Schedule 13 - Employer asset-backed pension contributions etc

Finance Bill – in a Public Bill Committee at 3:00 pm on 14th June 2012.

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Amendments made: 118, page 322, line 39, in schedule 13, leave out from ‘is’ to end of line 43 and insert ‘“completed”—

(a) when the share in the partnership’s profits of the person involved in the relevant change is no longer to be determined under the asset-backed arrangement (conditionally or unconditionally) by reference (wholly or partly) to payments in respect of the security, or

(b) if earlier, when no responsible authority is any longer entitled (conditionally or unconditionally) to any payments in connection with the asset-backed arrangement.

‘(6) In sub-paragraph (5)(b) the reference to payments are to payments of any type including drawings or distributions from a partnership, payments in respect of the security and other payments in respect of an asset (as read in accordance with section 776(4)(b) of CTA 2010).

(7) “Responsible authority” means—

(a) the persons who from time to time are the trustees of the relevant scheme, or

(b) the persons who from time to time are the persons controlling the management of the relevant scheme,

in their capacity as such.

(8) A responsible authority is entitled to a payment “in connection with” the asset-backed arrangement if it is entitled to the payment directly or indirectly in consequence of the arrangement or otherwise in connection with the arrangement.’.

Amendment 119, page 323, line 7, in schedule 13, leave out ‘(2)’ and insert ‘(3)’.

Amendment 120, page 323, line 11, in schedule 13, leave out sub-paragraph (2).

Amendment 121, page 323, line 17, in schedule 13, leave out from ‘which’ to ‘the’ in line 18 and insert ‘a responsible authority is entitled in connection with’.

Amendment 122, page 323, line 38, in schedule 13, leave out sub-paragraphs (5) to (7).

Amendment 123, page 324, line 25, in schedule 13, leave out ‘and (6) and (7)’.

Amendment 124, page 324, line 26, in schedule 13, leave out from ‘including’ to end of line 27 and insert ‘drawings or distributions from a partnership, payments in respect of the security and other payments in respect of an asset (as read in accordance with section 776(4)(b) of CTA 2010).’.

Amendment 125, page 324, line 28, in schedule 13, leave out sub-paragraph (9).

Amendment 126, page 324, line 31, in schedule 13, leave out ‘sub-paragraphs (4)(b) to (d) and (7)(b) to (d)’ and insert ‘sub-paragraph (4)(b) to (d)’.

Amendment 127, page 324, line 33, in schedule 13, after ‘arrangement’ insert ‘or any other arrangement’.

Amendment 128, page 328, line 2, in schedule 13, leave out from second ‘E,’ to end of line 4 and insert ‘makes—

(a) to the lender, or a person connected with the lender, in order to reverse the relevant change in relation to the partnership, or

(b) otherwise to a responsible authority in order to buy out the authority’s interest in any partnership involved in the asset-backed arrangement.’.

Amendment 129, page 328, line 25, in schedule 13, leave out from ‘not’ to end of line 30 and insert ‘include a responsible authority.’.

Amendment 35, page 330, line 33, in schedule 13, leave out from ‘year’ to end of line 35 and insert ‘(but allowing for payments otherwise due to arise on a non-working day to arise on the next working day),’.

Amendment 36, page 330, line 49, in schedule 13, at end insert—

“(4A) For the purposes of subsection (4)(b) the first payment is to arise no later than one year after the day on which the advance is paid.’.

Amendment 37, page 333, line 22, in schedule 13, leave out from ‘year’ to end of line 24 and insert ‘(but allowing for determinations otherwise due to be made on a non-working day to be made on the next working day),’.

Amendment 38, page 333, line 40, in schedule 13, at end insert—

“(4A) For the purposes of subsection (4)(c) the first determination is to be made no later than one year after the day on which the advance is paid.’.

Amendment 39, page 336, line 11, in schedule 13, leave out from ‘year’ to end of line 13 and insert ‘(but allowing for determinations otherwise due to be made on a non-working day to be made on the next working day),’.

Amendment 40, page 336, line 29, in schedule 13, at end insert—

“(4A) For the purposes of subsection (4)(c) the first determination is to be made no later than one year after the day on which the advance is paid.’.

Amendment 41, page 342, line 17, in schedule 13, at end insert—

‘(3) For the purposes of sub-paragraph (1)(d), in sections 196C(4A), 196E(4A) and 196G(4A) the reference to one year is to be read as a reference to 18 months.’.

Amendment 130, page 343, line 12, in schedule 13, leave out ‘under’ and insert ‘in connection with’.

Amendment 131, page 343, line 45, in schedule 13, leave out ‘under’ and insert ‘in connection with’.

Amendment 132, page 344, line 21, in schedule 13, leave out from ‘including’ to end of line 22 and insert ‘drawings or distributions from a partnership, payments in respect of the security and other payments in respect of an asset (as read in accordance with section 776(4)(b) of CTA 2010).’.

Amendment 133, page 344, line 25, in schedule 13, at end insert—

‘(9A) For the purposes of sub-paragraphs (3)(a) and (6)(b) a person is entitled to a payment “in connection with” the asset-backed arrangement if the person is entitled to the payment directly or indirectly in consequence of the arrangement or otherwise in connection with the arrangement.’.

Amendment 134, page 344, line 28, in schedule 13, after ‘arrangement’ insert ‘or any other arrangement’.— (Mr Hoban.)

Schedule 13, as amended, agreed to.