Government votes against Labour’s Amendments on Finance Bill Committee

The Finance Bill committee, of which Valerie is a member, met for the final time on Tuesday 17 June 2014. The Bill has now entered the Report stage.

Valerie said:

“Labour tabled important amendments to the Finance Bill, and the Government voted against each of them. The Opposition’s amendments focused on the accountability of the banking sector. The first amendment was for the HMRC to produce an annual report looking into the taxation of the wider financial sector. This report would also look at the code of practice on taxation on banks.”

“The following two amendments called for the lower rate of tax to be reduced to 10p and for the Chancellor to undertake a review of the number of people paying 40 percent rate of income tax.”

“Labour tabled three amendment calling on the Chancellor to undertake a review of various subjects. The first was on the impact on tax revenues of employee shareholder status, the total capital gains tax receipts generated from capital gains exemptions, and the estimated shares owned by employees working in employee shareholder jobs. The second review called for was of the reform to the annual investment allowance and the impact on business investment. The final review was of disguised self-employment in the construction sector.

More information about the Finance Bill can be found here: