UK Parliament / Open data

Finance (No.2) Bill

Debate on bills on Monday, 8 November 2010, in the House of Commons, led by David Gauke. The answering member was Lord Hanson of Flint.
Report stage. New clause 1 (Video game production), discussed with new schedule 2 (Video game production), debated and withdrawn. New clause 2 (Independent taxation and family benefits), debated and negatived on division (218 votes to 302). New clause 3 (Bank taxation), debated and negatived on division (213 votes to 306). New clause 4 (Transparency of PWLB loan rate to local council tax payers) not called. New clause 5 (definition of 'incapacitated person') debated and withdrawn. Third reading debate agreed to on question and Bill passed.

About these Parliamentary proceedings

Reference

518 c39-105 

Session

2010-12

Department

Treasury

Legislative stage

Third reading and Report stage

Procedure

New clauses
New schedules

Chamber / Committee

House of Commons chamber

Related items

Finance (No. 2) Bill. As amended in Public Bill Committee.
Thursday, 28 October 2010
Bills
House of Commons

Proceeding contributions

Justine Greening | 518 c85-6 (Link to this contribution) The new clause relates to the taxation of the banking and financial services industry, and proposes ...
Justine Greening | 518 c86 (Link to this contribution) I will give way. I see that Labour Members have now perked up from when they were skimming over thei...

Show all contributions (112)
Chuka Umunna | 518 c86 (Link to this contribution) Does the Minister not accept that there was move towards a light-touch regulatory model across the e...
Chris Leslie | 518 c82 (Link to this contribution) I thought it was a simple question. I thought the whole point of a debate was to exchange views. I a...
Chris Evans | 518 c82-3 (Link to this contribution) Since coming to the House, I have seen a lot of history being rewritten. We are told whenever we sta...
Chuka Umunna | 518 c83-5 (Link to this contribution) I endorse the comments made by my hon. Friend the Member for Islwyn (Chris Evans). I, too, hear simi...
Nicholas Dakin | 518 c85 (Link to this contribution) My right hon. and hon. Friends have asked a number of questions that deserve detailed answers. The n...
Justine Greening | 518 c82 (Link to this contribution) Will the hon. Gentleman clarify whether the Labour party supports a financial transactions tax?
Chris Leslie | 518 c82 (Link to this contribution) We want to review it. Does the hon. Lady? Is she interested in looking at the proposition, or is she...
Justine Greening | 518 c82 (Link to this contribution) I note that the hon. Gentleman failed to answer my question. I will respond to him broadly when I ha...
Chuka Umunna | 518 c80 (Link to this contribution) Has my hon. Friend noticed that in the same package of measures in the emergency Budget—this was als...
Chris Leslie | 518 c81 (Link to this contribution) Absolutely, and it is no coincidence that it is on the first page of promises in the coalition agree...
Stewart Hosie | 518 c79 (Link to this contribution) Unless my memory is playing tricks on me, at least one of the nationalised banks used those unused o...
Chris Leslie | 518 c79-80 (Link to this contribution) I am not making any particular proposals at this point; I am simply saying in new clause 3 that we s...
Stephen Hammond | 518 c78 (Link to this contribution) The hon. Gentleman will know that there are all sorts of reasons why the headline rate of corporatio...
Chris Leslie | 518 c78-9 (Link to this contribution) The TUC says that the effective rate of corporation tax for the banks will fall from 25% in 2000 to ...
David Gauke | 518 c77-8 (Link to this contribution) Let me deal with this directly. The Treasury and Her Majesty's Revenue and Customs figures that we h...
Chris Leslie | 518 c78 (Link to this contribution) Were those the only two relevant factors, that might be the case, but of course they are not. There ...
Chris Leslie | 518 c77 (Link to this contribution) Will the hon. Gentleman give me the figures?
Penny Mordaunt | 518 c104-5 (Link to this contribution) I wish to start by briefly mentioning the public consultation on the Bill. During our discussions ab...
Charlie Elphicke | 518 c104 (Link to this contribution) As a member of the new intake, it was a privilege to serve on the Government side of the Pubic Bill ...
Lord Hanson of Flint | 518 c102-4 (Link to this contribution) The Labour party predominantly supports the Bill. It had its genesis under the previous Labour Gover...
David Gauke | 518 c101-2 (Link to this contribution) I beg to move, That the Bill be now read the Third time. We find ourselves in the unusual situation...
Chris Leslie | 518 c94-5 (Link to this contribution) I beg to move, That the clause be read a Second time. New clause 5 takes us into completely differe...
Sheila Gilmore | 518 c96 (Link to this contribution) Earlier today I made the point, on another matter, that it may be unwise to reform in haste and repe...
David Gauke | 518 c95-6 (Link to this contribution) As we have heard, new clause 5 seeks to change the definition in the Taxes Management Act 1970 of an...
Chris Leslie | 518 c97 (Link to this contribution) I am impressed that the Minister has taken the time to encourage his officials to meet LITRG. I am p...
David Gauke | 518 c96-7 (Link to this contribution) I am delighted if that is how the hon. Lady interprets my remarks, and if that pleases her, it pleas...
Chris Leslie | 518 c97-8 (Link to this contribution) Indeed, and that is probably why on this occasion I am happy to accede to the Minister's request tha...
Eilidh Whiteford | 518 c97 (Link to this contribution) Does the hon. Gentleman agree that it is important that any proposals work for the whole of the UK a...
David Gauke | 518 c99-101 (Link to this contribution) As we have heard, amendment 1 seeks to remove clause 4 on the seafarers' earnings deduction from the...
Chris Leslie | 518 c98-9 (Link to this contribution) I beg to move amendment 1, in page 7, line 40, leave out clause 4. In Committee, we discussed the i...
Chris Leslie | 518 c101 (Link to this contribution) I am grateful to the Minister for his comments, which, given that he addressed some of the issues pe...
Chris Leslie | 518 c87 (Link to this contribution) I am following the hon. Lady's logic. She is saying that we do not want to do anything that would dr...
Justine Greening | 518 c87 (Link to this contribution) The hon. Gentleman is right that the bank levy itself needs to be viewed in the context of overall p...
Stewart Hosie | 518 c87 (Link to this contribution) On that point, I entirely agree with the Minister. A fundamental part of this is the new capital req...
Chris Leslie | 518 c89 (Link to this contribution) What cheek the Minister has to start claiming, in that revisionist way, that her party was always sa...
Justine Greening | 518 c88-9 (Link to this contribution) The IMF has expressed its own views around levels of taxation. In the broader international context,...
Chuka Umunna | 518 c88 (Link to this contribution) What does the Minister say to the International Monetary Fund? I have already mentioned the IMF's vi...
Justine Greening | 518 c87-8 (Link to this contribution) I am sure that the hon. Gentleman is following my comments closely. I was setting out the context fo...
Chris Leslie | 518 c77 (Link to this contribution) The hon. Lady has several thousand civil servants—for the time being, at least, before they are made...
Chris Leslie | 518 c76-7 (Link to this contribution) I will come to deferred tax in a moment, because the corporation tax questions require much greater ...
David Gauke | 518 c77 (Link to this contribution) It is dangerous to intervene given that I do not have the answer to which the hon. Gentleman has ref...
Chris Leslie | 518 c77 (Link to this contribution) It might well be that in that written answer the Exchequer Secretary's definition of ““financial ser...
Justine Greening | 518 c77 (Link to this contribution) I can see that the hon. Gentleman is slightly confused about the written answer, so I want to clarif...
Chris Leslie | 518 c76 (Link to this contribution) I accept the hon. Gentleman's point. We have to be prudent in how we address these questions, and I ...
Chris Leslie | 518 c76 (Link to this contribution) A walk-on character with very few lines—unlike the hon. Gentleman, to whom I give way.
Charlie Elphicke | 518 c76 (Link to this contribution) I would like to put a couple of points to the hon. Gentleman. First, taking the case of Lloyds and R...
Stewart Hosie | 518 c76 (Link to this contribution) This is interesting. I have seen many of these quotes before, and I am certainly minded to support t...
Chris Leslie | 518 c74-6 (Link to this contribution) I beg to move, That the clause be read a Second time. This is a short new clause, which stands in m...
Chris Leslie | 518 c69-70 (Link to this contribution) My hon. Friend highlights the fact that I cannot see this being the end of the matter. The Minister ...
Geraint Davies | 518 c67 (Link to this contribution) Can the Minister explain why the proposal to tax higher rate taxpayers in that way was made and anno...
David Gauke | 518 c67-8 (Link to this contribution) The policy underlines the fact that the Government are looking to address our deficit in a way that ...
Chuka Umunna | 518 c67 (Link to this contribution) The Minister cites savings of £2.5 billion, but will he estimate the likely cost of administering th...
David Gauke | 518 c67 (Link to this contribution) The hon. Gentleman asks a fair question, but I will not give him a precise number because that is so...
Chris Leslie | 518 c68-9 (Link to this contribution) I am astonished by the Minister's blinkered approach in sticking to the robotic text, ““This has abs...
Geraint Davies | 518 c69 (Link to this contribution) In my constituency, my hon. Friend's constituency and throughout the country, there are women who do...
Chris Leslie | 518 c68 (Link to this contribution) I am trying to follow the Minister's logic. Does HMRC envisage child benefit continuing to be paid t...
David Gauke | 518 c68 (Link to this contribution) The hon. Gentleman, who has been somewhat ingenious in tabling the new clause, again seeks to draw m...
Sheila Gilmore | 518 c66 (Link to this contribution) Does the Minister agree that this is a case of reforming in haste and repenting at leisure? However ...
David Gauke | 518 c66 (Link to this contribution) The new clause would link the future withdrawal of child benefit from higher rate taxpayers with the...
David Gauke | 518 c66-7 (Link to this contribution) I take the hon. Lady's point, but I am not clear about whether her party's position is to say, ““Som...
Chris Evans | 518 c63-5 (Link to this contribution) The conflicting press reports on this policy that we have seen over the last couple of months mean t...
Chuka Umunna | 518 c65 (Link to this contribution) Let me make three very quick points, parts of which will pick up on comments that have already been ...
Charlie Elphicke | 518 c65 (Link to this contribution) I thank the hon. Gentleman for his kind words. As a lawyer, I might be very cautions, but as someone...
Chuka Umunna | 518 c65-6 (Link to this contribution) I do not usually ask my friends and acquaintances whether they share financial information with thei...
Geraint Davies | 518 c66 (Link to this contribution) My hon. Friend makes a powerful case to look again at the detail. Does he agree that if the objectiv...
Chuka Umunna | 518 c66 (Link to this contribution) No doubt the Government will consider my hon. Friend's interesting suggestion and comment accordingl...
Chris Leslie | 518 c60-2 (Link to this contribution) I beg to move, That the clause be read a Second time. New clause 2 would force the Treasury to come...
David Gauke | 518 c58-9 (Link to this contribution) I am grateful for that invitation. I am sure it will be small comfort to the hon. Gentleman, but I w...
Lord Hanson of Flint | 518 c59-60 (Link to this contribution) I am grateful for the Minister's clarification of the Government's response. If we take into account...
Jim McGovern | 518 c58 (Link to this contribution) I thank the Minister for giving way again. He talks about hearing what has been said in the Chamber,...
David Gauke | 518 c58 (Link to this contribution) I certainly will give way to the hon. Gentleman, who has been very active on this issue.
David Gauke | 518 c58 (Link to this contribution) We have also reduced the small profits rate of corporation tax from 21% to 20%, when it was set to g...
David Gauke | 518 c57 (Link to this contribution) The TIGA analysis makes the assumption that everything achieved as a consequence of the relief would...
Mark Field | 518 c57 (Link to this contribution) The Minister has twice referred to the concept of market failure. Did not the hon. Member for Dundee...
Jim McGovern | 518 c56 (Link to this contribution) At a recent meeting with the Minister, I told him that before the Budget that announced the intentio...
David Gauke | 518 c56 (Link to this contribution) The circumstances facing us in the run-up to the June Budget were such that we wanted to introduce a...
David Gauke | 518 c56-7 (Link to this contribution) We have heard the figures quoted by TIGA, but we do not accept the validity of that analysis because...
Sheila Gilmore | 518 c54-5 (Link to this contribution) One thing that I have not understood—I have not understood it from either the debates that we had in...
Mark Field | 518 c54 (Link to this contribution) The hon. Gentleman is right to make that important point, although it also raises the question of ho...
David Gauke | 518 c55-6 (Link to this contribution) New clause 1 and new schedule 2 seek to provide additional tax relief for companies producing video ...
John Redwood | 518 c55 (Link to this contribution) I am delighted that the Opposition have highlighted the example of the video games industry. However...
Jim McGovern | 518 c54 (Link to this contribution) The hon. Gentleman has indicated that part of the computer games industry is based in his constituen...
Mark Field | 518 c53 (Link to this contribution) They are the spiritual home of so many things, as I am sure that the Opposition Whip would agree. I...
Lord Hanson of Flint | 518 c51-2 (Link to this contribution) I have taken advice in drafting the new clause, and my advice is that it is workable and applicable,...
Mark Field | 518 c52 (Link to this contribution) The video games industry is very important. Its spiritual home is, in part, in my constituency, in p...
Stewart Hosie | 518 c53 (Link to this contribution) Notwithstanding the hon. Gentleman's points about the film tax credit, I am sure that he will unders...
Mark Field | 518 c53-4 (Link to this contribution) I accept that. There is also little doubt that we have some tremendously high-quality people working...
Charlie Elphicke | 518 c51 (Link to this contribution) The right hon. Gentleman makes a perennial point that shadow Ministers make, to which actual Ministe...
Lord Hanson of Flint | 518 c51 (Link to this contribution) My hon. Friend makes the important point that those are high-skilled, highly technical jobs that wil...
Lord Watson of Wyre Forest | 518 c51 (Link to this contribution) The important point about the new clause is the unique position of the video games industry. It has ...
Lord Hanson of Flint | 518 c50 (Link to this contribution) The hon. Gentleman has effectively read out the next section of my speech. I have indeed examined wh...
Lord Hanson of Flint | 518 c50 (Link to this contribution) We are happy to consider on a case-by-case basis whether tax relief helps to generate employment and...
Jim McGovern | 518 c50 (Link to this contribution) My right hon. Friend mentioned the British film industry. Is he aware that figures provided by TIGA,...
Lord Hanson of Flint | 518 c50 (Link to this contribution) Indeed, and TIGA—my hon. Friend says ““tiger””; I say ““teega””, but we both mean the same thing—has...
Lord Hanson of Flint | 518 c50 (Link to this contribution) I know that the industry is important to Scotland, so following my hon. Friend the Member for Dundee...
Stewart Hosie | 518 c50 (Link to this contribution) The right hon. Gentleman was right to mention the Chancellor's argument that the proposed tax break ...
Lord Hanson of Flint | 518 c48-9 (Link to this contribution) As the House will be aware, my hon. Friend the Member for Wallasey (Ms Eagle) referred on Second Rea...
Lord Hanson of Flint | 518 c49 (Link to this contribution) Our proposal is based on an existing tax relief for the film industry, which has been very successfu...
John Redwood | 518 c49 (Link to this contribution) If it works for this industry, why does it not work for others? Why is the right hon. Gentleman limi...
Speaker | 518 c39-48 (Link to this contribution) With this it will be convenient to discuss
Lord Hanson of Flint | 518 c39 (Link to this contribution) I beg to move, That the clause be read a Second time.
Justine Greening | 518 c86 (Link to this contribution) If the hon. Gentleman checked the Hansard of our debates on the original tripartite regulatory syste...
Speaker | 518 c90 (Link to this contribution) Order. It has been brought to my attention that there is a problem with the Division bells not only ...
Chris Leslie | 518 c62-3 (Link to this contribution) The hon. Gentleman is doing his job, supporting a policy that was not the one espoused in his party'...
Charlie Elphicke | 518 c62 (Link to this contribution) The hon. Gentleman seems to want to convince the House that £45,000 a year is not very much money, b...
Stewart Hosie | 518 c56 (Link to this contribution) The Minister is being generous. He is paraphrasing the Green Book, which says that the Government wi...
John Redwood | 518 c49 (Link to this contribution) Just to clarify the point, the right hon. Gentleman should know that I believe that lower tax rates ...
Stewart Hosie | 518 c57-8 (Link to this contribution) My party welcomes the reduction in corporation tax; we believe that it is a good thing. However, som...

Subjects

Children
Disclosure of information
Child benefit
Corporation tax
Banks
Crew
Employment
Families
Fisheries
Incentives
Income tax
Film
Financial services
Financial institutions
Independent taxation
Economic situation
Personal income
Pay
Mental capacity
Profits
Norway
Small businesses
Tax allowances
Taxation
Shipping
Terminology
Video games
Tax rates and bands
Self-employed
Iceland
Bank levy

Legislation

Finance (No. 2) Bill 2010-12

Link

View this Parliamentary proceeding on www.publications.parliament.uk
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