Opposition Day — [17th allotted day] — Fair Taxation of the Wealthy — 16 Jul 2007 at 21:51

I beg to move,

That this House notes with concern the growing gap in wealth and income inequality since 1997; calls for the publication of Office of National Statistics wealth inequality data since 2003; regrets that the complexities of the tax system allow wealthy individuals to utilise tax loopholes; notes with alarm the increasing number of wealthy individuals who are non-domiciled for tax purposes; recognises the increasing burden that this places on middle-income families who are disproportionately affected by, in particular, stamp duty and inheritance tax thresholds, given that these thresholds have not been recently re-assessed to reflect large increases in house prices; and proposes the tax system be amended to ensure that the wealthiest individuals pay their fair share.

I beg to move, To leave out from "House" to the end of the Question, and to add instead thereof:

"notes that since 1997, the Government has undertaken a comprehensive programme of reform to the tax system, which has encouraged saving and rewarded enterprise, reduced child poverty, supported hard-working families and provided security for all in old age, and welcomes the fact that these reforms strike the right balance between encouraging enterprise and investment, maintaining the UK's international competitiveness and delivering a modern and fair tax system, in which all pay their fair share of tax."

Question put accordingly, That the original words stand part of the Question:-

The House divided: Ayes 55, Noes 288.

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