Part of Finance (No. 2) Bill – in a Public Bill Committee at 10:00 am on 16 January 2018.
With this it will be convenient to discuss the following:
Amendment 62, in schedule 10, page 142, line 40, at end insert
“87Q Review of taxation of capital payments received from a settlement
(1) Within six months of the passing of the Finance Act 2018, the Chancellor of the Exchequer must review the effects of the changes to this Chapter made by Schedule 10 to that Act.
(2) The review under this section must consider the effects of those changes on—
(a) the taxation regime for settlements, and
(b) anti-avoidance measures for settlements.
(3) The Chancellor of the Exchequer must lay before the House of Commons the report of the review under this section as soon as practicable after its completion.”
This amendment requires the Chancellor of the Exchequer to review the effects of changes to TCGA 1992 made by the Bill in relation to the taxation of capital payments received from a settlement.
Amendment 63, in schedule 10, page 142, line 40, at end insert
“87Q Public register of capital payments received from settlements
(1) The Chancellor of the Exchequer must by regulations establish a register of capital payments received from settlements to which this Chapter applies within 12 months of the passing of the Finance Act 2018.
(2) A register established under subsection (1) shall record in relation to capital payments—
(a) the recipient beneficiary;
(b) the settlor; and
(c) the trustees of the settlement from which the capital payment is received.
(3) That part of the register containing information in paragraph (c) shall be made available to the public.”
(1A) In section 98(1), after “87”, insert “, 87Q”.”
This amendment creates an obligation for the Chancellor of the Exchequer to create a public register of trust beneficiaries, settlors, and trustees. It also amends section 98(1) of TCGA 1992 to expand, to include new section 87Q, the existing power for HMRC to require any person to provide information as they think necessary to fulfil certain sections of that Act.
Government amendments 2, 51 and 52, 5 to 27, 53, and 28 to 32.
That schedule 10 be the Tenth schedule to the Bill.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
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The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
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