Corporation tax (small companies' rates and fractions for financial year 2008) — 18 Mar 2008 at 21:41
John Prescott MP, Kingston upon Hull East did not vote.
The majority Aye voters passed a motion which set the small companies' corporation tax rate for the 2008/09 financial year. This rate was set at 21% and increased by 1% from the previous year.
Corporation tax is, very simply, a tax on the profits of a company resident in the UK. There is a main rate of corporation tax which applies to companies with profits of over £1.5 million per year (this was set at 28% in 2008/09 - down from 30% in the previous year). Companies qualify for the lower rate when their profits are at or below £300,000 per year.
Companies with profits between £300,000 and £1.5 million qualify for Marginal Small Companies Relief (MSCR). The relief that companies qualify for is decided by a MSCR fraction which is also set by parliament (and was voted on in this division).
Both the Conservatives and Liberal Democrats voted against this small companies' corporation tax rate. The Tories probably voted this way because they believe corporation tax should be lower.
-  Motion on corporation tax, House of Commons, 18 March 2008
-  HMRC Corporation tax rates
-  Tories urge corporation tax cut, BBC News, 9 March 2008
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||0||167 (+2 tell)||0||88.0%|
|Lab||301 (+2 tell)||0||0||86.1%|