Finance Bill — Extension of carry back of trading losses — 9 May 2001

As amended in the Committee, considered.

Brought up, and read the First time.

I beg to move, That the clause be read a Second time.

The new clause is short and simple. Its effect would be to render it necessary for the Inland Revenue to treat all second homes owned by those who, because of their occupation, live and are forced to live in tied accommodation as principal residences for the purposes of, among other things, the working families tax credit. I shall explain briefly why that is necessary.

Motion and clause, by leave, withdrawn.

(7) Subsection (4) above has effect for the purposes of the application of section 257AA of the Taxes Act 1988 for the year 2004-05 and subsequent years of assessment.'.-- [Mr. Ottaway.]

Brought up, and read the First time.

I beg to move, That the clause be read a Second time.

Mr. Deputy Speaker (Mr. Michael Lord):

With this it will be convenient to discuss new schedule 1-- 'Children's Tax Credit: Children under five years of age: supplementary--

Introduction

1. Schedule 13B to the Taxes Act 1988 (children's tax credit: provisions applicable where child lives with more than one adult in a year of assessment) is amended as follows.

Motion and clause, by leave, withdrawn.

Brought up, and read the First time.

I beg to move, That the clause be read a Second time.

9 May 2001 : Column 181

Motion and clause, by leave, withdrawn.

(2) Environmental protection measures in this part are those measures which the Secretary of State shall by order determine to be in the interests of protecting or enhancing the environment;

(3) No rebate under this scheme shall be made unless the environmental protection measures:

(a) relate directly to the process of commercial exploitation of aggregate; and

(b) shall have been verified and certified by an external body prescribed for that purpose by the Secretary of State;

(4) A statutory instrument containing an order under this section shall not be made without prior consultation with those persons appearing to the Secretary of State to be representative of those having an interest in:

(i) the commercial exploitation of aggregate;

(ii) the protection of the natural environment;

(iii) the local communities affected.

(5) A statutory instrument containing an order under this section shall be laid before Parliament and approved by resolution of the House of Commons.'.-- [Mr. David Heath.]

Brought up, and read the First time.

I beg to move, That the clause be read a Second time.

Mr. Deputy Speaker:

With this, it will be convenient to discuss the following amendments: No. 1, in clause 16, page 12, leave out from line 18 to end of line 8 on page 41.

That was his verdict, but it is not the end of the story. A rebate scheme would deal directly with the problems. New clause 5 covers the salient points. It provides that the Treasury could bring forward a statutory instrument to introduce the rebate scheme, but does not prescribe the exact form of that order. If the process turns out to be difficult, as the Financial Secretary has claimed, the new clause would permit time for the task to be accomplished. In Committee, I argued that the matter was urgent, but the urgency argument is not relevant to the new clause.

Motion and clause, by leave, withdrawn.

(2) In subsection (2), after "(2A)", and before "below", insert the words "and (2D)".

(3) After subsection (2C), insert the following new subsection--

"(2D) this subsection shall have effect in relation to any loss incurred by a company which is not large (as defined by SI 1998/3175 as subsequently amended)--

(a) as if in subsection (2) above, the words 'three years' were substituted for the words 'twelve months'; and

(b) which is incurred in any accounting periods ending in the period beginning on 1 April 2000 and ending on or before 31 March 2003.".'.-- [Mr. David Heath.]

Brought up, and read the First time.

I beg to move, That the clause be read a Second time.

Mr. Deputy Speaker (Sir Alan Haselhurst):

With this it will be convenient to discuss the following: New clause 7-- Extension of carry back of excess interest costs --

It being three hours after the commencement of proceedings on the Programme motion, Mr. Deputy Speaker put forthwith the Question already proposed from the Chair.

The House divided: Ayes 129, Noes 259.

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