On 10 May 2023, the government put forward amendments 4 to 10 to the Bill, all of which were expected to be passed by the Public Bill Committee. Those amendments cover the following:
Amendment 4 to Sch 2 (Estates in administration and trust): low-income trusts are to be excluded from income tax, but the £500 low-income threshold is reduced in certain situations. This amendment creates an additional exception from the requirement to reduce that threshold.
Amendment 5 to Sch 3 (Corporate interest restriction): the definition of ‘insurance company’ is revised to encompass certain overseas entities.
Amendments 6 and 7 to clause 41 (CGT: separated spouses and civil partners): these are timing adjustments to ensure the legislation applies as intended.
Amendment 8 to clause 42 (Carried interest: election to pay tax as scheme profits arise): takes into account the actual timing of profit distributions to investors where that timing affects the amount of carried interest that is due to the individual.
Amendments 9 and 10 to clause 324 and Sch 22 (Reform of HGV road user levy): these are changes required as a consequence of other amendments made by the Bill, to ensure vehicle excise duty remains payable on certain HGVs.
As usual, Explanatory Notes have been published to explain the rationale behind the proposed changes.
On 10 May 2023, the government put forward amendments 4 to 10 to the Bill, all of which were expected to be passed by the Public Bill Committee. Those amendments cover the following:
Amendment 4 to Sch 2 (Estates in administration and trust): low-income trusts are to be excluded from income tax, but the £500 low-income threshold is reduced in certain situations. This amendment creates an additional exception from the requirement to reduce that threshold.
Amendment 5 to Sch 3 (Corporate interest restriction): the definition of ‘insurance company’ is revised to encompass certain overseas entities.
Amendments 6 and 7 to clause 41 (CGT: separated spouses and civil partners): these are timing adjustments to ensure the legislation applies as intended.
Amendment 8 to clause 42 (Carried interest: election to pay tax as scheme profits arise): takes into account the actual timing of profit distributions to investors where that timing affects the amount of carried interest that is due to the individual.
Amendments 9 and 10 to clause 324 and Sch 22 (Reform of HGV road user levy): these are changes required as a consequence of other amendments made by the Bill, to ensure vehicle excise duty remains payable on certain HGVs.
As usual, Explanatory Notes have been published to explain the rationale behind the proposed changes.
