March 2014 Budget — 25 Mar 2014 at 18:47
Zac Goldsmith MP, Richmond Park voted to approve the March 2014 budget, increasing the personal income tax allowance, reducing corporation tax, capping welfare spending, reducing alcohol duties and more.
The budget approved by MPs set out plans for spending £732 billion in 2014-15, with forecast revenue of £648bn (a deficit of £84bn).
- An increase in the personal income tax allowance from £9,440 to £10,000 for 2014-15.
- A decrease in the threshold for starting to pay higher rate (40%) income tax from £32,011 to £31,865 of taxable income. Taking into account the standard personal allowance this makes the total income at which the higher rate begins to apply £41,865 for 2014-15 (2013-14: £41,451).
- Main rate of Corporation Tax reduced to 21% from April 2014.
- A cap on total spending on welfare (subject to exclusions including payments to job-seekers and the state pension). Set at the current forecast spending levels, of £119.5bn in 2014-15 rising to £126.7bn in 2018-19.
- Cut in duty on beer by 1 penny a pint; abolish wine escalator (regular increase in duty on wine) and freezing duty on spirits.
- Increase of the maximum Tax-Free Childcare support available to £2,000 per year for each child
- Extension of the Help to Buy: equity loan scheme to March 2020
- Abolition of the top two bands of Air Passenger Duty, reducing the costs of long haul flights.
- £140 million of new funding to repair flood defences that have suffered damage in the recent severe flooding
- £200 million to establish a potholes challenge fund
- Rate of the R&D tax credit for loss-making small businesses raised from 11% to 14.5%.
The text of the motion approved in this vote was:
- (1) It is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision in connection with finance.
- (2) This Resolution does not extend to the making of any amendment with respect to value added tax so as to provide—
- (a) for zero-rating or exempting a supply, acquisition or importation;
- (b) for refunding an amount of tax;
- (c) for any relief, other than a relief that:
- (i) so far as it is applicable to goods, applies to goods of every description, and
- (ii) so far as it is applicable to services, applies to services of every description.
-  Budget 2014: documents
-  Notes on the March 2014 Budget Resolutions
-  Budget 2014 Key announcements
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||262 (+1 tell)||0||0||86.2%|
|Lab||0||234 (+2 tell)||0||91.5%|
|LDem||43 (+1 tell)||0||0||78.6%|