On 13 May, a Public Bill Committee agreed four amendments to Sch 8 (venture capital trusts). These amendments clarify that the changes to prevent recycling of VCT relief through returns of share capital to investors apply only to payments out of share capital raised on or after 6 April 2014. The amendments also provide for a power to make regulations disapplying the new legislation for certain VCT mergers.
The following clauses and schedules were passed without amendment: cl 49 and Sch 7 (employment-related securities etc.); cl 50 (VCTs); cl 51 (removing time limit on SEIS relief); cl 52 (removing time limit on CGT relief in respect of re-investment under SEIS); cl 53 and Schs 9 & 10 (relief for investments in social enterprises); cl 54 (relief on disposal of private residence); cl 55 (remittance basis and split year treatment); cl 56 (termination of life interest and death of life tenant: disabled persons); cl 284 (trusts with vulnerable beneficiary: meaning of ‘disabled person’); cl 57 (capital gains roll-over relief: relevant classes of assets); cl 58 (capital gains roll-over relief: intangible fixed assets); cl 59 (avoidance involving losses); cl 60 (extension of capital allowances); cl 61 (business premises renovation allowances); cl 62 (mineral extraction allowances: activities not within charge to tax); cl 63 (mineral extraction allowances: expenditure on planning permission); cl 64 and Sch 11 (extended ring fence expenditure supplement for onshore activities); cl 65 and Sch 12 (supplementary charge: onshore allowance); cl 66 (oil and gas: reinvestment after pre-trading disposal); and cl 67 (substantial shareholder exemption: oil and gas). The committee will sit next on Tuesday 10 June.
On 13 May, a Public Bill Committee agreed four amendments to Sch 8 (venture capital trusts). These amendments clarify that the changes to prevent recycling of VCT relief through returns of share capital to investors apply only to payments out of share capital raised on or after 6 April 2014. The amendments also provide for a power to make regulations disapplying the new legislation for certain VCT mergers.
The following clauses and schedules were passed without amendment: cl 49 and Sch 7 (employment-related securities etc.); cl 50 (VCTs); cl 51 (removing time limit on SEIS relief); cl 52 (removing time limit on CGT relief in respect of re-investment under SEIS); cl 53 and Schs 9 & 10 (relief for investments in social enterprises); cl 54 (relief on disposal of private residence); cl 55 (remittance basis and split year treatment); cl 56 (termination of life interest and death of life tenant: disabled persons); cl 284 (trusts with vulnerable beneficiary: meaning of ‘disabled person’); cl 57 (capital gains roll-over relief: relevant classes of assets); cl 58 (capital gains roll-over relief: intangible fixed assets); cl 59 (avoidance involving losses); cl 60 (extension of capital allowances); cl 61 (business premises renovation allowances); cl 62 (mineral extraction allowances: activities not within charge to tax); cl 63 (mineral extraction allowances: expenditure on planning permission); cl 64 and Sch 11 (extended ring fence expenditure supplement for onshore activities); cl 65 and Sch 12 (supplementary charge: onshore allowance); cl 66 (oil and gas: reinvestment after pre-trading disposal); and cl 67 (substantial shareholder exemption: oil and gas). The committee will sit next on Tuesday 10 June.
