Corporation Tax (Small Companies' Rates and Fractions for Financial Year 2009) — 28 Apr 2009 at 21:45
Patrick McLoughlin MP, West Derbyshire voted in the minority (No).
The majority Aye voters passed a motion which set the small companies' corporation tax rate for the 2009/10 financial year. This rate was set at 21% and was unchanged from the previous year.
Corporation tax is, very simply, a tax on the profits of a company resident in the UK. There is a main rate of corporation tax which applies to companies with profits of over £1.5 million per year (this was set at 28% in 2009/10 - also unchanged from the previous year). Companies qualify for the lower rate when their profits are at or below £300,000 per year.
Companies with profits between £300,000 and £1.5 million qualify for Marginal Small Companies Relief (MSCR). The relief that companies qualify for is decided by a MSCR fraction which is also set by parliament (and was voted on in this division).
Both the Conservatives and Liberal Democrats voted against this small companies' corporation tax rate. The Tories probably voted this way because they believe corporation tax should be lower.
-  Motion on corporation tax, House of Commons, 28 April 2009
-  HMRC Corporation tax rates
-  Conservatives would cut corporation tax, George Osborne says, Daily Telegraph, 6 March 2009
Votes by party, red entries are votes against the majority for that party.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (Aye)||Minority (No)||Both||Turnout|
|Con||0||164 (+2 tell)||0||86.0%|
|Lab||300 (+2 tell)||0||0||86.3%|