Finance (No. 2) Bill — 29 Mar 2023 at 17:54

“Modernising R&D tax reliefs to include data and cloud computing is essential for life science firms discovering and developing life-changing therapies for patients”.

“The scrapping of the lifetime allowance will be potentially transformative for the NHS as senior doctors will no longer be forced to retire early and can continue to work within the NHS, providing vital patient care.”

“the multilateral framework for the global minimum tax regime is now being put in place.”

That this House declines to give the Finance (No. 2) Bill a second reading because, notwithstanding the introduction of the multinational top-up tax and electricity generator levy, it fails to introduce a targeted scheme to address pension issues affecting NHS doctors, instead making blanket changes to tax-free pensions allowances which, as they will cost around £1 billion a year and benefit only those with the biggest pension pots, should not be the priority, and because it derives from a Budget which failed to set out an ambitious plan for growing the economy.

“would prefer not to see further tinkering with the system”,

“will welcome some continuing stability.”

“The government must act swiftly to reform the NHS pension scheme to prevent senior staff from reducing their hours and retiring early”.

“There’s no stability, no certainty, and no sense of a wider plan.”

“This measure will incentivise businesses to bring forward investment to benefit from the tax relief.”

“In the House of Commons, those now turning their attention to all this are beginning to bridle.”

“the UK will find itself left behind in the accelerating race to lead the green economy.”

“There is little…that enables the UK to compete with the massive packages of support to power a green transition that are available elsewhere.”

“We have been clear with the UK Government that increasing duty would be the wrong decision at the wrong time”-

“so it is deeply disappointing that one of Scotland’s largest and longest-standing industries has been treated in this way.”

“This is an historic blow to the Scotch Whisky industry. The largest tax increase for decades means that 75% of the average priced bottle of Scotch Whisky will be collected in tax”.

“additional trade with other countries could offset some of the decline in trade with the EU, none of the agreements concluded to date are of a sufficient scale to have a material impact on our forecast. The Government’s own estimate of the economic impact of the free-trade agreement with Australia, the first to be concluded with a country that does not have a similar arrangement with the EU, is that it would raise total UK exports by 0.4 per cent, imports by 0.4 per cent and the level of GDP by only 0.1 per cent over 15 years.”

“that the need for the OTS’s statutory function to advise the Chancellor on simplification of the tax system remains undiminished.”

“It has produced a number of insightful reports… The response from the Government has been mixed, however, and whilst some of its recommendations have been accepted, many have been watered down or simply ignored.”

“I have decided to wind down the Office of Tax Simplification, and mandated every one of my tax officials to focus on simplifying our tax code.”-[Official Report, 23 September 2022; Vol. 719, c. 937.]

“depends on a high degree of consistency in the implementation in different jurisdictions”.

“I think it is a reflection of the fact that it is through intermediaries, so there are additional costs.”

“Our challenge is to create the kind of economic background which enables private initiative and private enterprise to flourish for the benefit of the consumer, employee, the pensioner, and society as a whole.”

“depends on a high degree of consistency of the implementation in different jurisdictions”.

“there’s no stability, no certainty and no sense of a wider plan”.

“Who breaks a butterfly upon a wheel?”

“your priorities are our priorities”.

“There’s no stability, no certainty, and no sense of a wider plan.”

“we need more oil and gas”.-[Official Report, 22 November 2022; Vol. 723, c. 180.]

Debate in Parliament |