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501

 

SUPPLEMENT TO THE VOTES AND PROCEEDINGS

 
 

Tuesday 3 May 2011

 

Committee of the whole House

 

Proceedings

 

Finance (No. 3) Bill

 

(Clauses 4, 7, 10, 19, 35 and 72)

 

[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 (No. 3) Bill are taken shall be: Clauses 72, 19, 7, 4, 10 and 35.

 

 

Mr David Hanson

 

Kerry McCarthy

 

Ms Angela Eagle

 

Chris Leslie

 

Negatived on division  9

 

Clause  72,  page  41,  line  27,  at end add—

 

‘(2)    

The Chancellor shall review the bank levy and publish a report, before 31

 

December 2011, on—

 

(a)    

the Government’s analysis behind the rate and threshold chosen for the

 

bank levy;

 

(b)    

the adequacy of the bank levy in the context of other reforms to the wider

 

banking system; and

 

(c)    

the total tax revenues expected from banks across all categories of

 

taxation in each year from 2011-12 to 2016-17.’.

 

Clause Agreed to.

 

 

Mr David Hanson

 

Kerry McCarthy

 

Ms Angela Eagle

 

Chris Leslie

 

Negatived on division  7

 

Clause  19,  page  12,  line  36,  at end add—

 
 

Committee of the whole House Proceedings: 3 May 2011      

502

 

Finance (N, continued

 
 

‘(8)    

The Chancellor shall publish, within 3 months of the passing of this Act, an

 

assessment of the impact of taxation on fuel prices.’.

 

Clause Agreed to.

 

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

Withdrawn  13

 

Clause  7,  page  2,  line  36,  leave out ‘for “20%” substitute “32%”’, and insert ‘after

 

“a sum equal to 20% of its adjusted ring fence profits for that period”, insert “increasing

 

by 1 per cent. for every $5 by which the reference hydrocarbon price exceeds $75 subject

 

to a maximum rate of 32%”.’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

Not called  14

 

Clause  7,  page  2,  line  36,  at end insert—

 

‘(1A)    

A reference price will be determined by an independent arbiter agreed jointly

 

between the Government and Oil and Gas UK and will determine separate prices

 

for oil, gas and condensates.’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

Not called  15

 

Clause  7,  page  2,  line  36,  at end insert—

 

‘(1B)    

The increased charge shall not apply to fields producing more than 90 per cent.

 

gas. Where a field produces oil and gas the charge will be based on the price of

 

oil equivalent taking into account the ratios of oil to gas produced.’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

Not called  16

 

Clause  7,  page  2,  line  36,  at end insert—

 

‘(1C)    

The supplementary charge may be abated or offset against the cost of investment

 

to increase production.’.

 

Malcolm Bruce

 

Sir Robert Smith

 

Not called  2

 

Clause  7,  page  3,  line  2,  leave out ‘24 March 2011’ and insert ‘30 September

 

2011’.

 

Sir Robert Smith [R]

 

Malcolm Bruce

 

Not called  17

 

Clause  7,  page  3,  line  2,  after ‘2011’, insert ‘and before 30 September 2012’.

 
 

Committee of the whole House Proceedings: 3 May 2011      

503

 

Finance (N, continued

 
 

Malcolm Bruce

 

Sir Robert Smith [R]

 

Not called  3

 

Clause  7,  page  3,  line  4,  leave out ‘24 March 2011’ and insert ‘30 September

 

2011’.

 

Sir Robert Smith [R]

 

Malcolm Bruce

 

Not called  18

 

Clause  7,  page  3,  line  4,  after ‘2011’, insert ‘or 30 September 2012’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

Not called  4

 

Clause  7,  page  3,  line  8,  leave out ‘24 March 2011’ and insert ‘30 September

 

2011’.

 

Sir Robert Smith [R]

 

Malcolm Bruce

 

Not called  19

 

Clause  7,  page  3,  line  8,  after ‘2011’, insert ‘or 30 September 2012’.

 

Mr Chancellor of the Exchequer

 

Agreed to  11

 

Clause  7,  page  3,  line  13,  at end insert—

 

‘(4A)    

But if the basis of apportionment in subsection (4)(b) would work unjustly or

 

unreasonably in the company’s case, the company may elect for its profits to be

 

apportioned on another basis that is just and reasonable and specified in the

 

election.’.

 

Mr Chancellor of the Exchequer

 

Agreed to  12

 

Clause  7,  page  3,  line  16,  leave out ‘subsection (4)’ and insert ‘subsections (4) and

 

(4A)’.

 

Malcolm Bruce

 

Sir Robert Smith [R]

 

Not called  5

 

Clause  7,  page  3,  line  27,  leave out ‘24 March 2011’ and insert ‘30 September

 

2011’.

 

Sir Robert Smith [R]

 

Malcolm Bruce

 

Not called  20

 

Clause  7,  page  3,  line  28,  after ‘2011’, insert ‘or 30 September 2012’.

 

Mr David Hanson

 

Kerry McCarthy

 

Ms Angela Eagle

 

Chris Leslie

 

Negatived on division  10

 

Clause  7,  page  4,  line  7,  at end add—

 

‘(11)    

The Chancellor shall produce, before 30 September 2011, an assessment of the

 

impact of taxation of ring fence profits on business investment and growth

 
 

Committee of the whole House Proceedings: 3 May 2011      

504

 

Finance (N, continued

 
 

including an assessment of the long-term sustainability of oil and gas exploration

 

in the North Sea.’.

 

Clause, as amended, Agreed to on division.

 

Progress reported.

 
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