March 2012 Budget — 26 Mar 2012 at 21:39
Owen Smith MP, Pontypridd voted against the March 2012 budget which planned spending of £683bn against expected revenue of £592bn and also increased the income tax personal tax free allowance, reduced corporation tax, introduced a new top rate of Stamp Duty and introduced a tax to recover child benefit from households with an individual earning over £50K.
The budget approved by the majority of MPs set out plans for spending £683 billion in 2012-13 when expected revenue was £592 billion (a deficit of £91 billion).
Key points from the Budget:
- An announcement the Government will increase the income tax, tax free personal allowance by a further £1,100 in April 2013, taking it to £9,205 in total.
- Recovery of Child Benefit from those households where there is an individual earning over £50,000
- To reduce the top rate of income tax from 50 per cent to 45 per cent from April 2013
- To reduce the main rate of corporation tax by an additional one per cent from April 2012. The rate will therefore fall by two per cent, from 26 per cent to 24 per cent in April 2012, to 23 per cent in April 2013 and to 22 per cent in April 2014.
- introducing a new Stamp Duty Land Tax (SDLT) rate of 7 per cent for residential properties over £2 million.
The capital allowance changes in the budget are are mixture of increases and decreases; overall the effect is a tax increase.
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.
|Party||Majority (Aye)||Minority (No)||Both||Turnout|
|Con||276 (+1 tell)||0||0||90.5%|
|Lab||0||221 (+2 tell)||0||86.8%|
|LDem||50 (+1 tell)||0||0||89.5%|