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Income Tax (Trading and Other Income) Bill House of Lords House of Commons Joint Committee on Tax Law Rewrite Bills Income Tax (Trading and Other Income) Bill First Report of Session 2004-05 Report, together with formal minutes, oral and written evidence Ordered by The House of Lords to be printed 1 February 2005 Ordered by The House of Commons to be printed 1 February 2005 HL Paper 37 HC 285 Published on 10 February 2005 by authority of the House of Commons and the House of Lords London: The Stationery Office Limited £11.00 The Joint Committee on Tax Law Rewrite Bills The Joint Committee on Tax Law Rewrite Bills is appointed to consider tax law rewrite bills, and in particular to consider whether each bill committed to it preserves the effect of the existing law, subject to any minor changes which may be desirable. Current Membership Rt Hon Kenneth Clarke QC MP (Conservative, Rushcliffe) (elected Chairman, 14th January 2003) Mr Parmjit Dhanda MP (Labour, Gloucester) John Healey MP (Labour, Wentworth) Mr Ivan Henderson MP (Labour, Harwich) Rt Hon Michael Jack MP (Conservative, Fylde) Mr David Laws MP (Liberal Democrat, Yeovil) Mr Anthony D Wright MP (Labour, Great Yarmouth) Lord Blackwell (Conservative) Rt Hon Lord Millett (Crossbencher) Baroness Cohen of Pimlico (Labour) Lord Goodhart QC (Liberal Democrat) Lord Haskel (Labour) Rt Hon Lord Howe of Aberavon Kt CH QC (Conservative) The following were also members of the Committee during the Parliament. Mr Chris Pond MP (Labour, Gravesham) Rt Hon Dawn Primarolo MP (Labour, Bristol South) Rt Hon Lord Brightman (Crossbencher) Powers The Joint Committee is appointed under Standing Order No. 152C of the House of Commons and pursuant to the motion of 9 December 2004 of the House of Lords. It has the power to require the submission of written evidence and documents, to examine witnesses, to meet at any time (except when Parliament is prorogued or dissolved), to appoint specialist advisers, and to make Reports to the House. The Lords Committee has the power to agree with the Commons in the appointment of a Chairman. The procedures of the Joint Committee follow those of House of Commons Select Committees where they differ from House of Lords Committees. The Chairman of the Committee has the power to select amendments. Publication The Reports and evidence of the Joint Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the Internet at: www.parliament.uk/parliamentary_committees/joint_committee_on_tax_rewrite _billscfm. Joint Committee staff The staff of the Joint Committee are Geoffrey Farrar (Commons Clerk), Nicolas Besly (Lords Clerk), Richard Dawson (Committee Assistant) and Lisette Pelletier (Secretary). Contacts All correspondence should be addressed to the Clerk of the Joint Committee of Tax Law Rewrite Bills, House of Commons, London SW1A 0AA. The telephone number for general enquiries is 020 7219 3258. The Committee’s email address is [email protected] 1 Contents Report Page INCOME TAX (TRADING AND OTHER INCOME) BILL 3 Annex 4 Proposed amendments to the Income Tax (Trading and Other Income) Bill 4 Formal minutes 6 Witnesses 8 List of written evidence 8 3 INCOME TAX (TRADING AND OTHER INCOME) BILL 1. The Committee has considered the Income Tax (Trading and Other Income) Bill which was referred to it by the House of Commons on 20 December 2004.1 We heard oral evidence from members of the Tax Law Rewrite Project team, and took into consideration the extensive process of consultation with all representative bodies to which the Bill had been exposed. 2. The Committee paid particular attention to— a) the decision to restrict the Bill to income tax, rather than also applying it to corporation tax; b) the restructuring of the relevant provisions of income tax law; c) cases where there are possible changes in the incidence and burden of taxation on tax payers; d) the elements of income tax law not yet rewritten by this or previous Tax Law Rewrite Bills; e) the next stage of the Tax Law Rewrite programme, which will address the remainder of the income tax code; and f) the undertaking given by the Minister that any proposed order to be made under clause 88(2) would not be laid before Parliament before it had been agreed with the Consultative and Steering Committees of the Tax Law Rewrite Project.2 3. The Committee accepted the Government’s proposed amendments to the Bill, submitted after its publication, which were of a minor, technical nature. The list of amendments accepted by the Committee is published with this Report as Annex 1.3 4. We are of the opinion that the Bill is a welcome clarification of the existing law relating to income tax in this important area, which will be of value to Parliament, the judiciary, professionals and business people, and other users of legislation. The Committee is satisfied that the only changes that the Bill makes to the existing law are of such minor significance that they need not be referred to the attention of Parliament. The Committee looks forward to the preparation of future Bills under the auspices of the Tax Law Rewrite Project. 5. There is no other point to which the special attention of Parliament should be drawn. 1 Votes and Proceedings, 20 December 2004 2 Q 48 3 See p 4 4 Annex Proposed amendments to the Income Tax (Trading and Other Income) Bill4 1 Clause 485, page 209, line 14, leave out ‘and’ and insert ‘or’. 2 Clause 485, page 209, line 15, leave out ‘no’ and insert ‘a’. 3 Clause 485, page 209, line 22, leave out second ‘and’ and insert ‘or’. 4 Clause 485, page 209, line 23, leave out ‘no’ and insert ‘a’. 5 Schedule 1, page 386, line 6, leave out ‘those Schedules’ and insert ‘Schedule D’. 6 Schedule 1, page 386, line 12, after ‘and D”,’ insert – ‘(aa) for “those Schedules” substitute “Schedule D”,’. 7 Schedule 1, page 405, line 28, at end insert – ‘99A In section 118ZK(2)(b) and (5) (transitional provision for years after the first restricted year) after “1992” insert “or any of sections 138 to 140 of ITTOIA 2005”.’. 8 Schedule 1, page 411, leave out lines 42 to 44. 9 Schedule 1, page 412, line 4, after ‘section 56(5),”’ insert ‘, and (ii) after “under which” insert “, or uncertificated eligible debt security units under which”’. 10 Schedule 1, page 412, line 9, after ‘section 56(5),”’ insert ‘and after “issued” insert “, and no uncertificated eligible debt security units have been issued,”’. 11 Schedule 1, page 419, leave out lines 13 to 15. 4 The page and line numbers refer to the Bill as presented to the House of Commons and ordered to be printed on 30 November 2004 [Bill 9]. 5 12 Schedule 1, page 419, line 25, leave out from ‘2005”’ to end of line 28. 13 Schedule 1, page 420, line 8, after ‘56(5),’ insert ‘which is’. 14 Schedule 1, page 420, line 9, after ‘units’ insert ‘, being a certificate or units’. 15 Schedule 1, page 437, line 23, leave out ‘552(1)(b)’ and insert ‘552(1)(a) or (b)’. 16 Schedule 1, page 461, line 19, at end insert – Section 844(4) Withdrawal of relief for unremittable foreign income after source ceases’. 17 Schedule 1, page 474, line 18, after ‘income);’ insert— ‘(iia) section 421(1) of that Act (release of loan to participator in close company);’. 18 Schedule 1, page 478, line 18, after first ‘cash’ insert ‘(within the meaning of section 251(2) to (4) of the Taxes Act)’. 19 Schedule 1, page 515, line 23, after ‘etc.))’ insert ‘and section 770 of that Act (exemption for amounts applied by SIP trustees acquiring dividend shares or retained for reinvestment)’. 20 Schedule 2, page 553, line 9, leave out from ‘the’ to ‘preceding’ in line 11 and insert ‘condition in paragraph (a) or (b) is met) have effect with the omission of paragraph (b) (company interest in the rights under the policy) and the word “or”’. 21 Schedule 3, page 582, line 47, after ‘56,’ insert ‘57,’. 6 Formal minutes Tuesday 1 February 2005 Members present: Mr Kenneth Clarke, in the Chair John Healey Lord Blackwell Mr Ivan Henderson Baroness Cohen of Pimlico Mr Anthony Wright Lord Goodhart Lord Howe of Aberavon The Joint Committee deliberated. Ordered, That the uncorrected transcript of the oral evidence given this day by officials from the Tax Law Rewrite Project together with the associated memoranda be published on the Internet.—(The Chairman.) The Joint Committee further deliberated. Income Tax (Trading and Other Income) Bill: Mr Robin Martin CB, Project Director, Mr David Cook, Head of Drafting Team, Ms Hazel Colclough, Team Leader, Mr John Morris, Team Leader, and Ms Vicki Carr, Technical Advisor, the Tax Law Rewrite Project, Inland Revenue, were examined. Resolved, That the Income Tax (Trading and Other Income) Bill be now considered. Clauses 1 to 484 agreed to. Clause 485 (Disregard of certain events in relation to qualifying policies). Amendments (Nos. 1 to 4) made. Clause, as amended, agreed to. Clauses 486 to 886 agreed to. Schedule 1 (Consequential amendments). Amendments (Nos. 5 to 19) made. Schedule, as amended, agreed to. 7 Schedule 2 (Transitionals and savings etc.). Amendment (No. 20) made. Schedule, as amended, agreed to. Schedule 3 (Repeals and revocations). Amendment (No. 21) made. Schedule, as amended, agreed to. Schedule 4 agreed to. The Joint Committee further deliberated. Draft Report [Income Tax (Trading and Other Income) Bill], proposed by the Chairman, brought up and read. Ordered, That the Chairman's draft Report be read a second time, paragraph by paragraph.
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