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| | Finance (No. 3) Bill, As Amended
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| | | Negatived on division NC11 |
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| | To move the following Clause:— |
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| | | ‘The Government shall lay before Parliament a review of all taxation measures |
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| | | contained in this Act that are applicable to those judged by the Financial Services |
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| | | Authority (or its successor body) to engage in high cost credit lending. This |
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| | | review shall consider the following matters— |
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| | | (a) | the nature of the high cost credit market and the proliferation of lending |
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| | | practices which are detrimental to consumers and or competition in the |
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| | | provision of credit to consumers; |
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| | | (b) | the impact that taxation could have on the provision of high cost credit in |
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| | | the UK which is detrimental to consumers and or competition in the |
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| | | provision of credit to consumers; |
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| | | (c) | whether changes to taxation could discourage lending in a manner which |
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| | | is detrimental to consumers and undermines competition in the provision |
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| | | of credit to consumers; and |
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| | | (d) | other measures relevant to the high cost credit lending sector that may |
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| | | prevent consumer detriment.’. |
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| | | Report on capital allowances |
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| | To move the following Clause:— |
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| | | ‘The Chancellor shall direct the Office of Tax Simplification to report by 31 |
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| | | March 2012 on the options for simplifying or replacing the capital allowances |
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| | | regime with a view to ensuring businesses obtain tax relief for capital assets over |
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| | | a period more closely matched to the useful life of those assets.’. |
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| | | Windfall tax on nuclear power operators |
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| | To move the following Clause:— |
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| | | ‘The Treasury shall by regulations recover all profits to operators of nuclear |
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| | | power plants resulting from the Carbon Price Support Mechanism through a |
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| | | windfall tax designed for that purpose.’. |
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| | | Group filing for corporation tax |
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| | To move the following Clause:— |
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| | | ‘The Chancellor shall direct the Office of Tax Simplification to report by 31 |
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| | | March 2012 on the potential for the introduction of a consolidated corporation tax |
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| | | filing for UK-resident companies meeting the current definition of a group for |
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| | | corporation tax purposes, to include an assessment of the potential cost savings |
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| | | for companies and HMRC, and the potential for reducing tax avoidance.’. |
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| | | Value Added Tax (Reduced Rate) Order 2011 |
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| | To move the following Clause:— |
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| | | ‘(1) | The Chancellor of the Exchequer shall make an order to amend Schedule 7A of |
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| | | the Value Added Tax Act 1994 (Charge at Reduced Rate) to include maintenance |
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| | | and home improvement work as services for which VAT should be charged at a |
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| | | reduced rate of 5 per cent.. |
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| | | (2) | “Maintenance and home improvement work” means improvement work carried |
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| | | out on a property which is— |
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| | | (a) | a single household dwelling, |
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| | | (b) | a multiple occupancy dwelling, |
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| | | (c) | a building, or part of a building, which, when it was last lived in, was used |
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| | | for a relevant residential purpose and is classed as residential, or |
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| | | (d) | a building where a change to residential use has been granted. |
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| | | (3) | This Order shall be known as the the Value Added Tax (Reduced Rate) Order |
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| | | 2011 and shall come into force on 30 August 2011.’. |
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| | | Temporary reduction to VAT rate |
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| | To move the following Clause:— |
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| | | ‘(1) | In section 2(1) of the Value Added Tax Act 1994 (Rate of VAT) for “20 per cent.” |
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| | | substitute “17.5 per cent.”. |
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| | | (2) | Subsection (1) shall have effect from Royal Assent and shall expire at such time |
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| | | as the Government presents to Parliament a report stating that the UK economy |
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| | | has returned to strong growth.’. |
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| | Page 1, line 9 [Clause 1], at end insert— |
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| | | ‘(3) | By 31 March 2012 the Office of Budget Responsibility, in consultation with |
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| | | HMRC, will report to Parliament on the revenue of the 50 per cent. rate of income |
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| | | tax and its impact on the UK economy.’. |
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| | Page 1, line 9 [Clause 1], at end insert— |
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| | | ‘(3) | A report on the impact of the current rates of income tax on inequality in the |
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| | | United Kingdom, also taking into consideration all other direct and indirect taxes |
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| | | including duties and excises, council taxes and mandatory charges for the use of |
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| | | cars and televisions and making specific reference to the overall tax rate of |
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| | | taxpayers grouped by decile in the United Kingdom and by each individual |
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