Securities: Further Provisions

Orders of the Day — Finance Bill – in the House of Commons at 12:30 am on 10th July 1985.

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Amendments made: No. 99, in page 178, line 5, at end insert— '(10) Where, in Scotland, two or more persons carry on a trade or business in partnership, any partnership dealings shall be treated as dealings by the partners and not by the firm as such and the partners as being entitled to securities held by the firm.'.

No. 124, in page 178, line 21, after 'months', insert '(a long period)'.

No. 21, in page 178, line 39, leave out sub-paragraph (7) and (8) and insert— '(7) In the case of a period which is an interest period by virtue only of sub-paragraph (4) above or paragraph 18F(3) below—

  1. (a) the interest applicable to securities for the period is the interest payable on them on the interest payment day with which the long or straddling period concerned ends, and
  2. (b) section 70(8) of this Act shall have effect as if the references to the period were to the long or straddling period concerned.'

No. 100, in page 179, line 27, after '12', insert 12A'.

No. 101, in page 181, line 4, at end insert— '8A. —(1) Sub-paragraph (2) below applies where—

  1. (a) a trustee of a settlementis treated as receiving annual profits or gains under section 71(2) of this Act, or
  2. (b) a trustee of a settlement who is resident or domiciled outside the United Kingdom throughout any chargeable period in which an interest period (or part of it) falls would, at the end of the interest period, have been treated under section 71(2) of this Act as receiving annual profits or gains or annual profits or gains of a greater amount if he had been resident or domiciled in the United Kingdom during a part of each such chargeable period.
(2) Chapters II to IV of Part XVI of the Taxes Act (settlements) shall have effect as if the amount which the trustee is or would be treated as receiving were income (withing Chapter II) or income arising under the settlement (within Chapter III or IV).(3) Sub-paragraph (4) below applies where income of a trustee of a settlement who is resident or domiciled outside the United Kingdom throughout any chargeable period in which an interest period (or part of it) falls consists of interest which falls due at the end of the interest period and which would have been treated under section 71(5) of this Act as reduced by an allowance or an allowance of a greater amount if he had been resident or domiciled in the United Kingdom during a part of each such chargeable period.(4) For the purposes of Chapters II of Part XVI of the Taxes Act, the interest shall be treated as being reduced by the amount of the allowance or by the additional amount (as the case may be).(5) In this paragraph—
  1. (a) "settlement" means settlement within the meaning of Chapter II, III or IV of Part XVI of the Taxes Act (as the case may be), and
  2. (b) references to a trustee of a settlement are, where there is no trustee of the settlement, to any person entitled to securities comprised in the settlement.'

No. 102, in page 183, line 45, at end insert—