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SUPPLEMENT TO THE VOTES AND PROCEEDINGS

 
 

Monday 12 July 2010

 

Committee of the whole House

 

Proceedings

 

Finance Bill


 

[first day]


 

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 1 and 2, Schedule 1, Clause 3, Schedule 2,

 

Clauses 4 to 6, Schedule 3, Clause 7, Schedule 4, Clause 8, Schedule 5, Clause 9, new

 

Clauses, new Schedules, Clauses 10 and 11.

 

Agreed to

 


 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Withdrawn  11

 

Clause  1,  page  1,  line  6,  at end insert—

 

‘(2)    

Subsection (1) shall not have effect unless the Chancellor of the Exchequer has

 

laid before the House of Commons a report on the extent of avoidance and

 

evasion of corporation tax and on the measures he proposes to take to ensure the

 

payment of tax which is due.’.

 

Chris Leslie

 

Not selected  20

 

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

Section 3 of the Finance Act 2010 (small profits rates and fractions for financial

 

year 2010) is amended as follows.

 

(3)    

After subsection (3) insert a new subsection—

 

“(3A)    

For the financial year 2011 the small profits rate is 20 per cent. on profits

 

of companies other than ring fence profits.”.’.


 
 

Committee of the whole House Proceedings: 12 July 2010      

2

 

Finance Bill, continued

 
 

Chris Leslie

 

Cathy Jamieson

 

Barry Gardiner

 

Chris Bryant

 

Tom Greatrex

 

Luciana Berger

 

Withdrawn  21

 

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

The main rate of corporation tax for financial year 2011 will remain at 28 per cent.

 

on the profits of banking institutions as defined by section 2 of the Banking Act

 

2009.’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

Not selected  29

 

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

For the financial year 2011, the small profits rate is—

 

(a)    

20% on profits of companies other than ring fence profits, and

 

(b)    

19% on ring fence profits of companies.

 

(3)    

For the purposes of Part 3 CTA 2010, for that year—

 

(a)    

the standard fraction is 7/400ths, and

 

(b)    

The ring fence fraction is 11/400ths.’.

 

Stephen Timms

 

Mr Alistair Darling

 

Mr Liam Byrne

 

Ms Angela Eagle

 

Negatived on division  34

 

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

Prior to this rate taking effect, the Chancellor will place in the Library of the

 

House of Commons an assessment of the impact of this clause on the banking

 

sector.’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

Withdrawn  49

 

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

In section 2(2)(a) of the Finance Act 2010, after “companies”, add “not meeting

 

the condition in (c) below”.

 

(3)    

At the end of section 2 of the Finance Act 2010 add—

 

“(c)    

26 per cent. on profits of companies whose taxable profits will be

 

increased by more than 1 per cent. as a result of changes in

 

investment allowances.”.’.


 
 

Committee of the whole House Proceedings: 12 July 2010      

3

 

Finance Bill, continued

 
 

Andrew George

 

Roger Williams

 

Mr Mark Williams

 

Mr David Ward

 

Not called  50

 

Clause  1,  page  1,  line  6,  at end add—

 

‘(2)    

This section shall not come into force until the Treasury has laid before the House

 

of Commons as assessment of the impact of this section on—

 

(a)    

the banking sector, and

 

(b)    

all other sectors to which corporation tax applies.’.

 

Clause Agreed to.

 


 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Not moved  12

 

Clause  2,  page  2,  line  4,  at end insert—

 

‘(2)    

Schedule 1 shall not have effect unless the Chancellor of the Exchequer has laid

 

before the House of Commons a report on the extent of avoidance and evasion of

 

capital gains tax and on the measures he proposes to take to ensure the payment

 

of tax which is due.’.

 

Clause Agreed to.

 


 

Andrew George

 

Roger Williams

 

Mr Mark Williams

 

Mr David Ward

 

Mr John Leech

 

Not selected  51

 

Schedule  1,  page  6,  line  12,  leave out ‘18%’ and insert ‘based upon the rate at

 

which income tax is chargeable in that tax year’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

Withdrawn  30

 

Schedule  1,  page  6,  leave out lines 13 to 16 and insert—

 

‘(3)    

The rate of capital gains tax in respect of gains accruing in a tax year to—

 

(a)    

the trustees of a settlement is 28%, and

 

(b)    

The personal representatives of a deceased person is 18% for the first

 

£10,000 of gains and 28% thereafter.’.


 
 

Committee of the whole House Proceedings: 12 July 2010      

4

 

Finance Bill, continued

 
 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Not selected  5

 

Schedule  1,  page  6,  line  16,  leave out ‘28%’ and insert ‘40%’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

Withdrawn  31

 

Schedule  1,  page  6,  line  16,  leave out ‘28%’ and insert ‘25%’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Not selected  6

 

Schedule  1,  page  6,  line  16,  at end insert—

 

‘(3A)    

If income tax is chargeable at the additional rate in respect of any part of the

 

income of an individual for a tax year, the rate of capital gains tax in respect of

 

gains accruing to the individual in the year is 50%.’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Not selected  7

 

Schedule  1,  page  6,  line  17,  after ‘If’, insert—

 

‘(a)    

no income tax is chargeable at the additional rate in respect of any part of

 

the income of an individual for a tax year, but

 

(b)    

’.

 

Andrew George

 

Roger Williams

 

Mr Mark Williams

 

Mr David Ward

 

Mr John Leech

 

Not selected  52

 

Schedule  1,  page  6,  leave out lines 17 to 36.


 
 

Committee of the whole House Proceedings: 12 July 2010      

5

 

Finance Bill, continued

 
 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Not selected  8

 

Schedule  1,  page  6,  line  20,  leave out ‘28%’ and insert ‘40%’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

Not called  32

 

Schedule  1,  page  6,  line  20,  leave out ‘28%’ and insert ‘25%’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Not selected  9

 

Schedule  1,  page  6,  line  25,  leave out ‘28%’ and insert ‘40%’.

 

Stephen Timms

 

Ms Angela Eagle

 

Mr Liam Byrne

 

Mr Alistair Darling

 

Not called  33

 

Schedule  1,  page  6,  line  25,  leave out ‘28%’ and insert ‘25%’.

 

John McDonnell

 

Kelvin Hopkins

 

Jeremy Corbyn

 

Mrs Linda Riordan

 

Katy Clark

 

Austin Mitchell

 

Not called  10

 

Schedule  1,  page  9,  line  29,  at end insert ‘, provided that the Chancellor of the

 

Exchequer has laid before the House of Commons a report on the implications of aligning

 

rates of capital gains tax with rates of income tax.’.

 

Andrew George

 

Roger Williams

 

Mr Mark Williams

 

Mr David Ward

 

Mr John Leech

 

Not selected  53

 

Schedule  1,  page  9,  line  39,  at end insert—

 

‘17A      

The amendment made in paragraph 2 shall be subject to a review before 31

 

March 2013.’.


 
 

Committee of the whole House Proceedings: 12 July 2010      

6

 

Finance Bill, continued

 
 

Schedule Agreed to.

 

Progress reported.


 
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