HC Deb 23 April 1991 vol 189 c1034

Amendments made: No. 27, in page 12, line 15, leave out from 'company"),' to 'a' in line 18.

No. 28, in page 12, line 19, leave out from 'section' to end of line 34 and insert 'shall be chargeable in respect of any gain accruing to the company on a chargeable disposal—

  1. (a) of that land or interest; or
  2. (b) of an interest of any specified description in the land so transferred or in the land in which the interest so transferred subsists at the time of the transfer under that section;
made within the period of ten years beginning with the date on which the company ceases to be a wholly-owned subsidiary of the body which immediately before the transfer was the relevant port authority in question.

(2) The levy shall be charged—

  1. (a) at the rate of twenty-five per cent. on the amount of the gain, in the case of a disposal made within the first five years of the period mentioned in subsection (1) above;
  2. (b) at the rate of twenty per cent. on the amount of the gain, in the case of a disposal made within the sixth or seventh year of that period; and
  3. (c) at the rate of ten per cent. on the amount of the gain, in the case of a disposal made during the remainder of that period.

(2A) The levy shall be paid by the chargeable company to the appropriate Minister.

(2B) There is a disposal of land or an interest in land for the purposes of this section and section (Supplementary and consequential provisions relating to levy under section 16) below if there would be such a disposal for the purposes of the 1979 Act.'.

No. 29, in page 12, line 36, leave out paragraph (a) and insert— '(a) for determining when and by whom any disposal of land or an interest in land is to be regarded for the purposes of this section as being made;'.

No. 30, in page 12, line 40, leave out 'those purposes' and insert 'the purposes of this section;'.

No. 31, in page 12, line 42, leave out 'those purposes' and insert 'the purposes of this section'.

No. 32, in page 13 line 4, leave out paragraph (a).

No. 33, in page 13, line 29, leave out from 'to' to second 'with' in line 30 and insert 'corporation tax on chargeable gains'.

No. 34, in page 13, line 32, leave out 'subsection (3) above' and insert 'this section'.

No. 35, in page 13, leave out lines 35 to 43.

No. 36, in page 13, line 45, leave out from first 'specified' to end of line 48 and insert 'means specified in an order under this section.'.—[Mr. McLoughlin.]

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