Finance Bill — Charge and rates for 2001-02 — 24 Apr 2001
It being after Seven o'clock, The Temporary Chairman put forthwith the Question necessary to dispose of proceedings on clauses 1 to 3, pursuant to Orders [7 November 2000 and 9 April].
Clauses 1 to 3 ordered to stand part of the Bill.
I beg to move amendment No. 2, in page 41, line 15, leave out "10%" and insert "0%".
The amendment relates to the 10p rate of tax that the Government currently levy on the first part of people's incomes. We believe that the rate should be reduced to zero, effectively extending substantially the tax free allowance that people enjoy. Some 2.7 million people now have a marginal rate of tax of 10 per cent. as a result of the Chancellor's expansion of the band by £300 above indexation. Along with the early introduction of the 10p rate, that has been a substantial cost to him. However, instead of introducing other tax cuts, we believe that he should simply have extended the tax free allowance, taking 2.7 million people out of paying tax altogether.
Question put, That the amendment be made:--
The Committee divided: Ayes 41, Noes 281.
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