Schedule 14
Finance Bill
12:15 pm
Kitty Ussher (Economic Secretary, HM Treasury; Burnley, Labour)
I beg to move amendment No. 98, in schedule 14, page 225, leave out line 7 and insert—
‘1A (1) Subsection (1C) of section 437 (general annuity business: income limit) is amended as follows.
(2) In paragraph (b)(ii), omit “capital elements and”.
(3) Omit paragraph (c).
(4) In paragraph (d), for the words after “2005” substitute “are so much of the payments under the new annuities as would be within the exemption in subsection (1) of that section if—
(i) section 718 of that Act were omitted, and
(ii) that exemption were an exemption applying in relation to companies as well as individuals.”
2 Omit sections 539 to 551A (corporation tax in respect of gains arising in connection with life policies etc).’.