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| | | Clauses 66 and 67 Agreed to. |
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| | new clause relating to value added tax |
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| | | Negatived on division (Ayes 231, Noes 305) NC1 |
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| To move the following Clause— |
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| | | | “Report on impact of value added tax |
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| | | (1) | The Chancellor of the Exchequer shall, within three months of the passing of this |
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| | | Act, publish a report on the impact of the increase in the standard rate of VAT |
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| | | which took effect from 4 January 2011. |
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| | | (2) | The report must estimate the impact of the increase in the standard rate of value |
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| | | (c) | the fairness of the taxation system; and |
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| | | Negatived on division (Ayes 230, Noes 309) 1 |
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| | | Clause 1, page 2, line 1, at end insert— |
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| | | “(3) | The Chancellor of the Exchequer shall, within three months of the passing of this |
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| | | Act, publish a report on the impact of setting the additional rate of income tax at |
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| | | (4) | The report must estimate the impact of setting the additional rate for 2015-16 at |
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| | | 45 per cent and at 50 per cent on the amount of income tax currently paid by |
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| | | someone with a taxable income of— |
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| | | (a) | £150,000 per year; and |
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| | | (b) | £1,000,000 per year.” |
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| | | Clauses 2 to 5 Agreed to. |
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| | | Negatived on division (Ayes 229, Noes 306) 2 |
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| | | Clause 6, page 3, line 39, at end insert— |
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| | | “(3) | The Chancellor of the Exchequer shall undertake a review, within six months of |
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| | | the passing of this Act, of the impact of a cut of one per cent to the main rate of |
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| | | Corporation Tax for financial year 2016, with particular reference to— |
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| | | (a) | the impact on businesses with fewer than 50 employees; |
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| | | (b) | the impact on investment by businesses with fewer than 50 employees; |
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| | | (c) | alternative tax measures, including non-domestic rates, which would |
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| | | have a greater benefit for businesses with fewer than 50 employees. |
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| | | (4) | The Chancellor of the Exchequer must publish the report of the review and lay |
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| | | the report before the House.” |
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| | | Clauses 6 to 65 and 68 to 127 Agreed to. |
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| | | Schedules 1 to 21 Agreed to. |
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| | | Clause 21, page 24, line 46, at end insert— |
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| | | This Part shall not come into force until the Chancellor of the Exchequer has |
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| | | published a report on the impact of including “carried interest” in the definition |
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| | | of “management fee” in section 809EZA.” |
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| | | | To move the following Clause— |
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| | | | “Income tax treatment of private equity fund securities |
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| | | (1) | The Chancellor of the Exchequer shall, within three months of the passing of this |
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| | | Act, publish a report on the impact of changing the income tax treatment of |
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| | | employment-related securities where the employment relates to the operations of |
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| | | a collective investment scheme the sole or main purpose of which is to invest in |
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| | | unquoted shares or securities. |
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| | | (2) | The report mentioned in subsection (1) must in particular assess the impact of |
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| | | treating as employment income of the employee for the tax year in which it arises |
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| | | any sum arising in respect of such a security (being a sum not otherwise charged |
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| | | to income tax) which (whether in connection with a disposal or otherwise) |
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| | | directly or indirectly represents profits or gains on investments made for the |
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| | | (3) | For the purposes of subsections (1) and (2) “employment-related securities”, “the |
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| | | employment” and “the employee” have the meanings indicated in section |
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| | | 421B(8) of the Income Tax (Earnings and Pensions) Act 2003 and “collective |
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| | | investment scheme” has the meaning given in section 420(2) of the Income Tax |
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| | | (Earnings and Pensions) Act 2003.” |
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