leave out paragraphs (b) and (c) and insert— “umbrella company sub-fund” means a separate part of the property of an umbrella company that is pooled separately;
Bill texts 7
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Amendments 29
Committee stage — Lords 20
leave out “,“umbrella co-ownership scheme””
after “scheme” insert “sub-fund”
leave out “a sub-fund” and insert “an umbrella unit trust scheme sub-fund”
leave out “a sub-fund of an OEIC,” and insert “an umbrella company sub-fund,”
at end insert— An amount held in a Lifetime ISA is excluded from subsection (3) if its transfer to an authorised reclaim fund would result in liability to pay a withdrawal charge to HMRC.”
after “is” insert “(subject to subsection (3A))”
leave out line 17
leave out “proceeds” and insert “benefits”
leave out “the person mentioned in subsection (2)(a) or” and insert “a person mentioned in subsection”
leave out “were” and insert “are”
leave out line 35 and insert— Proceeds of a contract of long-term insurance held in a Lifetime ISA are excluded from subsection (1) if their transfer to an authorised reclaim fund would result in liability to pay a withdrawal charge to HMRC.”
leave out from “insurance” to “, after”
after “are” insert “(subject to subsections (2) and (2A))”
leave out “were” and insert “are”
at end insert— In this Part—
leave out from first “of” to “any”
after “of” insert “(or to elect how to receive)”
at end insert— In subsection (3)(a) “amount owing” includes an amount available to be paid as benefits under a personal pension scheme (see section 6(1)(c) and (3)).”
at end insert— Additional assets may be added to the scheme using powers under section 19, including where this is recommended by a report laid under section (Requirement to review the operation of the dormant assets scheme).”
Report stage — Lords 9
at end insert— An order under this section may enable the creation of funds (to be known as “community wealth funds”) that may make grants and other payments to support the provision of social infrastructure to further the wellbeing of communities suffering from high levels of deprivation and low levels of social infrastructure.
Insert the following new Clause— “Requirement to review the dormant assets scheme
leave out lines 19 and 20 and insert— representatives of social enterprises and charities,
Insert the following new Clause— “Capacity of the Oversight Trust
at end insert— An order under this section may not be made unless the Secretary of State has certified that dormant account money will be used to fund projects, or aspects of project, for which funds would be unlikely to be made available by a Government department.”
at end insert— Regulations made under this section must specify that any organisation in receipt of a distribution of dormant account money—
leave out lines 17 to 20 and insert “— carry out a public consultation about the purposes for which, or the kinds of person to which, the money apportioned under section 17 for meeting English expenditure should be distributed, and
In inserted subsection (3A), after paragraph (b) insert— the merits of establishing a community wealth fund or funds under the scheme.”
Insert the following new Clause— “Periodic review and report to Parliament