Finance Bill
Public Bill Committees
- Finance Bill, 1st sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (17 speeches)
May I welcome members on both sides of the Committee to the first sitting of the Finance Bill 2008. I am confident that it will be a well ordered and constructive Committee, with no wasting of... - Clause 1 (148 speeches)
Charges and main rates for 2008-09 - Clause 2 (10 speeches)
Personal allowances for those aged 65 and over
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (17 speeches)
- Finance Bill, 2nd sitting (0 speeches)
[Frank Cook in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Clause 2 (1 speech)
Personal allowances for those aged 65 and over - Schedule 1 (39 speeches)
Abolition of starting and savings rates and creation of starting rate for savings - Clause 4 (45 speeches)
Charge and main rates for financial year 2009
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Clause 2 (1 speech)
- Finance Bill, 3rd sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (5 speeches)
May I welcome hon. Members to the third sitting of the Finance Bill Committee. It may still be a slightly early hour for some, but summer has finally arrived, and I welcome the sun and the blue... - Schedule 2 (67 speeches)
Capital gains tax reform
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (5 speeches)
- Finance Bill, 4th sitting (0 speeches)
[Frank Cook in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Schedule 2 (22 speeches)
Capital gains tax reform - Clause 7 (45 speeches)
Entrepreneurs’ relief - Schedule 3 (38 speeches)
Entrepreneurs’ relief
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Schedule 2 (22 speeches)
- Finance Bill, 5th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
I welcome all hon. Members to this further sitting of the Finance Bill Committee. It is another very pleasant day, and we had a wonderful weekend, so I hope that everyone feels duly rested and... - Schedule 3 (38 speeches)
Entrepreneurs’ relief - Clause 8 (21 speeches)
Transfer of unused nil-rate band etc - Schedule 4 (14 speeches)
Inheritance tax: transfer of nil-rate band etc
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
- Finance Bill, 6th sitting (0 speeches)
[Frank Cook in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (3 speeches)
On a point of order, Mr. Cook. I apologise for interrupting proceedings, but members of the Committee have just heard the Chancellor announce a proposed package of amendments to the Budget... - Schedule 4 (15 speeches)
Inheritance tax: transfer of nil-rate band etc - Clause 9 (103 speeches)
Rates of alcoholic liquor duty
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (3 speeches)
- Finance Bill, 7th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
I welcome all hon. Members to our sitting on this rather dull day. I apologise that the weather has broken, but at least it is a little cooler, so perhaps we will make even faster progress. - Clause 10 (9 speeches)
Rates of tobacco products duty - Schedule 5 (27 speeches)
Fuel duty: biodiesel and bioblend - Clause 13 (33 speeches)
Rates and rebates: increase from 1 October 2008
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
- Finance Bill, 8th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (3 speeches)
I welcome Members back, following our adjournment at 25 minutes past 10. For those who are interested, I am advised by the Minister that there is no play at Lords. - Clause 13 (13 speeches)
Rates and rebates: increase from 1 October 2008 - Clause 14 (4 speeches)
Fuel for aircraft and boats, heating oil and fuel for certain engines - Clause 16 (7 speeches)
Standard rate of landfill tax - Clause 17 (18 speeches)
Rates of climate change levy - Clause 18 (3 speeches)
Rate of aggregates levy - Clause 19 (14 speeches)
Carbon reduction trading scheme: charges for allocations - Clause 20 (4 speeches)
Rates of gaming duty - Clause 24 (5 speeches)
Rates of R&D relief and vaccine research relief - Clause 25 (2 speeches)
Companies in difficulty: SME R&D relief and vaccine research relief - Clause 26 (6 speeches)
Cap on R&D aid - Clause 27 (3 speeches)
Vaccine research relief: declaration about effect of relief
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (3 speeches)
- Finance Bill, 9th sitting (0 speeches)
[Mr. Jim Hood in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (2 speeches)
On a point of order, Mr. Hood. It is a pleasure to serve under your chairmanship this morning. Last Wednesday, the Treasury kindly sent members of the Committee explanatory notes on several... - Clause 28 (2 speeches)
Enterprise investment scheme: increase in amount of relief - Schedule 11 (16 speeches)
Venture capital schemes - Clause 30 (21 speeches)
Enterprise management incentives: qualifying companies - Schedule 12 (54 speeches)
Tax credit for certain foreign distributions - Clause 32 (2 speeches)
Small companies’ relief: associated companies - Schedule 14 (3 speeches)
Company gains from successful investment life insurance contracts: consequential amendments etc - Schedule 15 (18 speeches)
Changes in trading stock - Schedule 16 (18 speeches)
Non-residents: investment managers
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (2 speeches)
- Finance Bill, 10th sitting (0 speeches)
[Mr. Jim Hood in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Schedule 16 (7 speeches)
Non-residents: investment managers - Clause 37 (5 speeches)
Individual investment plan regulations - Clause 38 (6 speeches)
Tax treatment of participants in offshore funds - Schedule 17 (36 speeches)
Insurance companies etc - Schedule 18 (5 speeches)
Friendly societies - Clause 42 (5 speeches)
Homes outside UK owned through company etc - Clause 43 (2 speeches)
In-work and return to work credits and payments - Clause 44 (4 speeches)
Company cars: lower threshold for CO2 emissions figure - Clause 45 (4 speeches)
Van fuel benefit - Clause 48 (7 speeches)
Armed forces: the Council Tax Relief
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Schedule 16 (7 speeches)
- Finance Bill, 11th sitting (0 speeches)
[Mr. Jim Hood in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (2 speeches)
On a point of order, Mr. Hood. It is a pleasure to be here this morning on the last day before the Whitsun recess. Speaking for myself, I need a haircut and a holiday, although not necessarily in... - Clause 50 (1 speech)
Gift aid: payments to charities - Schedule 19 (8 speeches)
Reduction of basic rate of income tax: transitional relief for gift aid charities - Clause 51 (4 speeches)
Community investment tax relief - Schedule 20 (1 speech)
Leases of plant or machinery - Clause 53 (2 speeches)
Sale of lessor companies etc - Clause 54 (10 speeches)
Double taxation relief - Clause 55 (19 speeches)
UK residents and foreign partnerships
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (2 speeches)
- Finance Bill, 12th sitting (0 speeches)
[Mr. Jim Hood in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (34 speeches)
Amendment proposed [this day]: No. 132, in clause 55, page 27, line 31, leave out subsection (4).—[Mr. Breed.] - Schedule 21 (26 speeches)
Restriction on loss relief for non-active traders - Clause 58 (2 speeches)
Non-active partners - Schedule 22 (38 speeches)
Avoidance involving financial arrangements - Schedule 23 (2 speeches)
Manufactured payments: anti-avoidance - Clause 61 (1 speech)
Controlled foreign companies
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (34 speeches)
- Finance Bill, 13th sitting (0 speeches)
[Frank Cook in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
Before we commence this morning’s business, I ought to draw the Committee’s attention—this is perhaps more relevant to the Government side—to the fact that the timepiece... - Clause 61 (10 speeches)
Controlled foreign companies - Clause 63 (4 speeches)
Repeal of obsolete anti-avoidance provisions - Clause 64 (8 speeches)
Income of beneficiaries under settlor-interested settlements - Clause 65 (2 speeches)
Income charged at dividend upper rate - Clause 66 (1 speech)
Payments on account of income tax - Clause 68 (26 speeches)
Thermal insulation of buildings - Clause 69 (2 speeches)
Expenditure on required fire precautions - Clause 70 (19 speeches)
Integral features - Clause 71 (1 speech)
Annual investment allowance - Schedule 24 (20 speeches)
Annual investment allowance
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
- Finance Bill, 14th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (3 speeches)
It seems a lifetime since I was last in the Chair for this Committee, but with regard to parliamentary sittings it has been merely a week. We have had a week’s break, and since I was last... - Schedule 24 (0 speeches)
Annual Investment Allowance - Clause 72 (13 speeches)
First-year allowance for small and medium-sized enterprises discontinued - Clause 74 (16 speeches)
Cars with low carbon dioxide emissions - Schedule 25 (66 speeches)
First-year tax credits - Clause 78 (9 speeches)
Small pools - Schedule 26 (4 speeches)
Special rate expenditure and the special rate pool - Clause 81 (47 speeches)
Abolition of allowances from 2011
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (3 speeches)
- Finance Bill, 15th sitting (0 speeches)
[Frank Cook in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (2 speeches)
On a point of order, Mr. Cook. Is it not customary that it is the Government’s responsibility to ensure a quorum in the Committee, using Government Members? Is it not unusual to have a... - Schedule 27 (0 speeches)
Abolition of allowances: consequential amendments and savings - Clause 85 (5 speeches)
Power to make consequential and transitional provision - Clause 86 (4 speeches)
Balancing allowances on transfers of trade - Schedule 28 (4 speeches)
Inheritance of tax-relieved pension savings - Schedule 29 (6 speeches)
Further provision about pension schemes - Clause 91 (5 speeches)
Notification and registration of transactions - Clause 92 (3 speeches)
Charge where consideration includes rent: 0% band - Clause 93 (14 speeches)
Withdrawal of group relief - Clause 94 (2 speeches)
Transfers of interests in property-investment partnerships
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (2 speeches)
- Finance Bill, 16th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
I welcome all Members to this sitting of the Finance Bill Committee. I feel duly refreshed, having had a plate of spaghetti Bolognese and my hair trimmed. That was not a large job, I confess, but... - Clause 96 (2 speeches)
Abolition of fixed stamp duty on certain instruments - Clause 98 (14 speeches)
Meaning of “participator” - None (2 speeches)
Returns of relevant sales of oil - Clause 103 (2 speeches)
Capital allowances: plant and machinery for use in ring fence trade - Clause 104 (3 speeches)
Capital allowances: decommissioning expenditure - Clause 105 (2 speeches)
Capital allowances: abandonment expenditure after ceasing ring fence trade - Clause 106 (4 speeches)
Losses: set off against profits of earlier accounting periods - Clause 107 (2 speeches)
Ring fence trade: no deduction for expenses of investment management - Clause 108 (25 speeches)
Information and inspection powers - Schedule 36 (15 speeches)
Information and inspection powers
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
- Finance Bill, 17th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
I welcome all Committee members to the 17th sitting of the Committee, and I hope that they have had a good, productive and restful weekend. Last Friday evening I attended a dinner on the race... - Schedule 36 (72 speeches)
Information and inspection powers
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
- Finance Bill, 18th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Schedule 36 (33 speeches)
Information and Inspection Powers - Clause 109 (32 speeches)
Computer records etc - Schedule 37 (13 speeches)
Record-keeping - Clause 111 (2 speeches)
Disclosure of tax avoidance schemes - Schedule 38 (1 speech)
Disclosure of tax avoidance schemes
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Schedule 36 (33 speeches)
- Finance Bill, 19th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
I am delighted to be in the Chair for this sitting. I fear that you will have to put up with my presence this afternoon as well. The weather is cooler than it has been, and I am confident... - Schedule 38 (3 speeches)
Disclosure of tax avoidance schemes - Clause 113 (10 speeches)
Time limits for assessments, claims etc - Schedule 39 (20 speeches)
Time limits for assessments, claims etc. - Clause 114 (0 speeches)
Correction and amendment of tax returns - Schedule 40 (23 speeches)
Penalties: amendments of Schedule 24 to FA 200740 - Schedule 41 (8 speeches)
Penalties: failure to notify and certain vat and excise wrongdoing
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
- Finance Bill, 20th sitting (1 speech)
[Sir Nicholas Winterton in the Chair] (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 andnew clauses amending section 196 of the Finance Act 2003)- Schedule 41 (6 speeches)
Penalties: failure to notify and certain VAT and excise wrongdoing - Clause 122 (5 speeches)
Enforcement by taking control of goods: england and wales - Clause 125 (22 speeches)
Set-off: England and Wales and Northern Ireland - Clause 126 (11 speeches)
No set-off where insolvency procedure has been applied - Clause 130 (9 speeches)
Fee for payment - Clause 132 (5 speeches)
Certificates of Debt - Clause 134 (3 speeches)
Charge on termination of interest in possession where new interest acquired - Clause 135 (2 speeches)
Interest in possession settlements: extension of transitional period - Clause 138 (19 speeches)
Vehicle excise duty - Schedule 45 (17 speeches)
Vehicle excise duty: offence of using or keeping unlicensed vehicle - Clause 140 (3 speeches)
Rates for new lower-emission vans - Clause 141 (4 speeches)
Not exhibiting licence: period of grace - Clause 142 (3 speeches)
Reduced pollution certificates - Clause 143 (5 speeches)
Climate Change Levy: Coal Mine Methane No Longer to be Renewable Source - Clause 145 (3 speeches)
Landfill tax credit: withdrawing approval of environmental bodies - Clause 146 (12 speeches)
Aviation duty
- Schedule 41 (6 speeches)
- Finance Bill, 21st sitting (0 speeches)
[Frank Cook in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Clause 147 (24 speeches)
Air passenger duty: class of travel with large seat pitch - Clause 148 (12 speeches)
Stamp duty and stamp duty reserve tax: alternative finance investment bonds - Clause 150 (8 speeches)
Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA 2005 - Clause 151 (58 speeches)
Government borrowing: alternative finance arrangements - Clause 152 (15 speeches)
Power of Treasury to make payments - Clause 153 (4 speeches)
Payments from certain Exchequer accounts: mechanism - Clause 154 (1 speech)
Power to give statutory effect to concessions
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) - Clause 147 (24 speeches)
- Finance Bill, 22nd sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new Clauses amending section 74 of the Finance Act 2003) - Clause 154 (17 speeches)
Power to give statutory effect to concessions - Clause 155 (8 speeches)
Fuel duty: definition of “ultra low sulphur diesel” - Clause 156 (10 speeches)
Duties: abolition of disregard of fractions of penny - Clause 157 (11 speeches)
National savings - Clause 158 (15 speeches)
EU emissions trading: criminal offences - Clause 22 (41 speeches)
Periods of residence
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new Clauses amending section 74 of the Finance Act 2003) - Clause 154 (17 speeches)
- Finance Bill, 23rd sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (7 speeches)
I welcome members to what we expect will be the last day of sittings of the Finance Bill Committee 2008. I know we are going to make good progress. That has come down to me through the usual... - Clause 22 (10 speeches)
Periods of Residence - Schedule 7 (39 speeches)
Remittance basis
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (7 speeches)
- Finance Bill, 24th sitting (0 speeches)
[Sir Nicholas Winterton in the Chair]- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)
Order. I have managed a small amount of chocolate between our last sitting and now, which is an intake of glucose to ensure that I have the strength to see us through the next three hours or so. - Schedule 7 (103 speeches)
Remittance basis - New Clause 6 (0 speeches)
Gifts inter vivos ‘(1) Omit section 82(5) and (9) of FA 1985 (adjudication of certain gifts inter vivos). (2) Accordingly, omit paragraph 9 of Schedule 14 to FA 1999. (3) The amendments made... - New Clause 7 (0 speeches)
Abandonment expenditure: deductions from ring fence income ‘(1) FA 1991 is amended as follows. (2) Section 64 (relief for expenditure incurred by a participator in meeting defaulter’s... - New Clause 8 (5 speeches)
Qualifying expenditure: R&D relief and vaccine research relief ‘(1) Paragraph 5 of Schedule 20 to FA 2000 (R&D tax relief: staffing costs) is amended as follows. (2) In sub-paragraph... - New Clause 10 (28 speeches)
VAT on beverages ‘The Treasury shall, not later than six months after the passing of this Act, prepare and lay before the House of Commons a report setting out the estimated costs to the... - New Clause 13 (28 speeches)
Report on impact of Finance Bill on older people ‘It shall be the duty of the Treasury to prepare and lay before the House of Commons, at the time of publication of each Finance Bill, a... - New Clause 15 (7 speeches)
Report on exemption from taxation of foreign profits ‘(1) The Treasury shall, before the publication of the 2008 Pre-Budget report, prepare and lay before the House of Commons a report on... - New Clause 17 (11 speeches)
PAYE reporting ‘The Treasury shall commission and lay before the House of Commons, within 12 months of the passing of this Act, an independent report into the feasibility and estimated cost... - New Clause 19 (11 speeches)
Retirement Income Fund ‘(1) The Finance Act 2004 is amended as follows. (2) In section 164 at end add “and (g) payments into a Retirement Income Fund.”. (3) In section 165 there is... - New Clause 21 (5 speeches)
Missing trader fraud ‘HMRC shall lay a report before Parliament every three months on the measures taken by the Government to combat missing trader intra community (MTIC) fraud and the... - New Clause 27 (3 speeches)
Gift aid averaging scheme ‘The Treasury shall, before the publication of the 2008 Pre-Budget report, prepare and lay before the House of Commons a feasibility study, including an assessment... - New Clause 22 (7 speeches)
Mileage allowance payments ‘(1) ITEPA 2003 is amended as follows. (2) In section 229, at end insert— “(5) Mileage allowances are to be treated as approved if they are paid—... - New Clause 23 (9 speeches)
Bingo ‘The Treasury shall, before the publication of the 2008 Pre-Budget Report, prepare and lay before the House of Commons a report on the impact of the double taxation of bingo on—...
- (Except clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new clauses amending section 74 of the Finance Act 2003) (1 speech)