Finance Bill — Clause 38 — Real Estate Investment Trusts — 2 Jul 2013 at 18:45

Patrick McLoughlin MP, Derbyshire Dales voted against requiring a report on the operation of Real Estate Investment Trusts (REITs) to include consideration of the Government's support for house building, including through the tax system.

The majority of MPs voted against requiring a report on the operation of Real Estate Investment Trusts (REITs) to include consideration of the Government's support for house building, including through the tax system.

MPs voted to reject adding the following new sub-clause to Clause 38 of the Finance Bill[1]:

  • (2) Notwithstanding the provisions of paragraph 13 of Schedule 18, that Schedule shall come into force after the Chancellor has conducted, and placed in the House of Commons Library, a review of the operation of the interaction of REITs with the Housing Market. The Review shall consider—
  • (a) tax measures in place to support house building; and
  • (b) what steps HM Government have taken to support house building.’.

The explanatory notes to the Bill[2] explain what Real Estate Investment Trusts (REITs) are:

  • UK REITs are tax advantaged vehicles introduced to encourage investment in the property sector.
  • A REIT is exempt from corporation tax on its profits from a property rental business. It is required to distribute 90 per cent of its profits by way of a property income distribution (PID). A PID is treated in the hands of investors as income from property and taxed accordingly.

REITs were introduced into the UK by Part 4 of the Finance Act 2006[3]

==

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
Alliance0 10100.0%
Con255 (+1 tell) 0083.9%
DUP0 3037.5%
Green0 10100.0%
Independent1 10100.0%
Lab0 213 (+2 tell)083.3%
LDem45 (+1 tell) 0082.1%
PC0 2066.7%
SDLP0 2066.7%
SNP0 4066.7%
Total:301 227082.7%

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

About the Project

The Public Whip is a not-for-profit, open source website created in 2003 by Francis Irving and Julian Todd and now run by Bairwell Ltd.

There are lots of plans afoot, including extensive redevelopment of the site and plans for new functionality. To keep up with what's happening, please check out the blog. We're working on updating all the contact details throughout the site, but if you'd like to talk to us about the project, please email [email protected]

The Whip on the Web

Advertisement - Helping keeping PublicWhip alive