Finance Bill — Report on Operation of 50 percent Income Tax Rate and Impact on Economy — 4 Jul 2011 at 21:30

The majority of MPs voted against requiring a report on the operation of the 50 percent rate of income tax, and its impact on the economy.

MPs were considering the Finance Bill^[1]. The following amendment was rejected in this vote:

• amendment 10, page 1, line 9, at end insert—
• ‘(3) By 31 March 2012 the Office of Budget Responsibility, in consultation with HMRC, will report to Parliament on the revenue of the 50 per cent. rate of income tax and its impact on the UK economy.’

This would have taken effect on clause 1 of the Bill^[2], which provides for, and sets the rates of, income tax for 2011-12.

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• [1] Parliament's webpage on the Finance Bill
• [2] Clause 1 of the Finance Bill as at the time of the vote

Debate in Parliament | Source |