Finance Bill — Clause 72 — Report on the Bank Levy — 3 May 2011 at 22:00

The majority of MPs voted not to require a review and report on the bank levy.

The Bank levy is a tax on banks based on their total applicable liabilities and equities.

MPs were considering the Finance Bill^[1]. The amendment rejected in this vote was:

• Amendment 9, page 41, line 27, at end add—
• ‘(2) The Chancellor shall review the bank levy and publish a report, before 31 December 2011, on—
• (a) the Government’s analysis behind the rate and threshold chosen for the bank levy;
• (b) the adequacy of the bank levy in the context of other reforms to the wider banking system; and
• (c) the total tax revenues expected from banks across all categories of taxation in each year from 2011-12 to 2016-17

Had it not been rejected the above text would have been added to Clause 72^[2] of the Bill which provided for a bank levy.

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• [1] Parliament's webpage on the Finance Bill 2011 (now an Act)
• [2] Clause 72 of the Finance Bill

Debate in Parliament | Source |