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Public Bill Committee Proceedings: 25th June 2007          

424

 

Finance Bill, continued

 
 

Impact of Finance Act on small businesses

 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Not selected  NC9

 

To move the following Clause:—

 

‘It shall be the duty of the Treasury each fiscal year to prepare and lay before the

 

House of Commons a report on the impact on small businesses of the measures

 

contained in the relevant Finance Act.’.

 


 

Impact of Finance Act on pensions and savings

 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Not selected  NC10

 

To move the following Clause:—

 

‘It shall be the duty of the Treasury each financial year to prepare and lay before

 

the House of Commons a report on the impact on pensions and savings of the

 

measures contained in the relevant Finance Act.’.

 


 

Private equity

 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Withdrawn  NC11

 

To move the following Clause:—

 

‘It shall be the duty of the Treasury to prepare and lay before the House of

 

Commons a report setting out the annual and cumulative cost to the Exchequer

 

of—

 

(a)    

implementing the Memorandum of Understanding between the British

 

Venture Capital Association and the Inland Revenue dated 25th July

 

2003 on the tax treatment of carried interest; and


 
 

Public Bill Committee Proceedings: 25th June 2007          

425

 

Finance Bill, continued

 
 

(b)    

the deductibility of interest payable on loans for the purposes of

 

calculating corporation tax liability.’.

 


 

Report on incidence of small companies’ tax rate

 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Not selected  NC12

 

To move the following Clause:—

 

‘The Treasury shall prepare and lay before the House of Commons in respect of

 

each financial year a report setting out for each company paying the small

 

companies rate of tax—

 

(a)    

the number of employees

 

(b)    

the turnover.’.

 


 

Assessment of effects of taxation changes on different earnings groups

 

Mr Frank Field

 

Julia Goldsworthy

 

Dr Vincent Cable

 

Negatived on division  NC14

 

To move the following Clause:—

 

‘(1)    

It is the duty of a Minister of the Crown, when proposing changes to personal

 

taxation (whether or not taking effect in a future financial year), to prepare and

 

lay before the House of Commons an assessment of the effects of the proposed

 

changes on different earnings groups.

 

(2)    

For the purposes of subsection (1) “different earnings groups” means groups

 

representing each earnings decile; and “effects” includes changes in net

 

disposable income and changes in the relative share of national wealth accounted

 

for by each earnings decile.

 

(3)    

If the proposed changes mentioned in subsection (1) appear likely to have an

 

adverse effect on groups in the lowest quintile of earnings, the changes shall not

 

take effect unless they are accompanied by transitional relief measures.

 

(4)    

“Transitional relief measures” in subsection (3) means measures designed to

 

ensure that any adverse effects of a kind mentioned in that subsection are phased

 

over such a reasonable period as will avoid abrupt changes in the net disposable

 

income of the relevant earnings group.’.

 



 
 

Public Bill Committee Proceedings: 25th June 2007          

426

 

Finance Bill, continued

 
 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Negatived on division  43

 

Page  2,  line  9,  leave out Clause 3.

 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Not called  41

 

Page  2,  line  11  [Clause  3],  leave out from ‘20%’ to end of line 12 and insert ‘for

 

companies with non-ring fenced profits employing fewer than five people, and

 

(b)    

19% for companies with either ring fence profits or five or more

 

employees.’.

 

Mr David Cameron

 

Mr George Osborne

 

Mrs Theresa Villiers

 

Mr Mark Hoban

 

Mr Paul Goodman

 

Mr David Gauke

 

Not called  42

 

Page  2,  line  14  [Clause  3],  leave out from second ‘profits’ to ‘fraction’ in line 17

 

and insert ‘and companies employing fewer than five people and with non-ring fenced

 

profits (“the smaller company fraction”), and

 

(b)    

11/400ths in relation to ring-fence profits of companies and companies

 

employing five or more people (“the standard’.

 

Progress reported.


 
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