- Posted by: Valerie Vaz MP
- Category: News
The Report Stage of the Finance Bill, the measure which enacts the 2016 Budget, was debated in the House of Commons on Monday 5 September and Tuesday 6 September 2016.
The Finance Bill has unfairness at its very core – it includes tax cuts to the wealthy whilst doing nothing to remedy the Tories’ failings on fairness and equality.
The Resolution Foundation estimates that by 2020-21 the poorest 50 per cent of households will be £375 worse off on average, while the other half will be £235 better off.
HM Opposition Labour Party is calling for a wide-ranging review of the UK tax gap and reform proposals in this Finance Bill. We need a Finance Bill that builds the foundations of a strong and fair economy and this Finance Bill is not it.
The SNP’s New Clause 5, which would require the government to carry out a review of the corporation tax rates and investment allowances applicable to companies producing oil and gas in the UK, was rejected by 249 Ayes to 304 Noes. I voted in favour of the amendment.
The Labour Party’s amendment to limit the reduction of corporation tax to 18%, was defeated by 252 Ayes to 309 Noes. I voted in favour of the amendment.
The Labour Party’s proposed an amendment requiring the Government to publish an annual report on the tax gap – the difference between the amount of tax it should collect in theory, and the actual total. The amendment would require the Treasury to publish historical records on tax gaps dating back to 2011. I voted in favour of the amendment but it was rejected by 245 Ayes to 304 Noes.