Finance Bill — Clause 73 — Tax on Bankers' Bonuses — 5 Jul 2011 at 18:30

Charles Hendry MP, Wealden voted against requiring the chancellor to review the possibility of reintroducing a tax on bankers' bonuses and how the revenue raised could be spent on tackling unemployment.

The majority of MPs voted against requiring the chancellor to review the possibility of reintroducing a tax on bankers' bonuses (known as a bank payroll tax) and against requiring him to report on how the additional revenue raised would be invested to create new jobs and tackle unemployment.

A "bank payroll tax" was levied as a one-off in 2009[1].

MPs were considering the Finance Act[2]. The amendment rejected in this vote was:

  • amendment 13, page 42, line 30, at end insert—
  • ‘(2) The Chancellor of the Exchequer shall review the possibility of incorporating a bank payroll tax within the bank levy[2] and publish a report, within six months of the passing of this Act, on how the additional revenue raised would be invested to create new jobs and tackle unemployment.’.

This subsection would have been added to clause 73 of the Finance Bill which is titled "Bank Levy"[3]. The Bank Levy itsself is provided for by Schedule 19 of the Finance Act 2011[1]; it raises a tax on banks based on their total applicable liabilities and equities. A bank payroll tax was first introduced by Section 22 of the Finance Act 2010[4]; Schedule 1 of that Act[5] set the rate of the bank payroll tax at 50% which applied to bank bonuses exceeding £25,000.

Debate in Parliament | Source |

Party Summary

Votes by party, red entries are votes against the majority for that party.

What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.

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.

PartyMajority (No)Minority (Aye)BothTurnout
Con243 (+2 tell) 0080.1%
DUP0 4050.0%
Green0 10100.0%
Lab0 199 (+2 tell)077.9%
LDem45 0078.9%
PC0 30100.0%
SDLP0 30100.0%
SNP0 5083.3%
Total:288 215079.0%

Rebel Voters - sorted by party

MPs for which their vote in this division differed from the majority vote of their party. You can see all votes in this division, or every eligible MP who could have voted in this division

Sort by: Name | Constituency | Party | Vote

NameConstituencyPartyVote
no rebellions

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