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377

 

House of Commons

 
 

Monday 28th April 2008

 

Committee of the whole House

 

Proceedings

 

Finance Bill


 

(Clauses 3, 5, 6, 15, 21, 49, 90 and 117


 

and new Clauses amending section 74 of the Finance Act 2003)


 

[First Sitting]


 

Mr Chancellor of the Exchequer

 

To move, That the order in which proceedings in the Committee of the whole House

 

on the Finance Bill are taken shall be: Clauses 5, 6, 21, 3, 49 and 90, new Clauses

 

amending section 74 of the Finance Act 2003 and Clauses 117 and 15

 

Agreed to

 

Mr George Osborne

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Stewart Hosie

 

Negatived on division  1

 

Clause  5,  page  2,  line  36,  leave out ‘21%’ and insert ‘20%’.

 

Stewart Hosie

 

Angus Robertson

 

Mr Alex Salmond

 

Mr Mike Weir

 

Pete Wishart

 

Mr Angus MacNeil

 

Not called  7

 

Clause  5,  page  2,  line  37,  at end insert—

 

‘(1A)    

Subsection (1)(a) shall come into force on a day which the Treasury may by order

 

appoint.

 

(1B)    

No order may be made under subsection (1A) until—

 

(a)    

the Treasury has compiled and laid before the House of Commons a

 

report containing an assessment of the impact on the competitiveness of

 

small companies as a result of changes to the small companies rate of

 

corporation tax, and


 
 

Committee of the whole House Proceedings: 28th April 2008    

378

 

Finance Bill, continued

 
 

(b)    

the report has been approved by a resolution of the House of Commons.’.

 

Mr George Osborne

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Not called  2

 

Clause  5,  page  3,  line  1,  leave out ‘7/400ths’ and insert ‘1/40th’.

 

Clause Agreed to.

 


 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Not selected  12

 

Clause  6,  page  3,  leave out line 17 and insert ‘Capital gains shall be taxed at the same

 

rate as income.”.’.

 

Stewart Hosie

 

Angus Robertson

 

Mr Alex Salmond

 

Mr Mike Weir

 

Pete Wishart

 

Mr Angus MacNeil

 

Negatived on division  8

 

Clause  6,  page  3,  line  20,  leave out from ‘(1)’ to end of line 21 and add ‘will have

 

effect from a day which the Treasury may by order appoint.

 

(4)    

No order may be made under subsection (3) until—

 

(a)    

the Treasury has compiled and laid before the House of Commons a

 

report containing an assessment of the impact of changes to the rate of

 

capital gains tax on—

 

(i)    

businesses seeking investment,

 

(ii)    

investors who normally pay tax via capital gains tax, and

 

(iii)    

the availability and cost of houses to buy and rent; and

 

(b)    

the report has been approved by a resolution of the House of Commons.’.

 

Clause Agreed to on division.

 


 

Justine Greening

 

Negatived on division  16

 

Clause  21,  page  11,  line  17,  at end add—

 

‘(3)    

The amendment made by subsection (1) ceases to have effect on 1st April 2009

 

unless the Secretary of State has made regulations under the Gambling Act 2005

 

which permit up to one-fifth of the gaming machines in bingo halls and arcades


 
 

Committee of the whole House Proceedings: 28th April 2008    

379

 

Finance Bill, continued

 
 

to be Category B3 machines (as defined in regulations made under section 236 of

 

that Act).’.

 

Clause Agreed to.

 


 

Mr George Osborne

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Negatived on division  18

 

Clause  3,  page  2,  line  21,  at beginning insert ‘Save as provided in subsection

 

(6A),’.

 

Mr George Osborne

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Mr David Gauke

 

Justine Greening

 

Not called  19

 

Clause  3,  page  2,  line  22,  at end insert—

 

‘(6A)    

The amendments made by this section shall cease to have effect at midnight on

 

5th January 2009 unless the condition set out in subsection (6B) has been

 

satisfied.

 

(6B)    

The condition referred to in subsection (6A) is that the Chancellor of the

 

Exchequer shall have laid before the House of Commons a statement setting out

 

the measures taken to mitigate the effect of the amendments made by this section

 

and by section 1 (when taken together) on those for whom such effect is a net

 

increase in income tax payable and the House of Commons shall, by resolution,

 

have approved such statement.’.

 

Mr Jeremy Browne

 

Dr Vincent Cable

 

Mr Colin Breed

 

Dr John Pugh

 

Not selected  11

 

Clause  3,  page  2,  line  25,  at end add—

 

‘(8)    

The Chancellor of the Exchequer shall introduce measures to increase tax income

 

from high earning groups to offset the effect of the abolition of the starting rate

 

in a progressive manner.’.

 

Clause Agreed to on division.

 

Progress reported.


 
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