With this it will be convenient to discuss the following:
Amendment 12, page 13, line 27, at end insert—
“402F Review of impact of termination payments on low income workers
(1) Within two months of Royal Assent being given to the Finance (No. 2) Act 2017, the Chancellor of the Exchequer shall commission a review of the impact of the provisions of sections 402A to 402E on low income workers.
(2) A report of this review must be laid before the House of Commons before the start of the tax year 2018–19.”
This amendment requires the Chancellor of the Exchequer to carry out a review of how the changes to termination payments will affect low income workers before these provisions come into effect.
Amendment 2, page 14, line 15, leave out “different” and insert “higher”.
This amendment removes the power for the Treasury to reduce the £30,000 threshold in connection with the taxation of termination payments by regulations.
Amendment 3, page 14, leave out lines 20 to 23.
This amendment is consequential upon Amendment 2.
Amendment 4, page 14, leave out lines 27 and 28 and insert—
‘(2) “Injury” in subsection (1) includes—
(a) psychiatric injury, and
(b) injured feelings.””
This amendment explicitly includes (rather than excludes) injured feelings within the definition of “injury” for the purposes of payments which are excluded from the provisions of Chapter 3 of Part 6 of the Income Tax (Earnings and Pensions) Act 2003 (payments and benefits on termination of employment).
Clause stand part.