Finance Bill — Third Reading — 31 Oct 2017 at 17:11
- Reducing the amount of dividend income not subjected to income tax from £5000 to £2000.
- Aligning the tax and employer National Insurance treatment of termination payments and preventing manipulation of the rules.
- Expanding the range of circumstances under which those investing funds derived from foreign income and gains in the UK may do so without those foreign income and gains becoming subject to UK tax.
- Allowing smaller enterprises with a presence in the UK outside Northern Ireland to have the share of their profits which relate to their Northern Ireland operations taxed at the Northern Ireland rate. (Previously the law only offered such an option to larger companies.)
- Small increases in Air Passenger Duty.
- To allow oil fields to be opted-out of Petroleum Revenue Tax under the condition no allowable loss that accrues from that oil field will be an unrelievable field loss.
- Increases in Gaming duty in line with inflation and to change the tax rules applying to freeplays, and free-bets.
- To require the licensing of tobacco products manufacturing machinery in line with the WHO Framework Convention on Tobacco Control
- To require the registration, and approval, of "third country goods fulfilment businesses"; businesses which store goods imported from outside the EU which are owned by someone outside the EU. The Bill enables record keeping and other requirements to be imposed on such businesses.
- To allow regulations on digital record-keeping and reporting requirements for businesses to be made.
- To increase the amount of pension advice an employee can receive tax-free in a year from £150 to £500 and to allow the inclusion of general financial advice too.
- For more employer funded legal advice for employees not to incur an income tax charge.
- To allow "wholly disproportionate" tax bills following the part surrender or assignment of a life insurance policy to be reconsidered.
- To simplify the calculation of the taxable profits of unincorporated businesses through simplified treatment of assets.
- To introduce a range of anti tax-avoidance measures. (Though their presence is balanced by the relaxation of rules on investment of foreign income)
MPs were considering the Finance Bill.
The motion supported by the majority of MPs in this vote was:
- That the Bill be now read the Third time.
The support of the majority of MPs taking part in this vote enabled the Bill to continue on its path to becoming law.
-  Parliament's webpage on the Finance Bill 2017-19
-  Explanatory notes on the Finance Bill 2017-19
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||293 (+2 tell)||0||0||93.1%|
|Lab||0||229 (+2 tell)||0||88.5%|