On 8 October, the government tabled the following (see www.bit.ly/1OyTdH5 for details):
three amendments to Schedule 7 on loan relationships and derivative contracts, to ensure that the corporate rescue exemption provisions will be available in respect of transactions on or after 1 January 2015, rather than the date of royal assent;
two amendments to Schedule 8 on direct recovery of tax debts, requiring HMRC to take account of matters which place persons at a particular disadvantage in dealing with the debts in question;
one amendment to Clause 21 on the pensions special lump sum death benefits charge, to remove a potential double lifetime allowance tax charge on payments from defined benefits schemes; and eight amendments to Schedule 4 on the pensions annual allowance, to ensure that easements in the transitional rules for the alignment of pension input periods with the tax year work as intended; and
five amendments to Clause 24 restricting finance costs of residential property businesses, to ensure that companies are not affected by the measure and that trustees will receive relief at the basic rate in respect of restricted finance costs in accumulated or discretionary trust income.
A Public Bill Committee already agreed six amendments to Clause 9 (increased IHT nil-rate band where home inherited by direct descendants) on 17 September.
On 8 October, the government tabled the following (see www.bit.ly/1OyTdH5 for details):
three amendments to Schedule 7 on loan relationships and derivative contracts, to ensure that the corporate rescue exemption provisions will be available in respect of transactions on or after 1 January 2015, rather than the date of royal assent;
two amendments to Schedule 8 on direct recovery of tax debts, requiring HMRC to take account of matters which place persons at a particular disadvantage in dealing with the debts in question;
one amendment to Clause 21 on the pensions special lump sum death benefits charge, to remove a potential double lifetime allowance tax charge on payments from defined benefits schemes; and eight amendments to Schedule 4 on the pensions annual allowance, to ensure that easements in the transitional rules for the alignment of pension input periods with the tax year work as intended; and
five amendments to Clause 24 restricting finance costs of residential property businesses, to ensure that companies are not affected by the measure and that trustees will receive relief at the basic rate in respect of restricted finance costs in accumulated or discretionary trust income.
A Public Bill Committee already agreed six amendments to Clause 9 (increased IHT nil-rate band where home inherited by direct descendants) on 17 September.
