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Finance Act
Tracking the Act
JOHN JEFFREY-COOK CTA (Fellow), FCA, FCIS, ATT marshals the amendments and debates on this year's Finance Bill marathon.
Finance Act
Tracking the Act
JOHN JEFFREY-COOK CTA (Fellow), FCA, FCIS, ATT marshals the amendments and debates on this year's Finance Bill marathon.
WITH THE Olympics under way as I write, could it be a good omen that this year's Finance Act has broken many of the records previously set? Not only has it finished as the longest-ever Finance Act at 634 pages, against 613 pages in 2000, but it has put on the greatest number of pages, adding 60 pages to a Bill of 574 pages.
An unprecedented 18 clauses and two Schedules have been added, the previous record being 14 clauses and one Schedule in 1999. But the most extraordinary figure is the number of amendments: 446, which is more than double the previous record of 221 in 2000. Apart from that year, the average has been under 100.
The 18 new clauses and two new Schedules are:
Section 86 Shares in employee-controlled companies and unconnected companies
Section 87 Restricted securities with artificially depressed value
Section 88 Shares under approved plans and schemes
Section 89 Shares acquired on public offer
Section 90 Associated persons etc.
Section 125 Partnerships exploiting films
Section 133 Relationship with chargeable gains
Section 135 Rent factoring of leases of plant or machinery
Section 137 Manufactured payments under arrangements having an unallowable purpose
Section 139 Gifts of shares, securities and real property to charities etc.
Section 170 Appeal against decision to exclude recognised overseas pension scheme
Section 243 Overseas pension schemes: migrant member
and Sch 33 relief
Section 244 Non-UK schemes: application of certain
and Sch 34 charges
Section 277 Valuation assumptions
Section 297 Stamp duty land tax: leases
Section 301 Stamp duty land tax: chargeable consideration
Section 316 Disclosure of tax avoidance schemes: information to be provided in form and manner specified by Board
Section 325 Premium bonds
With so many clause numbers and Schedule numbers changing, locating the debates related to a particular provision is impossible without a table such as that set out below. The number of every section and Schedule appears in the far right-hand column. The left-hand side shows the clause or Schedule number each started with, any amendments made, where they are printed in Simon's Weekly Tax Intelligence, and the date and location of the Committee debates (if any). W indicates sittings of the Whole House on 27 and 28 April and numbers indicate sittings of Standing Committee A.
The Report stage was on 6 July (columns 712 to 806) and 7 July (columns 844 to 967), when the Commons passed the Bill. New clauses, new Schedules and 43 amendments were not printed in SWTI. The Bill went through all stages in the House of Lords on 20 July and received Royal Assent on 22 July.
As an example, section 307, Meaning of 'promoter', was debated as clause 291 at columns 722-726 on 22 June when amendments 555-557 were made. At Report stage it was clause 299 and another amendment 222 was debated with Opposition proposed amendments at columns 776-790, and formally made at column 958.
For a review of the Bill see Taxation, 22 April 2004 at page 79.
A table for the Finance Act 2003 appeared in Taxation, 28 August 2003 at page 589, and one for the Finance Act 2002 in Taxation, 22 August 2002 at page 579.
John Jeffrey-Cook is a consulting editor to LexisNexis UK's Encyclopaedia of Forms and Precedents.
Table of amendments and debates
Committee stage Report stage
Clause in Amend- SWTI sitting Debates columns Clause in Amend- SWTI Debates Section
original ment date amended ment columns in Act
Bill numbers Bill numbers
Table of amendments and debates
Committee stage Report stage
Clause in Amend- SWTI sitting Debates columns Clause in Amend- SWTI Debates Section
original ment date amended ment columns in Act
Bill numbers Bill numbers
