Finance Bill — New Clause 23 — Review of impact of a global minimum rate of corporation tax — 24 May 2021 at 19:15
This new clause would require the Government to publish an assessment of the revenue effect of a global minimum corporation tax rate of 21%.
This new clause would require a report on the effect of the changes in the Act on investment, comparing scenarios in which (a) the United Kingdom reaches an agreement with OECD countries on a minimum international level of corporation tax and (b) the United Kingdom does not reach an agreement with OECD countries on a minimum international level of corporation tax on various economic indicators.
This new clause would stop companies registered, or with subsidiary companies registered, in tax havens from benefiting from the UK Government tax reliefs in this Bill.
This amendment would, in respect of companies with qualifying expenditure of over £1 million, add a condition relating to climate-related financial disclosure to the conditions that must be met in order for expenditure to qualify for super-deductions.
This amendment would bar multinationals with a history of corporate tax avoidance from accessing super-deductions.
“Simplifies taxes for the 99% of businesses investing up to £1 million on plant and machinery assets each year.”
“The super deduction benefits all businesses that are in a position to take advantage of the eligible deduction it provides”.-[Official Report, 19 April 2021; Vol. 692, c. 764.]
“the companies with oven-ready capital investment plans, benefiting from the increased demand that they have enjoyed over the last torrid year-companies such as…the notorious tax avoider Amazon.”-[Official Report, 19 April 2021; Vol. 692, c. 751.]
“restrict the relief only to certain companies”-[Official Report, 19 April 2021; Vol. 692, c. 742]
“The UK should play a leading role.”
“trust Rishi Sunak and Boris Johnson to tackle global tax avoidance”.
“to confirm to the House that she and the Chancellor back plans for a global minimum corporate tax rate and that they will do all they can to make this a reality.”-[Official Report, 13 April 2021; Vol. 692, c. 197.]
“to confirm whether the Chancellor backs plans for a global minimum corporate tax rate”-[Official Report, 20 April 2021; Vol. 692, c. 897.]
“welcome the renewed commitment that the US Administration have made in this area”.-[Official Report, 20 April 2021; Vol. 692, c. 914.]
“does the Chancellor back the plans proposed by the US President?”-[Official Report, 28 April 2021; Vol. 693, c. 415.]
“I do not think it is appropriate for Ministers to comment on tax policy in flight”.-[Official Report, 28 April 2021; Vol. 693, c. 418.]
“The core UK proposition is that we’ve got to solve the digital tax issue…It’s not primarily about a minimum tax”.
“there was an idea”
“could help spur investment, and what we’ve seen over the past few years is that we haven’t seen a step change in the level of capital investment that our businesses are doing as a result of those corporation tax decreases.”
“Competitiveness is about more than how US-headquartered companies fare against other companies in global merger and acquisition bids…It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
“the largest shake-up in corporate taxation for a century.”
“the biggest two-year business tax cut in modern British history”?
“However, if businesses struggle or are unable to pay increased Corporation Tax, this could impact on their family formation, stability or breakdown. To support, HMRC can provide a Time To Pay arrangement.”
“a real catalyst for firms”,
“We particularly welcome the massive ‘super deduction’ investment incentive.”
“the US proposals have now opened up room for a compromise...This is a good start.
“is a good start. It is essential now to reach a satisfactory agreement.”
“should continue to be ambitious and push that rate higher.”
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 (No)||Minority (Aye)||Both||Turnout|
|Con||355 (+2 tell)||0||0||98.3%|
|Lab||0||194 (+2 tell)||0||99.0%|