Finance Bill — Clause 73 — Financial Transaction Tax — 5 Jul 2011 at 18:36

The majority of MPs voted against requiring the chancellor to review the possibility of introducing a financial transaction tax and against requiring him to report on how the additional revenue raised would be invested on tackling unemployment and reducing poverty.

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

• Amendment proposed: 31, page 42, line 30, at end insert—
• ‘(2) The Chancellor of the Exchequer shall review the possibility of incorporating a bank financial transaction tax within the bank levy, levied on trading in financial products including stocks, bonds, currencies, commodities, futures and options and publish a report within six months of the passing of this Act, on how the additional revenue raised would be invested to tackle unemployment and reduce poverty in the United Kingdom and to assist in tackling deprivation in the developing world

This subsection would have been added to clause 73 of the Finance Bill which is titled "Bank Levy"^[2]. The Bank Levy itsself is provided for by Schedule 19 of the Finance Act 2011^[3]; it raises a tax on banks based on their total applicable liabilities and equities.

• [1] Parliament's webpage on the Finance Bill
• [2] Clause 73 of the Finance Bill as at the time of the vote
• [3] Schedule 19 of the Finance Act 2011 which provides for the Bank Levy

Debate in Parliament | Source |