HC Deb 04 June 1964 vol 695 cc1357-60

Amendments made: In page 33, line 2, at end insert: "PART I".

In line 14, leave out from first "the" to "include" and insert: lessee's interest in a lease of an asset, or in respect of any other interest in an asset".

In line 15, after "(a)" insert: in the case of a lessee's interest".

In line 20, leave out from third "the" to end of line 21 and insert "interest in the asset".

In line 24, leave out "lessee's rights" and insert "interest".

In line 27, leave out "the lease" and insert "a lease of the asset".

In line 33, leave out from "of" to "include" and insert "any interest in an asset".

In line 37, leave out from second "the" to end of line 38 and insert "interest in the asset".

In line 39, leave out sub-paragraph (2) and insert: (2) If an interest in the asset is disposed of by any person to a person who is his associate (as defined in this Schedule), the person disposing of the interest shall (unless in fact he obtains a greater sum) be treated for the purposes of the principal section as having obtained in respect of the interest—

  1. (a) the value of the interest in the open market, or
  2. (b) the value of the interest to the person to whom it is, in effect, transferred, whichever is the greater.

In page 34, line 7, leave out from "of" to "an" in line 8 and insert "an interest in".

In line 13, leave out from "to" to "an" in line 14 and insert "an interest in".

In line 26, after "in", insert "the principal section and".

In page 35, leave out lines 2 to 5 and insert: So far as in respect of a capital sum—".—[The Solicitor-General.]

The Solicitor-General

I beg to move Amendment No. 84, in page 35, line 13, to leave out "this" and to insert "the principal". This is a drafting Amendment.

8.45 p.m.

Mr. Mitchison

Perhaps the right hon. and learned Gentleman can assure us that the remaining Amendments to Schedule 7 have already been discussed or are drafting.

The Solicitor-General

Yes, I can give that assurance. They are all consequential on the first Amendment that I moved to Clause 16, and we have also discussed the hire-purchase agreements.

Amendment agreed to.

Further Amendments made: In page 35, line 17, leave out "such".

In line 38, at end insert:

  1. PART II 656 words
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