Budget Resolutions and Economic Situation — 22. Relief for film production and acquisition expenditure — 7 Jul 1997

Mr John MacGregor MP, South Norfolk voted in the minority (No).

Resolved,

That--

(1) In paragraph 1(1) of Schedule 19AB to the Income and Corporation Taxes Act 1988--

(a) the words "the aggregate of" shall cease to have effect; and

(b) paragraph (b) shall cease to have effect.

(2) For the purposes of section 121 of the Finance Act 1993, Schedule 19AB to the Income and Corporation Taxes Act 1988 shall be deemed to have effect without the amendments made by paragraph (1) above.

(3) Paragraph (1) above has effect in relation to distributions made on or after 2nd July 1997.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.

Resolved,

That provision may be made, in the case of insurance companies, friendly societies and Lloyd's underwriters, in relation to, or in connection with amending provisions relating to, distributions and tax credits.

17. Dealers in shares and other securities

Resolved,

That provision may be made for and in connection with amending sections 95 and 732 of the Income and Corporation Taxes Act 1988.

18. Payments representing tax credits etc

Resolved,

That provision may be made--

(a) about payments to which section 687 of the Income and Corporation Taxes Act 1988 applies;

(b) about arrangements under which a person receives a payment representing any of the value of a tax credit received by another; and

(c) for and in connection with amending section 699A of the Income and Corporation Taxes Act 1988.

Resolved,

That--

(1) Where a qualifying distribution--

(a) is made on or after 2nd July 1997 but before 6th April 1999 by a company resident in the United Kingdom, and

(b) falls to be regarded by virtue of subsection (2) of section 469 of the Income and Corporation Taxes Act 1988 as income of the trustees of a unit trust scheme to which that section applies, and

(c) is not a foreign income dividend and does not (apart from this Resolution) fall to be regarded by virtue of any provision of the Tax Acts as a foreign income dividend arising to the trustees,

the trustees shall be treated for all purposes of the Tax Acts (but not this Resolution) as if the qualifying distribution were a foreign income dividend.

(2) Paragraph (1) above shall not apply--

(a) if the unit trust scheme is a common investment fund established under section 42 of the Administration of Justice Act 1982; or

(b) if, apart from section 469(2) of the Income and Corporation Taxes Act 1988, the whole of the qualifying distribution would fall to be regarded as income of section 505 bodies.

(3) In this Resolution--

"foreign income dividend" shall be construed in accordance with Chapter VA of Part VI of the Income and Corporation Taxes Act 1988;

"section 505 body" means--

(a) a charity, as defined in section 506(1) of the Income and Corporation Taxes Act 1988;

(b) a body mentioned in section 507 of that Act; or

(c) an Association of a description specified in section 508 of that Act.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.

Resolved,

That provision may be made limiting--

(a) the period for which amounts may be carried back under section 393A of the Income and Corporation Taxes Act 1988 or paragraph 3 of Schedule 8, paragraph 4(3) of Schedule 11 or paragraph 23 of Schedule 15 to the Finance Act 1996; and

(b) the amount that may be allowed by way of group relief on a claim under Chapter IV of Part X of the Income and Corporation Taxes Act 1988.

Resolved,

That provision may be made amending the Capital Allowances Act 1990 for the purpose of--

(a) allowing first-year allowances to be made under Part II of that Act in respect of expenditure incurred by small and medium-sized companies and businesses on or after 2nd July 1997 and before 2nd July 1998; and

(b) modifying the operation of that Act in cases where machinery or plant is made available for use directly or indirectly as a consequence of any such arrangements as fall, in accordance with normal accountancy practice, to be treated as a finance lease or as a loan.

Resolved,

That provision may be made increasing the amounts of film production and acquisition expenditure incurred before 2nd July 2000 that are relievable under section 42 of the Finance (No. 2) Act 1992.

23. Stamp duty (conveyances and transfers on sale)

Motion made, and Question put,

That the following provisions shall have effect for the period beginning 8th July 1997 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973--

(1) Section 55 of the Finance Act 1963 and section 4 of the Finance Act (Northern Ireland) 1963 shall each be amended in accordance with the provisions of paragraphs (2) to (4) below.

(2) Subject to the modification mentioned in paragraph (5) below, in subsection (1), for paragraphs (b) and (c) there shall be substituted--

"(b) where paragraph (a) above does not apply and--

(i) the amount or value of the consideration does not exceed £500, and

(ii) the instrument is certified as described in section 34(4) of the Finance Act 1958 at £250,000,

the rate of 50p for every £50 or part of £50 of the consideration;

(c) where paragraph (a) above does not apply and--

(i) the amount or value of the consideration exceeds £500 but does not exceed £250,000, and

(ii) the instrument is certified as described in section 34(4) of the Finance Act 1958 at £250,000,

the rate of £1 for every £100 or part of £100 of the consideration;

(d) where paragraphs (a) to (c) above do not apply and--

(i) the amount or value of the consideration does not exceed £500,000, and

(ii) the instrument is certified as described in section 34(4) of the Finance Act 1958 at £500,000,

the rate of £1.50p for every £100 or part of £100 of the consideration; and

(e) in any other case the rate of £2 for every £100 or part of £100 of the consideration;".

(3) In subsection (1A) for "paragraph (c)" there shall be substituted "paragraph (e)".

(4) In subsection (2)--

(a) after the words "shall have effect as if" there shall be inserted "(a)", and

(b) after the word "omitted" there shall be inserted--

"and

(b) in paragraph (d) for the words "paragraphs (a) to (c)" there were substituted the words "paragraphs (b) and (c)"."

(5) In section 4 of the Finance Act (Northern Ireland) 1963, for the words "section 34(4) of the Finance Act 1958" wherever they occur, there shall be substituted the words "section 7(4) of the Finance Act (Northern Ireland) 1958".

(6) This Resolution shall apply to instruments executed on or after 8th July 1997, except where the instrument in question is executed in pursuance of a contract made on or before 2nd July 1997.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973.

The House divided: Ayes 367, Noes 147.

Historical Hansard | Online Hansard |

Party Summary

Votes by party, red entries are votes against the majority for that party.

What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.

What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.

What is Turnout? This is measured against the total membership of the party at the time of the vote.

PartyMajority (Aye)Minority (No)BothTurnout
Con0 147 (+2 tell)092.0%
Lab324 (+2 tell) 0078.2%
LDem37 0080.4%
PC2 0050.0%
SNP4 0066.7%
Total:367 147081.6%

Rebel Voters - sorted by party

MPs for which their vote in this division differed from the majority vote of their party. You can see all votes in this division, or every eligible MP who could have voted in this division

Sort by: Name | Constituency | Party | Vote

NameConstituencyPartyVote
no rebellions

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