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EnactedDormant Assets Act 2022

Proposed amendments

29 amendments across 7 provisions

Clause 1 5

Amendment #87801#87801AgreedAmends text
Amendment text
at end insert—
In this Part—

The Bills API publishes only the tabling instruction here, not the inserted text itself — the full wording is set out in the marshalled Amendment Paper.

Stage
Committee stage
Type
EditBillBody
Clause
1
Baroness Barran
Amendment #87802#87802AgreedAmends text
Amendment text
leave out from first “of” to “any”
Stage
Committee stage
Type
EditBillBody
Clause
1
Baroness Barran
Amendment #87803#87803AgreedAmends text
Amendment text
after “of” insert “(or to elect how to receive)”
Stage
Committee stage
Type
EditBillBody
Clause
1
Baroness Barran
Amendment #87804#87804AgreedAmends text
Amendment text
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)).”
Stage
Committee stage
Type
EditBillBody
Clause
1
Baroness Barran
Amendment #87869#87869WithdrawnAmends text
Amendment text
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).”
Stage
Committee stage
Type
EditBillBody
Clause
1
Lord Bassam of Brighton

Clause 2 1

Amendment #87800#87800AgreedAmends text
Amendment text
leave out “were” and insert “are”
Stage
Committee stage
Type
EditBillBody
Clause
2
Baroness Barran

Clause 3 3

Amendment #87797#87797AgreedAmends text
Amendment text
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.”
Stage
Committee stage
Type
EditBillBody
Clause
3
Baroness Barran
Amendment #87798#87798AgreedAmends text
Amendment text
leave out from “insurance” to “, after”
Stage
Committee stage
Type
EditBillBody
Clause
3
Baroness Barran
Amendment #87799#87799AgreedAmends text
Amendment text
after “are” insert “(subject to subsections (2) and (2A))”
Stage
Committee stage
Type
EditBillBody
Clause
3
Baroness Barran

Clause 5 1

Amendment #87796#87796AgreedAmends text
Amendment text
leave out “were” and insert “are”
Stage
Committee stage
Type
EditBillBody
Clause
5
Baroness Barran

Clause 7 2

Amendment #87794#87794AgreedAmends text
Amendment text
leave out “proceeds” and insert “benefits”
Stage
Committee stage
Type
EditBillBody
Clause
7
Baroness Barran
Amendment #87795#87795AgreedAmends text
Amendment text
leave out “the person mentioned in subsection (2)(a) or” and insert “a person mentioned in subsection”
Stage
Committee stage
Type
EditBillBody
Clause
7
Baroness Barran

Clause 9 8

Amendment #87786#87786AgreedAmends text
Amendment text
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;
Stage
Committee stage
Type
EditBillBody
Clause
9
Baroness Barran
Amendment #87787#87787AgreedAmends text
Amendment text
leave out “,“umbrella co-ownership scheme””
Stage
Committee stage
Type
EditBillBody
Clause
9
Baroness Barran
Amendment #87788#87788AgreedAmends text
Amendment text
after “scheme” insert “sub-fund”
Stage
Committee stage
Type
EditBillBody
Clause
9
Baroness Barran
Amendment #87789#87789AgreedAmends text
Amendment text
leave out “a sub-fund” and insert “an umbrella unit trust scheme sub-fund”
Stage
Committee stage
Type
EditBillBody
Clause
9
Baroness Barran
Amendment #87790#87790AgreedAmends text
Amendment text
leave out “a sub-fund of an OEIC,” and insert “an umbrella company sub-fund,”
Stage
Committee stage
Type
EditBillBody
Clause
9
Baroness Barran
Amendment #87791#87791AgreedAmends text
Amendment text
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.”
Stage
Committee stage
Type
EditBillBody
Clause
9
Baroness Barran
Amendment #87792#87792AgreedAmends text
Amendment text
after “is” insert “(subject to subsection (3A))”
Stage
Committee stage
Type
EditBillBody
Clause
9
Baroness Barran
Amendment #87793#87793AgreedAmends text
Amendment text
leave out line 17
Stage
Committee stage
Type
EditBillBody
Clause
9
Baroness Barran

Clause 29 9

Amendment #88655#88655AgreedAmends text
Amendment text
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.
Stage
Report stage
Type
EditBillBody
Clause
29
Lord Bassam of Brighton
Amendment #88656#88656Not movedNew clause / schedule
Amendment text
Insert the following new Clause—
“Requirement to review the dormant assets scheme

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage
Report stage
Type
AddClauseOrSchedule
Clause
29
Lord Bassam of Brighton
Amendment #88657#88657Not movedAmends text
Amendment text
leave out lines 19 and 20 and insert—
representatives of social enterprises and charities,
Stage
Report stage
Type
EditBillBody
Clause
29
Baroness Kramer
Amendment #89165#89165WithdrawnNew clause / schedule
Amendment text
Insert the following new Clause—
“Capacity of the Oversight Trust

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage
Report stage
Type
AddClauseOrSchedule
Clause
29
Baroness Barker
Amendment #89166#89166DisagreedAmends text
Amendment text
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.”
Stage
Report stage
Type
EditBillBody
Clause
29
Baroness Kramer
Amendment #89167#89167WithdrawnAmends text
Amendment text
at end insert—
Regulations made under this section must specify that any organisation in receipt of a distribution of dormant account money—

The Bills API publishes only the tabling instruction here, not the inserted text itself — the full wording is set out in the marshalled Amendment Paper.

Stage
Report stage
Type
EditBillBody
Clause
29
Baroness Kramer
Amendment #89243#89243AgreedAmends text
Amendment text
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
Stage
Report stage
Type
EditBillBody
Clause
29
Lord Parkinson of Whitley Bay
Amendment #89244#89244Not movedAmends text
Amendment text
In inserted subsection (3A), after paragraph (b) insert—
the merits of establishing a community wealth fund or funds under the scheme.”
Stage
Report stage
Type
EditBillBody
Clause
29
Baroness Lister of Burtersett
Amendment #89245#89245AgreedNew clause / schedule
Amendment text
Insert the following new Clause—
“Periodic review and report to Parliament

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage
Report stage
Type
AddClauseOrSchedule
Clause
29
Lord Parkinson of Whitley Bay