Finance Bill — New Clause 11 — High cost credit lending — 4 Jul 2011 at 19:30

The majority of MPs voted against requiring a review of taxation affecting high cost credit lending.

MPs were considering the Finance Bill^[1]. The following proposed new clause was rejected in this division:

• The Government shall lay before Parliament a review of all taxation measures contained in this Act that are applicable to those judged by the Financial Services Authority (or its successor body) to engage in high cost credit lending. This review shall consider the following matters—
• (a) the nature of the high cost credit market and the proliferation of lending practices which are detrimental to consumers and or competition in the provision of credit to consumers;
• (b) the impact that taxation could have on the provision of high cost credit in the UK which is detrimental to consumers and or competition in the provision of credit to consumers;
• (c) whether changes to taxation could discourage lending in a manner which is detrimental to consumers and undermines competition in the provision of credit to consumers; and
• (d) other measures relevant to the high cost credit lending sector that may prevent consumer detriment.’.

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• [1] Parliament's webpage on the Finance Bill

Debate in Parliament | Source |