HC Deb 27 March 2000 vol 347 cc162-3

Resolved,

That—

  1. (1) In subsection (5)(b) of section 338 of the Income and Corporation Taxes Act 1988, for "a covenanted donation to charity" there shall be substituted "a qualifying donation".
  2. (2) In section 347A of that Act, subsections (2)(b), (7) and (8) shall cease to have effect.
  3. (3) In subsection (3) of section 348 of that Act, at the end there shall be inserted "or to any payment which is a qualifying donation for the purposes of section 25 of the Finance Act 1990".
  4. (4) In subsection (1) of section 349 of that Act, at the end there shall be inserted "or to any payment which is a qualifying donation (within the meaning of section 339) or a qualifying donation for the purposes of section 25 of the Finance Act 1990".
  5. (5) In subsection (6) of section 505 of that Act, the words "and, for this purpose, all covenanted payments to charity (within the meaning of section 347A(7)) shall be treated as a single item" shall cease to have effect.
  6. (6) In subsection (9) of section 660A of that Act, for paragraph (b) there shall be substituted—
  7. (7) Section 59 of the Finance Act 1989 shall cease to have effect.
  8. (8) Where a deed of covenant executed by an individual before 6th April 2000 provides for the payment of specified amounts, any amount payable under the deed on or after that date shall be determined as if the individual were entitled to deduct tax from that amount at the basic rate.
  9. (9) This Resolution has effect in relation to covenanted payments—
    1. (a) falling to be made by individuals on or after 6th April 2000; or
    2. (b) made by companies on or after 1st April 2000.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.