Clause 7
Finance Bill
1:45 pm
Frank Cook (Stockton North, Labour)
With this it will be convenient to discuss the following amendments: No. 8, in schedule 3, page 124, line 5, leave out ‘£1 million’ and insert ‘the entrepreneurs’ relief limit’.
No. 29, in schedule 3, page 124, line 5, leave out ‘£1 million’ and insert ‘the entrepreneur’s relief limit’.
No. 9, in schedule 3, page 124, line 7, leave out ‘£1 million’ and insert ‘the entrepreneurs’ relief limit’.
No. 30, in schedule 3, page 124, line 7, leave out ‘£1 million’ and insert ‘the entrepreneur’s relief limit’.
No. 32, in schedule 3, page 124, line 49, at end insert—
‘(10) The Treasury shall prepare and publish not later than 31st March 2010 an assessment of the impact of the provisions of subsection (3) on the activity of serial entrepreneurs.’.
No. 10, in schedule 3, page 127, line 27, at end insert—
‘169RA Entrepreneurs’ relief limit
The entrepreneurs’ relief limit is £1 million.
169RB Indexation of the entrepreneurs’ relief limit
(1) This section applies if the retail prices index for the September before the start of a tax year is higher than it was for the previous September.
(2) The entrepreneurs’ relief limit for the tax year is the amount found as follows.
Step 1
Increase the entrepreneurs’ relief limit for the previous tax year by the same percentage as the percentage increase in the retail prices index.
Step 2
If the result of Step 1 is a multiple of £10, it is the entrepreneurs’ relief limit for the tax year.
If the result of Step 1 is not a multiple of £10, round it up to the nearest amount which is a multiple of £10.
That amount is the entrepreneurs’ relief limit for the tax year.’.
No. 31, in schedule 3, page 128, line 13, at end insert—
‘“entrepreneur’s relief limit” means £1 million or such greater sum as the Treasury may from time to time by order specify,’.