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Schedule 7. — (Leases to Traders and Others.)

Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 4 June 1964.

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Amendments made: In page 33, line 2, at end insert: "PART I".

In line 14, leave out from first "the" to "include" and insert: lessee's interest in a lease of an asset, or in respect of any other interest in an asset".

In line 15, after "(a)" insert: in the case of a lessee's interest".

In line 20, leave out from third "the" to end of line 21 and insert "interest in the asset".

In line 24, leave out "lessee's rights" and insert "interest".

In line 27, leave out "the lease" and insert "a lease of the asset".

In line 33, leave out from "of" to "include" and insert "any interest in an asset".

In line 37, leave out from second "the" to end of line 38 and insert "interest in the asset".

In line 39, leave out sub-paragraph (2) and insert: (2) If an interest in the asset is disposed of by any person to a person who is his associate (as defined in this Schedule), the person disposing of the interest shall (unless in fact he obtains a greater sum) be treated for the purposes of the principal section as having obtained in respect of the interest—

  1. (a) the value of the interest in the open market, or
  2. (b) the value of the interest to the person to whom it is, in effect, transferred, whichever is the greater.

In page 34, line 7, leave out from "of" to "an" in line 8 and insert "an interest in".

In line 13, leave out from "to" to "an" in line 14 and insert "an interest in".

In line 26, after "in", insert "the principal section and".

In page 35, leave out lines 2 to 5 and insert: So far as in respect of a capital sum—".—[The Solicitor-General.]

Photo of Mr Peter Rawlinson Mr Peter Rawlinson , Epsom

I beg to move Amendment No. 84, in page 35, line 13, to leave out "this" and to insert "the principal". This is a drafting Amendment.

8.45 p.m.

Photo of Mr Gilbert Mitchison Mr Gilbert Mitchison , Kettering

Perhaps the right hon. and learned Gentleman can assure us that the remaining Amendments to Schedule 7 have already been discussed or are drafting.

Photo of Mr Peter Rawlinson Mr Peter Rawlinson , Epsom

Yes, I can give that assurance. They are all consequential on the first Amendment that I moved to Clause 16, and we have also discussed the hire-purchase agreements.

Amendment agreed to.

Further Amendments made: In page 35, line 17, leave out "such".

In line 38, at end insert:

Amendment

As a bill passes through Parliament, MPs and peers may suggest amendments - or changes - which they believe will improve the quality of the legislation.

Many hundreds of amendments are proposed by members to major bills as they pass through committee stage, report stage and third reading in both Houses of Parliament.

In the end only a handful of amendments will be incorporated into any bill.

The Speaker - or the chairman in the case of standing committees - has the power to select which amendments should be debated.

Clause

A parliamentary bill is divided into sections called clauses.

Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.

During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.

When a bill becomes an Act of Parliament, clauses become known as sections.