Settlements: anti-avoidance etc

Part of Finance (No. 2) Bill – in a Public Bill Committee am 10:00 am ar 16 Ionawr 2018.

Danfonwch hysbysiad imi am ddadleuon fel hyn

With this it will be convenient to discuss the following:

Amendment 62, in schedule 10, page 142, line 40, at end insert

“87Q Review of taxation of capital payments received from a settlement

(1) Within six months of the passing of the Finance Act 2018, the Chancellor of the Exchequer must review the effects of the changes to this Chapter made by Schedule 10 to that Act.

(2) The review under this section must consider the effects of those changes on—

(a) the taxation regime for settlements, and

(b) anti-avoidance measures for settlements.

(3) The Chancellor of the Exchequer must lay before the House of Commons the report of the review under this section as soon as practicable after its completion.”

This amendment requires the Chancellor of the Exchequer to review the effects of changes to TCGA 1992 made by the Bill in relation to the taxation of capital payments received from a settlement.

Amendment 63, in schedule 10, page 142, line 40, at end insert

“87Q Public register of capital payments received from settlements

(1) The Chancellor of the Exchequer must by regulations establish a register of capital payments received from settlements to which this Chapter applies within 12 months of the passing of the Finance Act 2018.

(2) A register established under subsection (1) shall record in relation to capital payments—

(a) the recipient beneficiary;

(b) the settlor; and

(c) the trustees of the settlement from which the capital payment is received.

(3) That part of the register containing information in paragraph (c) shall be made available to the public.”

(1A) In section 98(1), after “87”, insert “, 87Q”.”

This amendment creates an obligation for the Chancellor of the Exchequer to create a public register of trust beneficiaries, settlors, and trustees. It also amends section 98(1) of TCGA 1992 to expand, to include new section 87Q, the existing power for HMRC to require any person to provide information as they think necessary to fulfil certain sections of that Act.

Government amendments 2, 51 and 52, 5 to 27, 53, and 28 to 32.

That schedule 10 be the Tenth schedule to the Bill.