Finance (No. 2) Bill 2024-26

Page 533, line 18, that Schedule 23 be transferred to the end of line 5 on page 468.

This motion moves Schedule 23 to after Schedule 13 so as to correct the order of the Schedules.

NC27

To move the following Clause—
“Report on winter fuel payment charge and related compliance and collection measures
(1) The Commissioners for HM Revenue and Customs must lay before the House of Commons a report on the operation and effects of the charge applied to winter fuel payments where an individual’s income exceeds the relevant threshold, including the compliance and collection arrangements introduced under section 55 and Schedule 10 in relation to that charge.
(2) The report under subsection (1) must in particular consider—
(a) the effect of the charge on people whose income exceeds the threshold by a small amount, and any resulting behavioural impacts,
(b) the administrative complexity and proportionality of introducing a tapered abatement for winter fuel payments,
(c) the potential effect of updating section 7 of the Taxes Management Act 1970 so that a winter fuel payment charge becomes a notifiable liability for tax assessment purposes, including the operation of penalties for failure to notify, and the interaction with existing exceptions for liabilities reflected in PAYE tax coding adjustments or where a taxpayer has already been issued a notice to file a self-assessment return, and
(d) the operation and effectiveness of any new PAYE regulation provisions that allow winter fuel payment charges to be collected via tax code adjustments in year, and which allow HMRC to repay any overpaid income tax related to the charge via the tax code within the same year.”

This new clause would require HMRC to report to Parliament on the operation of the winter fuel payment charge, including its effect on people whose income exceeds the threshold by a small amount. The report would also cover the implications of updating section 7 of the Taxes Management Act 1970 to make winter fuel payment charge liabilities notifiable for tax assessment purposes.

NC28

To move the following Clause—
“Implementation of section 35 (Restriction of relief on disposals to employee-ownership trusts
(1) HM Revenue and Customs must, as part of the implementation of the provisions of section 35, make an assessment of the potential benefits of establishing a digital application process for taxpayers seeking to pay capital gains tax by instalments under section 280 of TCGA 1992 in respect of disposals to employee ownership trusts.
(2) The assessment made under subsection (1) must consider potential guidance on eligibility criteria and processing timescales.”

This new clause would require HMRC to assess the potential benefits of establishing a digital application process for taxpayers to pay capital gains tax by instalments in respect of disposal to employee ownership trusts as part of the implementation of section 35.

NC29

To move the following Clause—
“Report on the impact of section 35
The Chancellor of the Exchequer must, within 12 months of this section coming into force, lay before the House of Commons a report assessing the impact of the changes made under section 35 on small and medium-sized enterprises, including—
(a) the number of EOT transactions completed compared to the previous three-year average,
(b) any administrative costs and burdens reported by businesses and tax advisers,
(c) the incidence and value of dry tax charges arising, and
(d) recommendations for any modifications to the instalment payment regime under Section 280 of TCGA 1992.”

This new clause would require the Chancellor of the Exchequer to lay a report before the House of Commons on the impact of section 35 on small and medium-sized enterprises.

37

★ Clause 13, page 7, line 37, at end insert— "() In section 1691(7D)(b) of TCGA 1992 (material disposal of business assets)— (a) for "tenth ” substitute "specified"; (b) at the end insert "(with “specified anniversary” having the meaning given in section 529(2A) of that Act)”.”

38

★ Clause 13, page 7, line 38, for "(7)” substitute "(8)"

39

★ Clause 225, page 212, line 22, leave out paragraph (a)

40

★ Clause 225, page 212, line 28, leave out paragraph (d)

3

Clause 15, page 10, line 26, after “the” insert “relevant”

4

Clause 15, page 10, line 30, after “the” insert “relevant”

5

Clause 24, page 28, line 25, at end insert- "61Z2 Disclosures to liable persons (1) Subsection (2) applies where an officer of Revenue and Customs considers that a person is, or may be, jointly and severally liable to pay an amount as a result of this Chapter. (2) The officer may at any time disclose to the person such information as the officer considers appropriate (whether or not such a disclosure would otherwise be permitted under section 18(2)(a) of CRCA 2005 or any other enactment) for the purposes of informing the person about that liability ("the joint liability”) including- (a) the identity of any person who is an umbrella company, a purported umbrella company or the worker in relation to the arrangements to which the joint liability relates, and (b) information about the nature and extent of the liability of an umbrella company or a purported umbrella company that (by virtue of this Chapter) results, or may result, in the joint liability. (3) Information disclosed in reliance on subsection (2) may not be further disclosed without the consent of the Commissioners for His Majesty's Revenue and Customs (which may be general or specific). (4) Where a person contravenes subsection (3) by disclosing information relating to a person whose identity- (a) is specified in the disclosure, or (b) can be deduced from it, section 19 of CRCA 2005 (offence of wrongful disclosure) applies in relation to the disclosure as it applies in relation to a disclosure in contravention of section 20(9) of that Act. (5) In this section “CRCA 2005" means the Commissioners for Revenue and Customs Act 2005."

6

Clause 24, page 29, line 31, leave out "a "relevant party” for the purposes” and insert "jointly and severally liable to pay an amount as a result"

7

Clause 24, page 29, line 32, leave out from “ITEPA" to end of line 33 and insert "(umbrella companies)—"

8

Clause 24, page 29, line 34, leave out from first "to" to "as" in line 35 and insert "that amount"

9

Clause 25, page 30, line 21, at end insert ", or (ii) a director or shadow director of such a person."

10

Clause 25, page 32, line 12, at end insert- ""shadow director” has the meaning given by section 251 of the Companies Act 2006."

11

Clause 27, page 33, line 15, at end insert— "(da) adapting provision made under section 25(6), in cases where a settlement offer is made to a person who is not an individual, about the calculation of settlement amounts (including provision for the calculation to be different to what is required by section 25(6));”

20

Schedule 6, page 318, line 41, at end insert- "(ba) in subsection (4)(b), for "issuing company”, in both places it occurs, substitute "borrower",""

21

Schedule 8, page 358, line 9, leave out “50” and insert “50A”

22

Schedule 8, page 379, line 26, at end insert- "50A In Schedule 16 (multinational top-up tax: transitional provision), after paragraph 2 insert— "Transitional extension to deadline for elections 2A (1) Schedule 15 (multinational top-up tax: elections) has effect in its application to a pre-2026 election as if in paragraphs 1(2)(b) and 2(2)(b) of that Schedule for "no later than” there were substituted "before the end of the period of 12 months beginning with the day after". (2) In sub-paragraph (1), a “pre-2026 election” means an election which specifies an accounting period ending before 31 December 2025 as- (a) in the case of an election to which paragraph 1 of Schedule 15 applies, the first accounting period for which the election is to have effect, or (b) in the case of an election to which paragraph 2 of Schedule 15 applies, the accounting period for which the election is to have effect.""

23

Schedule 8, page 379, line 27, leave out paragraph 51 and insert- "51 (1) In FA 1989, in section 178 (setting of rates of interest), subsection (2) is amended as follows. (2) In paragraph (x)— (a) for "51" substitute "33A"; (b) after "Finance” insert "(No.2)"; (3) In paragraph (y), for “51” substitute “33A”."

24

Schedule 8, page 379, line 38, at end insert- "(3A) The amendment made by paragraph 50A has effect in relation to accounting periods beginning on or after 31 December 2023.""

27

Schedule 23, page 535, line 22, after "from" insert "premises in"

28

Schedule 23, page 535, line 23, after "Ireland” insert "operated or used by a person registered under section 24 of the Act for any purpose specified in subsection (6) of that section"

26

Schedule 23, page 535, line 24, leave out from "waters" to end of line 25

12

Clause 110, page 134, line 20, at end insert- "(2A) In consequence of the amendments made by the preceding subsections, in section 189 of the Economic Crime and Corporate Transparency Act 2023, in subsections (3)(b)(ii) and (11) (which operate by reference to provisions amended by this section), for “large or very large” substitute "in any of bands B to D"""

13

Clause 138, page 146, line 24, at end insert- "() Sections 114(4) (production only in accordance with regulations) and 117(1) (duty to stamp in accordance with regulations) come into force on such day as the Treasury may by regulations appoint.""

14

Clause 138, page 146, line 27, after "2027” insert ", and have effect in relation to vaping products irrespective of when they were produced or imported""

16

Clause 225, page 211, line 24, leave out "an amount within paragraph (a) or (b)" and insert "a tax payable to HMRC or to national insurance contributions”

17

Clause 225, page 211, line 26, leave out “including a relevant anti-avoidance penalty"

18

Clause 225, page 211, line 27, at end insert- "(da) a civil penalty (not within paragraph (d)) relating to an obligation contained in a provision made by or under any enactment relating to tax;""

19

Clause 225, page 211, line 28, leave out "(d)" and insert "(da)"

25

Schedule 21, page 514, line 38, at end insert- "(aa) in sub-paragraph (3), for “individual” substitute “person”;”"

15

Clause 146, page 154, line 17, at end insert- "(4A) In determining the “baseline free allocation percentage” in relation to a CBAM sector, ignore any scheme year in which there were no sectoral emissions.""

NC18

★ To move the following Clause— "Review of the effect of sections 63 to 68 (1) HM Treasury must carry out a review of the effect of sections 63 to 68 of this Act (Pension interests). (2) The review under subsection (1) must include an assessment of— (a) the impact of those sections on individuals' pension savings and beneficiaries, including on estate values and inheritance tax liabilities, (b) the administrative effects on personal representatives, pension scheme administrators, and HM Revenue and Customs, and (c) any behavioural effects on how pensions are used during life and on death. (3) HM Treasury must lay before the House of Commons a report setting out the findings of the review under subsection (1) no later than six months after the date on which sections 63 to 68 come into force."

NC19

★ To move the following Clause— "Report on the impact of inheritance tax liability on personal representatives in relation to pension assets (1) The Secretary of State must, within 12 months of the passing of this Act, lay before the House of Commons a report on the impact of the changes to inheritance tax treatment of pension assets on personal representatives of deceased persons made under this Act. (2) The report must consider— (a) the legal obligations of personal representatives to collect the assets of an estate, settle all liabilities (including inheritance tax), and distribute the estate to beneficiaries, (b) the extent to which personal representatives may be personally liable for inheritance tax due on assets, including pension funds, which do not form part of the estate and do not come into their possession, (c) any risk of increased litigation arising from the imposition of personal liability on personal representatives in respect of inheritance tax due on pension assets, (d) the impact of any such liability on the willingness of personal representatives, particularly those who are not beneficiaries of the estate, to distribute estate assets promptly, (e) any practical difficulties faced by personal representatives where pension assets, lifetime gifts, or other chargeable assets are discovered after initial inheritance tax calculations have been completed, including the requirement to recalculate inheritance tax liabilities and re-apportion the nil rate band, (f) any administrative and timing challenges associated with identifying multiple pension arrangements, particularly where a deceased person held several pension funds arising from different employments, and (g) whether the existing six-month timeframe for inheritance tax reporting and payment adequately reflects those practical difficulties. (3) The report must assess whether the current framework operates fairly and proportionately for personal representatives and whether legislative or administrative changes are necessary to reduce uncertainty, delay, or unintended personal liability.”

NC20

★ To move the following Clause— "Administration of inherited pension pots (1) HM Revenue and Customs must review the tax administration arrangements relating to inherited pension pots. (2) The purpose of the review under subsection (1) is to ensure that— (a) inheritance tax and related tax checks do not cause unreasonable delays in the payment of pension death benefits to beneficiaries, and (b) bereaved families are able to receive pension benefits within a reasonable period following a member's death. (3) In carrying out the review, HM Revenue and Customs must have regard to— (a) the cumulative administrative burden placed on personal representatives, pension scheme administrators, and beneficiaries, (b) the interaction between inheritance tax reporting, clearance processes, and pension scheme payment rules, and (c) any evidence of prolonged delays in the payment of inherited pension benefits. (4) HM Revenue and Customs must publish the outcome of the review, including any proposed changes to its processes or guidance, within 12 months of the passing of this Act.”

NC22

★ To move the following Clause— "Statement on inheritance tax on pension interests (1) The Chancellor of the Exchequer must, within six months of this Act being passed, make a statement to the House of Commons on the effects of the charging of inheritance tax on pension interests made under sections 63 to 68 of this Act. (2) The statement made under subsection (1) must include analysis of the impact on— (a) pension saving levels, (b) household saving decisions, and (d) personal representatives.”

NC23

★ To move the following Clause— "Consultation on changes to inheritance tax on pensions interests (1) The Chancellor of the Exchequer must, before 6 April 2027, undertake a consultation on the potential impacts of the changes made by sections 63 to 67. (2) The consultation made under subsection (1) must consider the extent to which the changes to inheritance tax on pension interests deliver better outcomes for UK savers and pensioners. (3) The Chancellor of the Exchequer must lay before the House of Commons a report summarising the responses to the consultation.”

NC24

★ To move the following Clause— "HMRC guidance on inheritance tax on pension interests (1) HM Revenue and Customs must, within six months of this Act being passed, publish comprehensive guidance on the implementation of sections 63 to 68. (2) HMRC must establish a dedicated helpline for enquiries relating to inheritance tax on pension interests. (3) The guidance published under subsection (1) must be reviewed annually and published in accessible formats.”

NC21

To move the following Clause— "Review of the impact of sections 83 and 84: free bets and freeplays The Chancellor of the Exchequer must, within six months of this Act being passed, undertake an assessment of the impact of implementation of sections 83 and 84 of this Act in respect of the treatment of free bets and freeplays for calculating general betting duty on remote bets.”

NC25

★ To move the following Clause— "Statements on increasing remote gambling duty and introducing a new rate of General Betting Duty (1) The Chancellor of the Exchequer must, within six months of this Act being passed, make a statement to the House of Commons on the effects of the increase in gambling duties made under sections 83 to 84 of this Act. (2) The statement made under subsection (1) must include details on the impact on— (a) sports and horseracing, (b) the number of high street betting shops, (c) the gambling black market, (d) the employment rate, and (e) the public finances."

NC26

★ To move the following Clause— "Statements on increasing alcohol duty (1) The Chancellor of the Exchequer must, within six months of this Act being passed, make a statement to the House of Commons on the effects of the increase to alcohol duty made under section 86 of this Act. (2) The statement made under subsection (1) must include details on the impact on— (a) the hospitality sector, (b) pubs, (c) UK wine, spirit and beer producers, (d) the employment rate, and (e) the public finances.”

NC2

★ To move the following Clause— "Review of the impact of section 7 on rent prices (1) The Chancellor of the Exchequer must, within three months of this Act being passed, lay before the House of Commons an assessment of the impact of implementation of section 7 of this Act on rent prices. (2) The assessment made under subsection (1) must— (a) estimate the proportion of the increase in income tax on property income that is passed on to renters through higher rents, (b) analyse the impact on renters by— (i) region, an (ii) income decile, and (c) set out the methodology used to reach those estimates.”

NC10

★ To move the following Clause— "Statements on increase in dividend ordinary and upper rates (1) The Chancellor of the Exchequer must, within six months of this Act being passed, make a statement to the House of Commons on the increase in dividend ordinary and upper rates introduced by section 4 of this Act. (2) The statement made under subsection (1) must include details of the impact on— (a) household saving decisions; (b) the domestic equity market; (c) institutional investors; and (d) outcomes for all British savers and pensioners."

NC11

★ To move the following Clause— "Statements on saving rates of income tax for tax year 2027-28 (1) The Chancellor of the Exchequer must, within six months of this Act being passed, make a statement to the House of Commons on the saving rates of income tax for the tax year 2027-28 introduced by section 5 of this Act. (2) The statement made under subsection (1) must include details of the impact on— (a) household saving decisions; and (b) outcomes for all British savers and pensioners.”

NC12

★ To move the following Clause— "Sections 6 to 8 and Schedules 1 and 2: impact on private rental sector (1) The Chancellor of the Exchequer must, within six months of this Act being passed, publish an assessment of the impact of the changes introduced by sections 6, 7, and 8 of this Act on the private rental sector in England, Wales, Scotland, and Northern Ireland. (2) The assessment made under subsection (1) must consider - (a) the effects of the provisions of sections 6, 7, and 8 on the cost of private rent in each region within England, Wales, Scotland, and Northern Ireland, (b) the effects of the provisions of sections 6, 7, and 8 on the supply of private rental properties in each region within England, Wales, Scotland, and Northern Ireland, (c) any other implications of the changes introduced by sections 6, 7, and 8 of this Act."

37

★ Page 5, line 14, leave out Clause 9

38

★ Page 5, line 20, leave out Clause 10

39

★ Page 88, line 1, leave out Clause 69

NC3

★ To move the following Clause— "Notification of taxpayers affected by frozen thresholds (1) HM Revenue and Customs must take reasonable steps to identify individuals who, as a result of— (a) the freezing of the starting rate limit for savings under section 9 of this Act, or (b) the freezing of the personal allowance or the basic rate limit under section 10 of this Act, will— (i) become liable to income tax for the first time, or (ii) become liable to income tax at a higher rate than in the previous tax year. (2) HM Revenue and Customs must ensure that each individual identified under subsection (1) is provided with a written notification before the start of the relevant tax year. (3) A notification under subsection (2) must— (a) explain that the individual's tax liability is affected by the freezing of income tax thresholds, (b) state whether the individual will pay income tax for the first time or move into a higher tax band, and (c) provide information on where the individual can obtain further guidance about their tax position. (4) HM Revenue and Customs must publish, no later than six months after the end of each affected tax year, a report setting out— (a) the number of individuals notified under this section, (b) the number of individuals who became income taxpayers for the first time as a result of sections 9 and 10, and (c) the number of individuals who moved into a higher tax band as a result of those sections. (5) In this section “written notification" includes electronic communication.”

NC4

★ To move the following Clause— "Review of the impact of tax changes on household finances (1) The Chancellor of the Exchequer must, within six months of this Act being passed, publish an assessment of the impact of changes introduced by sections 9,10 and 69 on household finances. (2) The assessment must evaluate how households across different income levels are affected by these changes.”

NC5

To move the following Clause— "Report on impact of sections 9, 10 and 69 Within three months of this Act being passed, the Chancellor of the Exchequer must lay before the House of Commons a report setting out— (a) the number of taxpayers who will pay income tax at each rate during each tax year between 2026-27 and 2030-31 under sections 9, 10 and 69, (b) the number of those taxpayers who are pensioners or are of State Pension Age, (c) comparative figures for each tax year since 2020-21, (d) comparative projected figures for each tax year to 2034-35, and (e) comparative figures with a scenario under which normal uprating policy had been implemented for financial years 2020-21 through 2030-31.”

NC13

★ To move the following Clause— "Assessment of the impact of changes to the basic rate limit and personal allowance for tax years 2028-29 to 2030-31 The Chancellor of the Exchequer must, within three months of this Act being passed, publish an assessment of the expected impact on an average earner of the provisions of section 10.”

NC14

★ To move the following Clause— "Assessment of the impact of the freezing of the personal allowance on those in receipt of the state pension for the tax years 2027-28 to 2030-31 (1) The Chancellor of the Exchequer must, before the start of the tax year 2027-28, publish an assessment of the impact of the freezing of the personal allowance on those in receipt of the state pension for the tax years 2027-28 to 2030-31. (2) The assessment made under subsection (1) must include details on the— (a) estimated total income tax receipts received in each tax year from individuals whose only income is the state pension, (b) the method by which individuals whose only income is the state pension could be exempted from paying income tax, (c) the effect that Government policy regarding the personal allowance on those in receipt of the state pension has on the overall fairness of the tax system.”

NC15

★ To move the following Clause— "Assessment of the impact of exempting from income tax pensioners whose sole income is the basic or new State Pension The Chancellor of the Exchequer must, within three months of this Act being passed, publish an assessment of the fiscal impacts of exempting pensioners whose sole income is the basic or new State Pension (without any increments) from paying small amounts of income tax.”

42

★ Schedule 12, page 443, line 13, leave out from “and” to end of line 16 and insert— "(c) either— (i) is attributable to property that has been owned by the transferor for at least 10 years as part of a business that is actively operated by the transferor or a member of their family, or (ii) if the value does not fall within (i), does not exceed the amount of the 100% relief allowance available in relation to that chargeable transfer (see section 124D),”

45

★ Schedule 12, page 443, line 13, leave out from “and” to end of line 16, and insert— "(c) either— (i) is attributable to property acquired before 31 March 2026, or (ii) if the value does not fall within (i), does not exceed the amount of the 100% relief allowance available in relation to that chargeable transfer (see section 124D),"

43

★ Schedule 12, page 443, line 22, leave out from “and” to end of line 25 and insert— "(c) either— (i) is attributable to property that has been owned by the transferor for at least 10 years as part of a business that is actively operated by the transferor or a member of their family, or (ii) if the value does not fall within (i), does not exceed the amount of the 100% trust relief allowance available in relation to that occasion (see sections 124G to 124K),”

46

★ Schedule 12, page 443, line 22, leave out from “and” to end of line 25 and insert— "(c) either— (i) is attributable to property acquired before 31 March 2026, or (ii) if the value does not fall within (i), does not exceed the amount of the 100% trust relief allowance available in relation to that occasion (see sections 124G to 124K),"

44

★ Schedule 12, page 443, line 37, leave out from “and” to end of line 3 on page 444 and insert— "(b) either— (i) is attributable to property that has been owned by the transferor for at least 10 years as part of a business that is actively operated by the transferor or a member of their family, or (ii) if the value does not fall within (i), does not exceed the amount of the 100% relief allowance available in relation to that chargeable transfer (see section 124D),"

47

★ Schedule 12, page 443, line 37, leave out from “and” to end of line 3 on page 444 and insert— "(b) either— (i) is attributable to property that has been owned by the transferor for at least 10 years as part of a business that is actively operated by the transferor or a member of their family, or (ii) if the value does not fall within (i), does not exceed the amount of the 100% relief allowance available in relation to that chargeable transfer (see section 124D),"

48

★ Schedule 12, page 443, line 37, leave out from “and” to end of line 3 on page 444 and insert— "(b) either— (i) is attributable to property acquired before 31 March 2026, or (ii) if the value does not fall within (i), does not exceed the amount of the 100% relief allowance available in relation to that chargeable transfer (see section 124D),””

40

★ Schedule 12, page 455, line 31, leave out "2031" and insert “2027”

41

★ Schedule 12, page 455, line 33, at end insert— "(2A) If the Treasury estimates that the value of agricultural land has increased by more than the percentage increase in the consumer prices index during the same period, then it must instead make an order by statutory instrument amending each relief allowance amount relating to agricultural property by the percentage increase in the value of agricultural land."

NC6

★ To move the following Clause— "Impact assessment of section 62 prior to implementation (1) The Chancellor of the Exchequer must, within three months of the passing of this Act, lay before the House of Commons an assessment of the impact of implementation of section 62 on family-owned farms and businesses. (2) The assessment made under subsection (1) must consider potential impacts on— (a) business continuity, (b) land use, and (c) rural employment.”

NC7

★ To move the following Clause— "Uprating of allowance amounts for agricultural property The Chancellor of the Exchequer must, within six months of this Act, undertake and publish an assessment of the potential merits of uprating annually the relief allowance amount for agricultural property by the change in the value of agricultural land."

NC16

★ To move the following Clause— "Review of share buyback conditions (1) The Treasury must, within 12 months of the passing of this Act, prepare a report reviewing the operation of the rules regarding share buyback in relation to Agriculture Property Relief. (2) The report must consider the— (a) requirement to show undue hardship, (b) period over which the purchase price may be paid, rather than immediately on completion, and (c) effect of the changes to Agricultural Property Relief made under this Act."

NC17

★ To move the following Clause— "Review of anti-forestalling provisions relating to Agricultural Property Relief (1) The Treasury must conduct a review of the effects of the anti-forestalling provisions relating to Agricultural Property Relief. (2) The review must, in particular, consider the effects of those provisions on— (a) succession planning and intergenerational transfer of agricultural land and businesses, (b) the viability and continuity of family-run farms, (c) food security and domestic agricultural production, (d) land management, environmental stewardship, and the condition of the countryside, and (e) the availability of agricultural land for active farming. (3) In conducting the review, the Treasury must consult such persons as it considers appropriate, including representatives of the agricultural sector. (4) The Treasury must lay before the House of Commons a copy of the report within 12 months of the coming into force of the anti-forestalling provisions under this Act."

NC8

★ To move the following Clause— "Review of impact of section 86 on the hospitality sector (1) The Chancellor of the Exchequer must, within six months of the passing of this Act, lay before the House of Commons a report assessing the impact of the measures contained in section 86 on the hospitality sector. (2) A report under subsection (1) must include an assessment of the impact of section 86 on— (a) levels of employment across the United Kingdom within the hospitality sector, (b) the number of hospitality businesses ceasing to trade, and (c) the number of new hospitality businesses established. (3) In this section, “the hospitality sector” means persons or businesses operating in the provision of food, drink, accommodation, or related services."

NC9

★ To move the following Clause— "Review of cumulative impact on the hospitality sector (1) The Chancellor of the Exchequer must, within six months of the passing of this Act, lay before the House of Commons a report assessing the cumulative impact on the hospitality sector of— (a) the measures contained in section 86 of this Act, and (b) changes to taxation and business costs affecting that sector introduced outside this Act since 2020. (2) For the purposes of subsection (1)(b), changes to taxation and business costs include, but are not limited to— (a) changes to employer National Insurance contribution rates or thresholds, (b) changes to business rates, including reliefs and revaluations, and (c) any other fiscal measures which materially affect operating costs for hospitality businesses. (3) A report under subsection (1) must include an assessment of the impact of the matters listed in that subsection on— (a) levels of employment across the United Kingdom within the hospitality sector, (b) the number of hospitality businesses ceasing to trade, (c) the number of new hospitality businesses established, and (d) the financial sustainability of hospitality businesses. (4) In this section, “the hospitality sector” means persons or businesses operating in the provision of food, drink, accommodation, or related services."

31

Schedule 12, page 451, line 22, leave out “30 October 2024" and insert "6 April 2026"

32

Schedule 12, page 452, line 3, leave out “30 October 2024" and insert "6 April 2026"

33

Schedule 12, page 454, line 17, leave out "30 October 2024" and insert “6 April 2026"

34

Schedule 12, page 461, line 3, leave out sub-paragraphs (2) to (4)

35

Schedule 12, page 461, line 21, leave out from "paragraph" to end of paragraph 17(5)(b) and insert "comes into force on 6 April 2026"

36

Schedule 12, page 461, line 28, leave out “30 October 2024" and insert "6 April 2026"

30

Page 102, line 29, leave out Clause 86

Schedule 3, page 268, line 14, at end insert— "PART 1A AMENDMENT OF TRANSFER OF ASSETS ABROAD PROVISIONS In section 737 of ITA 2007 (exemption: all relevant post-4 December 2005 transactions), after subsection (4) insert— "(4A) In relation to income falling within subsection (4B) which arises to a person abroad on or after 6 April 2025, in determining whether Condition A or Condition B is satisfied, no regard is to be had to any purpose of avoiding liability to taxation for which the relevant transactions or any of them were effected if and to the extent the relevant transfer and any associated operation were effected before 6 April 2025 in a qualifying tax year. (4B) This subsection applies to income which would be relevant foreign income if it were the individual's or in relation to earlier tax years was income with a non-UK source in respect of which a non-UK domiciled individual would have been taxable only on a remittance basis (assuming any required claim and other steps had been made) if it had been the individual's. (4C) For the purposes of subsection (4A) a qualifying tax year is one for which the individual was not resident in the UK or (for tax years earlier than 2013/14) not ordinarily resident in the UK or, if resident or, as the case may be, ordinarily resident in the UK for that year, the individual was entitled to be taxed on the remittance basis for that year."

Schedule 3, page 275, line 20, at end insert— “Disregard of payments or transfers connected with designated qualifying overseas capital 15A After paragraph 13B (as inserted by paragraph 15 of this Schedule) insert— "Disregard of payments or transfers made in connection with the remittance of designated qualifying overseas capital 13C(1) This paragraph applies where an amount is remitted to the United Kingdom in a qualifying year in respect of the deemed income of an individual and— (a) the income is treated as income of the individual under section 721 or 728 of ITA 2007 by reference to income arising to a person abroad in the tax year 2024-25 or an earlier tax year, (b) the deemed income falls within section 721(1)(a) or section 728(1)(a) and is qualifying overseas capital by virtue of paragraph 2, and (c) the qualifying overseas capital is designated by the individual. (2) Subject to sub-paragraph (3), no payment or transfer of assets made in a qualifying year for the purpose of, or in connection with, the remittance of that designated qualifying overseas capital to the individual (whether by the person abroad, or any company or settlement), to the extent that the amount or value of such payments or transfers in that qualifying year does not exceed the aggregate amount of remittances within sub-paragraph (1) for that year, is capable of— (a) being or giving rise to income which is treated as income of the individual under section 721 or 728 of ITA 2007 or any provision of Chapter 5 of Part 5 of ITTOIA 2005; (b) satisfying the capital sum conditions in section 729 of ITA 2007; (c) being or giving rise to income which is taken into account for the purpose of increasing the total relevant income under section 733 of ITA 2007 in relation to that individual or any other individual; or (d) being or giving rise to income arising under a settlement for the purposes of section 648(1) of ITTOIA 2005. (3) When making a designation as qualifying overseas capital in relation to deemed income within sub-paragraph (1) for a qualifying year, the individual must specify the amount, the nature and the parties to the payments or transfers of assets within sub-paragraph (2) which have been or will be made during the qualifying year for the purpose of, or in connection with, the provision of the benefits within sub-paragraph (2). (4) Where a sequence of two or more payments or transfers is made in a qualifying year for the purpose of, or in connection with, the provision of the same amount or value of benefits falling within sub-paragraph (2) in that qualifying year, then for the purpose of determining whether the amount or value of such payments or transfers exceeds the amount or value of such benefits, that sequence is to be treated as a single payment or transfer with an amount or value equal to the payment or transfer within the sequence with the highest amount or value. (5) In this paragraph “qualifying year” means any of the tax years 2025-26, 2026-27 or 2027-28. Disregard of payments or transfers made in connection with the provision of certain benefits 13D(1) This paragraph applies where— (a) an amount of deemed income is qualifying overseas capital in relation to an individual by virtue of paragraph 6(1)(c), and (b) the individual designates that income as qualifying overseas capital. (2) Subject to sub-paragraph (3), no payment or transfer of assets made in a qualifying year for the purpose of, or in connection with, the provision of any benefit to the individual which gave rise to the deemed income within paragraph 6(1)(c) (whether by the person abroad, or any company or settlement), to the extent that the amount or value of such payments or transfers in that qualifying year does not exceed the aggregate amount or value of the benefits provided in that qualifying year, is capable of— (a) being or giving rise to income which is treated as income of the individual under section 721 or 728 of ITA 2007 or any provision of Chapter 5 of Part 5 of ITTOIA 2005; (b) satisfying the capital sum conditions in section 729 of ITA 2007; (c) being or giving rise to income which is taken into account for the purpose of increasing the total relevant income under section 733 of ITA 2007 in relation to that individual or any other individual; or (d) being or giving rise to income arising under a settlement for the purposes of section 648(1) of ITTOIA 2005. (3) When making a designation as qualifying overseas capital in relation to deemed income within sub-paragraph (1) for a qualifying year, the individual must specify the amount, the nature and the parties to the payments or transfers of assets within sub-paragraph (2) which have been or will be made during the qualifying year for the purpose of, or in connection with, the provision of the benefits within sub-paragraph (2). (4) Where a sequence of two or more payments or transfers is made in a qualifying year for the purpose of, or in connection with, the provision of the same amount or value of benefits falling within sub-paragraph (2) in that qualifying year, then for the purpose of determining whether the amount or value of such payments or transfers exceeds the amount or value of such benefits, that sequence is to be treated as a single payment or transfer with an amount or value equal to the payment or transfer within the sequence with the highest amount or value. (5) In this paragraph “qualifying year” means any of the tax years 2025-26, 2026-27 or 2027-28."

24

The Chancellor of the Exchequer

Schedule 12, page 445, line 14, leave out “£1 million” and insert “£2.5 million”

This amendment increases the 100% relief allowance for agricultural property relief and business property relief to £2.5 million.

25

The Chancellor of the Exchequer

Schedule 12, page 450, line 32, leave out “£1 million” and insert “£2.5 million”

This amendment increases the standard maximum allowance for trusts settled by the same person to £2.5 million.

26

The Chancellor of the Exchequer

Schedule 12, page 451, line 20, leave out “£1 million” and insert “£2.5 million”

This amendment increases the maximum allowance for trusts settled before the announcement of the changes to agricultural property relief and business property relief to £2.5 million.

27

The Chancellor of the Exchequer

Schedule 12, page 452, line 18, leave out “£1 million” and insert “£2.5 million”

This amendment increases the maximum allowance for special trusts (e.g. temporary charitable trusts, accumulation and maintenance trusts or trusts for bereaved minors) to £2.5 million.

28

The Chancellor of the Exchequer

Schedule 12, page 454, line 10, leave out “£1 million” and insert “£2.5 million”

This amendment, together with amendment 29, increases the maximum allowance for 18-to-25 trusts to £2.5 million.

29

The Chancellor of the Exchequer

Schedule 12, page 454, line 11, leave out “£1 million” and insert “£2.5 million”

This amendment, together with amendment 28, increases the maximum allowance for 18-to-25 trusts to £2.5 million.

NC1

To move the following Clause— "Section 62: application in Northern Ireland (1) The Chancellor of the Exchequer must, within six months of this Act coming into force, publish an assessment of the effects of the measures in section 62 as they apply in Northern Ireland. (2) The assessment must consider— (a) the number of estates in Northern Ireland expected to be subject to the reduction in agricultural property relief made under this Act, (b) the potential benefits to farmers in Northern Ireland of exempting land used for agricultural purposes from the changes to agricultural property relief made under this Act, (c) the potential costs to the Exchequer of exempting land used for agricultural purposes from the changes to agricultural property relief made under this Act, (d) the impact of the measures on farm succession, land retention, and the viability of agricultural businesses in Northern Ireland, including any potential implications for the resilience and security of the UK's food supply, and (e) any other matters that the Chancellor of Exchequer deems appropriate. (3) In subsection (2), “land used for agricultural purposes” does not include land that falls within the Financial Conduct Authority's definition of a land-banking investment scheme. (4) In carrying out the assessment, the Chancellor of the Exchequer must have regard to— (a) the average farm size and land valuation profile in Northern Ireland, (b) the prevalence of intergenerational family farming in Northern Ireland, (c) the interaction between agricultural property relief and devolved agricultural support schemes, and (d) any disproportionate impact on rural communities in Northern Ireland. (5) The assessment must be carried out following meaningful consultation with— (a) the Department of Agriculture, Environment and Rural Affairs in Northern Ireland, (b) representatives of farmers and land-based businesses in Northern Ireland, and (c) such other persons as the Chancellor of the Exchequer considers appropriate. (6) The Chancellor of the Exchequer must, within three months of publishing the assessment, lay before Parliament a statement setting out the steps the Government intends to take in response to the assessment’s findings. (7) The Chancellor of the Exchequer must keep the operation of the measures in section 62 under review in light of the assessment and publish a further assessment within 18 months of this Act coming into force."

1

Page 77, line 4, leave out Clause 62

3

Schedule 12, page 451, line 22, leave out “30 October 2024” and insert “1 March 2027"

4

Schedule 12, page 452, line 3, leave out “30 October 2024” and insert “1 March 2027"

5

Schedule 12, page 454, line 17, leave out "30 October 2024" and insert "1 March 2027"

6

Schedule 12, page 461, line 2, leave out "6 April 2026” and insert “1 March 2027"

7

Schedule 12, page 461, line 3, leave out sub-paragraphs (2) and (3)

8

Schedule 12, page 461, line 17, leave out "sub-paragraph (3) will not apply" and insert "the transfer will prove to be an exempt transfer”

9

Schedule 12, page 461, line 21, leave out from "paragraph" to end of paragraph 17(5)(b) and insert "comes into force on 1 March 2027"

10

Schedule 12, page 461, line 28, leave out "30 October 2024" and insert "1 March 2027"

11

Schedule 12, page 461, line 31, leave out "6 April 2026" and insert "1 March 2027"

12

Schedule 12, page 461, line 33, leave out "6 April 2026” and insert “1 March 2027"

13

Schedule 12, page 461, line 36, leave out “6 April 2026" and insert "1 March 2027"

14

Schedule 12, page 461, line 38, leave out “6 April 2026” and insert “1 March 2027"

15

Schedule 12, page 462, line 3, leave out "6 April 2026" and insert "1 March 2027"

16

Schedule 12, page 462, line 7, leave out "6 April 2026” and insert “1 March 2027"

17

Schedule 12, page 462, line 15, leave out "6 April 2026” and insert “1 March 2027"

18

Schedule 12, page 462, line 19, leave out "6 April 2026" and insert “1 March 2027"

19

Schedule 12, page 462, line 30, leave out "6 April 2026” and insert “1 March 2027"

20

Schedule 12, page 462, line 35, leave out “6 April 2026” and insert “1 March 2027"

21

Schedule 12, page 464, line 14, leave out “6 April 2026” and insert “1 March 2027"

22

Schedule 12, page 464, line 21, leave out "6 April 2026" and insert "1 March 2027"

23

Schedule 12, page 464, line 27, leave out "6 April 2026” and insert “1 March 2027"

2

Page 442, line 28, leave out Schedule 12