Finance Bill — Schedule 3 — Setting of Rate of Surcharge on Bank Profits Via Regulations — 8 Sep 2015 at 21:15

The majority of MPs voted to set the rate of the supplementary tax surcharge on bank profits at 8% rather than allow it to be set, and varied, via regulations.

MPs were considering the Finance Bill[1]:

The amendment rejected by the majority of MPs in this vote was:

  • Amendment 3, page 74, line 4, :leave out "8%" and insert "the relevant percentage"

Had it not been rejected this would have impacted Schedule 3 of the Bill which sought to add new clauses after Chapter 3 of Part 7A of The Corporation Tax Act 2010 (banking companies).

New clause 269DA titled: Surcharge on banking companies started:

  • (1) If a company is a banking company in relation to an accounting period (a “chargeable accounting period”), a sum equal to 8% of its surcharge profits for the period, so far as they exceed its surcharge allowance for the period, is to be charged on the company as if it were an amount of corporation tax chargeable on the company.

The amendment rejected in this vote sought to replace the 8% given in that clause with "the relevant percentage".

The intent of the change was described[2] as:

  • This amendment would replace the 8% rate of surcharge in the Bill with a new rate to be set in regulations.

Further amendments[2] sought to cap the rate at 8% and allow for different tiers of surcharge.

Debate in Parliament | Source |

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Party Summary

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.

PartyMajority (No)Minority (Aye)BothTurnout
Con301 (+2 tell) 0091.8%
DUP0 6075.0%
Green0 10100.0%
Independent1 00100.0%
Lab0 100.4%
LDem1 0012.5%
PC0 30100.0%
SDLP0 1033.3%
SNP0 48 (+2 tell)089.3%
Total:303 60057.2%

Rebel Voters - sorted by party

MPs for which their vote in this division differed from the majority vote of their party. You can see all votes in this division, or every eligible MP who could have voted in this division

Sort by: Name | Constituency | Party | Vote

no rebellions

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