Finance Bill — Repeals — 19 Jul 2000

John Prescott MP, Kingston upon Hull East voted with the majority (Aye).

Amendment made: No. 91, in page 533, line 43, leave out "(3)" and insert "(4)".-- [Mr. Jamieson.]

I beg to move amendment No. 155, in page 77, line 11, leave out clause 106.

This is a probing amendment. We have been approached by the Chartered Institute of Taxation and the Law Society, which are still concerned about the wide scope of the wording of proposed new section 135A of the Finance Act 1993. In their opinion, the new provision is still capable of catching many companies that prepare their accounts in foreign currency for perfectly normal, commercial reasons rather than because of tax factors.

Amendment, by leave, withdrawn .

I beg to move amendment No. 64, in page 79, line 29, leave out from beginning to "an" in line 30 and insert "Where".

Mr. Deputy Speaker:

With this it will be convenient to discuss the following: Government amendments Nos. 65 to 67.

We do not think there is any argument for not discounting general business under a fair value basis of measurement of liabilities.

I agree that the discounting calculation should proceed on a commercial basis, which is why I gave a commitment during the debate that the discount would include a risk margin.

Amendment agreed to .

Amendments made: No. 65, in page 79, line 33, leave out "and (b)" and insert--

Amendments made: No. 78, in page 89, line 35, after "etc)" insert "--

(a) after subsection (2) insert--

"(2A) A declaration under section 481(5)(k)(i) must contain--

(a) in a case falling within section 481(4)(a), the name and principal residential address of the individual who is beneficially entitled to the interest or, where two or more individuals are so entitled, of each of them;

(b) in a case falling within section 481(4)(b), the name and principal residential address of each of the partners."; and

(b)''.

No. 79, in page 89, line 35, at end insert--

'( ) In section 477A of the Taxes Act 1988 (building societies: regulations for deduction of tax), after subsection (2) insert--

"(2A) Without prejudice to the generality of subsection (2)(a) above, regulations under subsection (1) above may make provision with respect to the furnishing of information to or by building societies corresponding to any provision that is made by, or may be made under, section 482 with respect to the furnishing of information to or by deposit-takers.".'.-- [Dawn Primarolo.]

Amendments made: No. 108, in page 97, line 13, at end insert--

'(1A) In subsection (2) (instruments on which stamp duty not chargeable) in paragraph (a) for "to another" substitute "("the transferor") to another ("the transferee")".

(1B) In that subsection, after paragraph (b) insert--

"unless at the time the instrument is executed arrangements are in existence by virtue of which at that or some later time any person has or could obtain, or any persons together have or could obtain, control of the transferee but not of the transferor.".'.

No. 109, in page 97, leave out lines 23 to 29.

No. 110, in page 97, line 37, at end insert--

'; but this is subject to subsection (5A).

(5A) In determining for the purposes of this section whether a body corporate is the parent of the transferor, paragraphs 5(3) and 5B to 5E of Schedule 18 to the Income and Corporation Taxes Act 1988 shall not apply for the purposes of paragraph (b) or (c) of subsection (2B).'.

No. 111, in page 97, line 38, leave out "subsection (2C)" and insert "this section".

No. 112, in page 97, line 40, leave out "on or".-- [Dawn Primarolo.]

Amendments made: No. 113, in page 98, line 2, at end insert--

'(1A) After subsection (2) (instruments on which stamp duty not chargeable) insert--

"(2A) But this section does not apply to an instrument by virtue of subsection (2)(a) if, at the time the instrument is executed, arrangements are in existence by virtue of which at that or some later time any person has or could obtain, or any persons together have or could obtain, control of the transferee but not of the transferor.".'.

No. 114, in page 98, leave out lines 12 to 18.

No. 115, in page 98, line 26, at end insert--

'; but this is subject to subsection (6A).

(6A) In determining for the purposes of this section whether a body corporate is the parent of the transferor, paragraphs 5(3) and 5B to 5E of Schedule 18 to the Income and Corporation Taxes Act 1988 shall not apply for the purposes of paragraph (b) or (c) of subsection (3AA).'.

No. 116, in page 98, line 27, leave out "subsection (3AAA)" and insert "this section".

No. 117, in page 98, line 29, leave out "on or".-- [Dawn Primarolo.]

Amendments made: No. 118, in page 98, line 31, at end insert--

'(1A) In subsection (1) (stamp duty not chargeable on leases etc) at the end insert the following paragraph--

"This subsection is subject to subsection (4A) below."

(1B) After subsection (4) insert--

"(4A) An instrument shall not be exempt from stamp duty by virtue of subsection (1) above if at the time the instrument is executed arrangements are in existence by virtue of which at that or some later time any person has or could obtain, or any persons together have or could obtain, control of the lessee but not of the lessor.".'.

No. 119, in page 98, line 41, leave out from beginning to end of line 3 on page 99.

No. 120, in page 99, line 11, at end insert--

'; but this is subject to subsection (10AA).

(10AA) In determining for the purposes of this section whether a body corporate is the parent of the lessor, paragraphs 5(3) and 5B to 5E of Schedule 18 to the Income and Corporation Taxes Act 1988 shall not apply for the purposes of paragraph (b) or (c) of subsection (8) above.'.

No. 121, in page 99, line 12, leave out "subsection (8A)" and insert "this section".

No. 122, in page 99, line 14, leave out "on or".-- [Dawn Primarolo.]

Amendment made: No. 123, in page 99, line 26, leave out "on or".-- [Dawn Primarolo.]

Amendment made: No. 124, in page 99, line 41, leave out "on or".-- [Dawn Primarolo.]

Amendment made: No. 125, in page 101, line 17, leave out "on or".-- [Dawn Primarolo.]

Amendment made: No. 80, in page 104, line 33, at end insert--

'( ) Subsection (2) does not apply to the amendment made by paragraph 8(5) of that Schedule.

That amendment has effect in relation to supplies made after the day on which this Act is passed.'.-- [Dawn Primarolo.]

Amendments made: No. 81, in page 543, line 51, at end insert--

'and for "neither of those sub-paragraphs" substitute "none of those paragraphs".'.

No. 82, in page 544, line 26, at end insert--

'(5) After paragraph (e) (which is inserted by sub-paragraph (4) above) insert--

"(f) wind turbines;

(g) water turbines."'.-- [Dawn Primarolo.]

No. 128, in page 571, line 27, at end insert--

'1A. The repeals in the Finance Act 1986 have effect in accordance with section ( Stamp duty and stamp duty reserve tax: transfers between depositary receipt systems and clearance systems )(5) of this Act.'.

No. 129, in page 571, line 28, leave out--

'repeal in section 131 of this Act has effect--

(a) so far as it relates'

and insert 'repeals of sections 131 and ( Stamp duty and stamp duty reserve tax: transfers between depositary receipt systems and clearance systems ) of this Act have effect--

(a) so far as relating'.

No. 130, in page 571, line 31, leave out "it relates" and insert--

'relating to stamp duty on instruments other than bearer instruments, in accordance with section 108 of that Act; and

(c) so far as relating'.-- [Dawn Primarolo.]

Order for Third Reading read.

I beg to move, That the Bill be now read the Third time.

I say that with great pleasure and true feeling on behalf of a number of hon. Members who served on the Finance Bill Committee.

We can do better to avoid shooting ourselves in the foot . . . at a time of real pressures on manufacturing it must make sense to (a) to be careful about the impact of new initiatives--especially from the Treasury and (b) extremely sensitive over their presentation.

about a band of hydro-electric schemes . . . in the 10 to 25 MW capacity range, that, at some point in the future . . . may want to carry out refurbishment, and that may well be a point that needs to be considered at that stage.--[ Official Report , 18 July 2000; Vol. 354, c. 331.]

Question put, That the Bill be now read the Third time:--

The House divided: Ayes 310, Noes 170.

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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 125 (+2 tell)079.4%
Independent0 1033.3%
Lab310 (+2 tell) 0075.0%
LDem0 36076.6%
PC0 1025.0%
SNP0 4066.7%
UUP0 3033.3%
Total:310 170075.0%

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

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NameConstituencyPartyVote
no rebellions

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