Finance (No. 2) Bill — Decline Second Reading — 16 Nov 2021 at 16:51
The majority of MPs voted for a range of tax and pensions provisions including keeping key income tax rates unchanged and raising the normal pension age to 57 from 6 April 2028.
MPs were considering the motion:
- That the Bill be now read a Second time.
The amendment rejected by a majority of MPs in this vote was:
- That this House
- declines to give a Second Reading to the Finance (No. 2) Bill because it does nothing to help people who are struggling with the rising costs of living, who are being hit by the cut to universal credit, or who are facing a rise in National Insurance Contributions and a freeze in the Income Tax Personal Allowance from next April, because it nonetheless cuts taxes for banking companies and derives from a Budget that will see the tax burden rise to its highest level in 70 years and announced cuts in air passenger duty for UK domestic flights, and because it fails to set out a plan to grow the UK’s economy, fundamentally reform business rates, and create better jobs for the future.
Notably the amendment was phrased as a new motion, rather than an amendment.
The Bill included provisions:
- to impose income tax during the tax year 2022-23
- to set the 2022-2023 rates for income tax at: Basic rate - 20%; Higher rate - 40%; Additional rate - 45%. (No change on the previous year)
- to increase the tax rates on taxed dividend income.
- to retain the threshold for starting to tax interest on savings at £5,000.
- to introduce a new rule for businesses started after 31 March in a year, treating profits and losses arising in that year as arising in the following year.
- to increase the the normal minimum pension age to 57 from 6 April 2028
- to reduce taxes on bank profits
-  Parliament's webpage on the Finance (No. 2) Bill, Parliament.uk
-  The Finance (No. 2) Bill (as introduced), 4 November 2021, Parliament.uk
-  Explanatory notes to the Finance (No. 2) Bill, Parliament.uk
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||308 (+2 tell)||0||0||85.9%|
|Lab||0||172 (+2 tell)||0||87.4%|