acticle 16 of Directive 93/22/EEC (OJL 141, 11.6.1993) or Article 47 of Directive 2004/39/EC (OJL 145, 30.4.2004) together with securities admitted to trading on the Alternative Investment Market of the London Stock Exchange PLC; or is a Qualifying Investment for the purposes of Schedule 20 of ICTA 1988'.
Government amendment No. 62.
Amendment No. 88, in page 40, line 23 [Vol I], leave out ‘which is wholly' and insert
‘of which 50 per cent. or more of the shares is'.
Government amendment No. 63.
Amendment No. 89, in page 41 [Vol I], leave out lines 1 to 6 and insert—
‘(4) Subsection 3 of section 506A shall not apply to any transaction to which subsection 4 applies.'.
Amendment No. 90, in page 41, line 28 [Vol I], at end insert—
‘(10) Where a person who considers that subsection 3 or 4 of Section 506A above may apply to any transaction or proposed transaction, supplies to the inspector to whom he makes his return of income written particulars of the transaction or proposed transaction—
(a) the inspector shall, within 30 days from his receipt of the particulars, notify that person whether or not he is satisfied that, in the circumstances as described in the particulars, the transaction would not be chargeable to tax on that person under this section; and
(b) if the inspector notifies that person that he is so satisfied, the transaction shall not be chargeable on that person under this section.
(11) If the particulars given under this section with respect to the transaction are not such as to make full and accurate disclosure of all facts and considerations relating thereto which are material to be known to the inspector, any notification given by the inspector under subsection (10) above shall be void.'.
Amendment No. 91, in page 41, line 31 [Vol I], leave out
‘by reference to gifts made at any time'
and insert
‘only by reference to gifts made on or after that date'.