Finance Bill – in a Public Bill Committee at 3:30 pm on 28 January 2025.
Amendments made: 55, in schedule 9, page 208, line 24, leave out “sections 56(5)(a), 61G(5)(a) and 61R(5)(a)” and insert “sections 56, 61G and 61R”
This amendment together with Amendment 56 omits subsections that have become redundant in light of the ending of the relevance of domicile to income tax.
Amendment 56, in schedule 9, page 208, line 25, leave out from “payment)” to end of line 27 and insert “, omit subsections (4) and (5).”
This amendment together with Amendment 55 omits subsections that have become redundant in light of the ending of the relevance of domicile to income tax.
Amendment 57, in schedule 9, page 210, line 34, at end insert—
“Premium trust funds
21A In section 174 of FA 1993 (premium trust funds), omit subsection (6)(a).
FOTRA securities
21B (1) In section 22 of F(No.2)A 1931 (Treasury power to issue securities with a FOTRA condition)—
(a) in subsection (1)(b), for “persons who are neither domiciled nor resident in the United Kingdom” substitute “exempt persons”;
(b) after subsection (1) insert—
“(1A) For the purposes of subsection (1), the following persons are “exempt persons”—
(a) individuals who are not resident in the United Kingdom, and
(b) persons who are not individuals and are neither domiciled nor resident in the United Kingdom.”
(2) In section 154 of FA 1996 (FOTRA securities), in subsection (1)—
(a) after “applies,” insert “where the person with the beneficial ownership of the securities is not an individual and”;
(b) for “the person with beneficial ownership of the securities” substitute “that person”.
(3) Any security issued before 29th April 1996 with a FOTRA condition shall be treated in relation to times on or after 6 April 2025 as if—
(a) it were a security issued with the post-1996 FOTRA conditions (and with no other FOTRA condition), and
(b) the post-1996 FOTRA conditions had been authorised in relation to the issue of that security by virtue of section 22 of F(No.2)A 1931.
(4) In sub-paragraph (3) —
“a FOTRA condition” means a condition about exemption from taxation authorised by section 22 of F(No.2)A 1931;
“the post-1996 FOTRA conditions” means the conditions about exemption from taxation with which 7.25% Treasury Stock 2007 was first issued by virtue of section 22 of F(No.2)A 1931.”
Amendment 58, in schedule 9, page 210, line 34, at end insert—
“Reliefs in respect of income from investments etc. of certain pension schemes
21C In section 614 of the Income and Corporation Taxes Act 1988 (exemptions and reliefs in respect of income from investments etc. of certain pension schemes), in subsections (4) and (5), omit “not domiciled and”.”—
This amendment removes references to domicile in provisions of the Income and Corporation Taxes Act 1988 relating to relief on income from investments of certain pension schemes.
