With this it will be convenient to discuss the following:

Amendment 34, in schedule 1, page 57, line 33, at end insert

“or such higher amount as may be determined in accordance with sub-paragraphs (1A) to (1D).

(1A) This sub-paragraph applies where the loan is between £100,000 and £199,999.

(1B) This sub-paragraph applies where the loan is a multiple of £100,000.

(1C) Where sub-paragraph (1A) applies, the penalty is £600.

(1D) Where sub-paragraph (1B) applies, the penalty is the equivalent multiple of £300.”

This amendment provides for higher penalties for failure to comply with paragraph 35C where the amount of the loan is greater.

Amendment 35, in schedule 1, page 57, line 38, after “£60”, insert

“or such higher amount as may be determined in accordance with sub-paragraphs (4) to (7)”.

This amendment paves the way for Amendment 36.

Amendment 36, in schedule 1, page 57, line 39, at end insert—

‘(4) This sub-paragraph applies where the loan is between £100,000 and £199,999.

(5) This sub-paragraph applies where the loan is a multiple of £100,000.

(6) Where sub-paragraph (4) applies, the penalty is £120.

(7) Where sub-paragraph (5) applies, the penalty is the equivalent multiple of £60.”

This amendment provides for higher penalties for continued failure to comply with paragraph 35C where the amount of the loan is greater.

Amendment 37, in schedule 1, page 58, line 10, at end insert

“or such higher amount as may be determined in accordance with sub-paragraphs (6A) to (6D).

(6A) This sub-paragraph applies where the loan is between £100,000 and £199,999.

(6B) This sub-paragraph applies where the loan is a multiple of £100,000.

(6C) Where sub-paragraph (6A) applies, the penalty is £6,000.

(6D) Where sub-paragraph (6B) applies, the penalty is the equivalent multiple of £3,000.”

This amendment provides for higher penalties for inaccurate information or documents relating to compliance with paragraph 35C where the amount of the loan is greater.

Amendment 38, in schedule 1, page 60, line 20, at end insert—

“17 (1) The amendments made by paragraphs 9 to 12 have effect in accordance with the provisions of this paragraph.

(2) No later than two months after the passing of this Act, the Chancellor of the Exchequer and the Commissioners shall undertake an assessment of the profile of those holding loans to which the amendments made by those paragraphs apply.

(3) A review under this paragraph shall consider what discretionary arrangements it is appropriate for the Commissioners to take in relation those holding such loans who are not higher rate taxpayers.

(4) The amendments made by paragraphs 9 to 12 shall have effect when the Chancellor of the Exchequer has laid before the House of Commons a report of the review under this paragraph.”

This amendment provides for commencement of the provisions of Part 4 of the Schedule to take place after the publication of a review of the profile of those affected, and in particular on lower paid taxpayers.

That schedule 1 be the First schedule to the Bill.

That clause 12 stand part of the Bill.

That schedule 2 be the Second schedule to the Bill.

Is that clear?