Finance Bill 2016: conclusion of Public Bill Committee

The Public Bill Committee has concluded its consideration of the Bill. The Report Stage Bill, revised to incorporate amendments made in the Committee and Public Bill Committee, has now been published (see http://bit.ly/29CK42J). The date for the Report Stage in the House of Commons has yet to be announced. On 7 July, the committee agreed the following amendments and additions:

* Clause 117 (SDLT: higher rates for additional dwellings, etc.);

* New Clause 7 (Receipts from intellectual property: diverted profits tax);

* New Clause 8 (Deduction of income tax at source: intellectual property);

* New Clause 9 (Receipts from intellectual property: territorial scope);

* New Clause 10 (Stamp duty: acquisition of target company’s share capital);

* New Clause 11 (Corporation tax: territorial scope, etc.);

* New Clause 12 (Corporation tax: transactions in UK land);

* New Clause 13 (Income tax: territorial scope, etc.);

* New Clause 14 (Income tax: transactions in UK land);

* New Clause 15 (Pre-trading expenses);

* New Clause 16 (Commencement and transitional provision: NC 11, 12 and 15); and

* New Clause 17 (Commencement and transitional provision: NC 13 and 14).

The following were passed without amendment:

* Clause 118 (SDLT higher rate: land purchased for commercial use);

* Clause 119 (SDLT higher rate: acquisition under regulated home reversion plan);

* Clause 120 (SDLT higher rate: properties occupied by certain employees, etc.);

* Clause 121 (SDLT: minor amendments of FA 2003 s 55);

* Clause 122 and Schedule 16 (SDLT: property authorised investment funds and co-ownership authorised contractual schemes);

* Clause 123 (ATED: regulated home reversion plans);

* Clause 124 (ATED: properties occupied by certain employees, etc.);

* Clause 125 (ATED: alternative property finance – land in Scotland);

* Clause 126 (Stamp duty: transfers to depositaries or providers of clearance services);

* Clause 127 (SDRT: transfers to depositaries or providers of clearance services);

* Clause 128 (Petroleum revenue tax: rate);

* Clause 130 (Landfill tax: rates from 1 April 2017);

* Clause 131 (Landfill tax: rates from 1 April 2018);

* Clause 137 (APD: rates from 1 April 2016);

* Clause 138 (VED: rates for light passenger vehicles, light goods vehicles, motorcycles, etc.);

* Clause 139 (VED: extension of old vehicles exemption from 1 April 2017);

* Clause 140 (Gaming duty: rates);

* Clause 141 and Schedule 17 (Fuel duties: aqua methanol, etc.);

* Clause 142 (Tobacco products duty: rates);

* Clause 143 (Alcoholic liquor duties: rates);

* Clause 155 and Schedule 23 (Simple assessments);

* Clause 156 (Time limit for self-assessment tax returns);

* Clause 157 (HMRC power to withdraw notice to file a tax return);

* Clause 158 (Rate of interest applicable to judgment debts, etc.: Scotland);

* Clause 159 (Rate of interest applicable to judgment debts, etc.: Northern Ireland);

* Clause 160 (Rate of interest applicable to judgment debts, etc.: England and Wales);

* Clause 161 (Gift aid: power to impose penalties on charities and intermediaries);

* Clause 162 (Proceedings under customs and excise Acts: prosecuting authority);

* Clause 163 (Detention and seizure under CEMA 1979: notice requirements, etc.);

* Clause 164 (Data-gathering powers: providers of payment or intermediary services);

* Clause 165 (Data-gathering powers: daily penalties for extended default);

* Clause 166 (Extension of provisions about set-off to Scotland);

* Clause 167 (Raw tobacco approval scheme);

* Clause 168 and Schedule 24 (Powers to obtain information about certain tax advantages);

* Clause 169 (Power to publish state aid information);

* Clause 170 (Information powers: supplementary);

* Clause 171 (Qualifying transformer vehicles); and

* Clause 172 (Office of Tax Simplification).