Finance Bill — Second Reading — 1 Apr 2014 at 19:33
The majority of MPs voted to increase the personal income tax allowance, to reduce corporation tax, and to give a greater tax incentive to companies investing in assets, as well as to support other measures in the Finance Bill.
The majority of MPs voted in favour of giving the Finance Bill a second reading, approving the key principles of the Bill and allowing it to continue on its path to becoming law.
Key elements of the Bill:
- 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 income tax from £32,011 to £31,865.
- Main rate of Corporation Tax reduced to 21% from April 2014. The Small Profits rate is set at 20%.
- An increase in the "annual investment allowance", the amount spent on investing assets in a year which companies (or self-employed individuals) can deduct from their profits prior to the calculation of corporation tax due on the profits was increased to £500,000, whereas previously it had been £250,000.
- Cut in general duty on beer by 1 penny a pint, but with an increase for higher strength, >5% alcohol beers. Duties are increased on wines.
- Freezing the Air Passenger Duty applying to trips of under 2000 miles, and increasing other rates of Air Passenger Duty, but reducing the number of bands from four to two.
-  Parliament's webpage on the Finance Bill 2014 - Note this URL has ceased to work, the Bill pages have moved to the Finance Bill 2013-14 to 2014-15 as the Bill's consideration continued into the new Parliamentary session.
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||246 (+2 tell)||0||0||81.3%|
|Lab||0||224 (+2 tell)||0||87.6%|