Finance Bill — New Clause 11 — Report on Impact on Tax Revenues of Introducing Employee Shareholder Status — 1 Jul 2014 at 17:45
The majority of MPs voted against requiring a report on the impact on tax revenues of introducing employee shareholder status.
The employee shareholder scheme is an employee status where an employee is given shares worth at least £2,000 on receipt in return for which the employer is permitted not to extend unfair dismissal rights, rights to statutory redundancy pay and other employment rights to the employee.
MPs were considering the Finance Bill. The proposed new clause which was rejected in this vote stated:
- (1) The Chancellor of the Exchequer shall, within three months of the passing of this Act, undertake a review of the impact on tax revenues of employee shareholder status as defined by section 205A of the Employment Rights Act 1996, and set out the conclusion of the review in a report.
- (2) The report referred to in subsection (1) above must in particular set out—
- (a) the impact on total capital gains tax receipts paid to the Exchequer arising from the capital gains exemptions under section 236B of the Taxation of Chargeable Gains Act 1992;
- (b) the estimated value of shares owned by employees working in employee shareholder jobs and the number of such employees.
- (3) The Chancellor of the Exchequer must publish the report of the review and lay the report before the House.
- (4) Subsequent reviews must be completed before the end of each period of 12 months beginning with the date on which the previous review was completed.’
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||257 (+2 tell)||0||0||84.9%|
|Lab||0||218 (+2 tell)||0||85.3%|