Finance Bill — Clause 209 — Tax on Bankers' Bonuses — 18 Apr 2012 at 17:45
Oliver Letwin MP, West Dorset 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.
The text of the amendment rejected by the vote was:
- amendment 5, page 121, line 19, at end add—
- '(2) The Chancellor of the Exchequer shall review the possibility of incorporating a bank payroll tax within the bank levy 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 sub-section would have been added to clause 209 of the Finance Bill which is titled "Bank Levy". The Bank Levy itsself is provided for by Schedule 19 of the Finance Act 2011; 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; Schedule 1 of that Act set the rate of the bank payroll tax at 50% which applied to bank bonuses exceeding £25,000.
-  Taxation of banking - House of Commons Library - Standard Note - 17 July 2013
-  Clause 209 of the Finance Act 2012 as introduced
-  Schedule 19 of the Finance Act 2011 which provides for the Bank Levy
-  Section 22 of the Finance Act 2010
-  Schedule 1 of the Finance Act 2010
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 (No)||Minority (Aye)||Both||Turnout|
|Con||279 (+1 tell)||0||0||91.5%|
|Lab||0||232 (+2 tell)||0||91.1%|
|LDem||43 (+1 tell)||0||0||77.2%|