Finance Bill — Second Reading — 16 Apr 2012 at 22:26
Oliver Letwin MP, West Dorset voted to raise the tax free income tax allowance, reduce corporation tax and recover child benefit from couples where an individual earns over £50,000.
The majority of MPs voted in favour of the Finance Bill at its second reading, to approve the key principles of the Bill and to support it continuing on its path to becoming law.
The key provisions of the Bill:
- To provide for an income tax for 2012-13
- To set the income tax rates, at 10% for the starting rate for savings, 20% for the basic rate, 40% for the higher rate and 50% for the additional rate applying to income over £150,000
- The threashold for starting to pay the higher rate of income tax is reduced from £35,000 to £34,370
- The income tax free personal allowance for those under 65 years old is increased form £7,475 to £8,105
- Starts the process of phasing out the additional tax free personal allowance for those over 65.
- The main rate of Corporation Tax is reduced from 25 to 24%
- The small profits rate of Corporation Tax unchanged at 20%
- A new tax to recover child benefit from the highest earning individual in a couple where one member of the couple earns over £50,000 is introduced.
- To increase Air Passenger Duty
-  Parliament's webpage on the Finance Bill, now the Finance Act 2012
-  Explanatory notes to the Bill
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||270 (+1 tell)||0||0||88.6%|
|Lab||0||230 (+2 tell)||0||90.3%|
|LDem||49 (+1 tell)||0||0||87.7%|