Taxation of the financial sector

Deferred Divisions – in the House of Commons at 8:39 pm on 9th February 2011.

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That this House takes note of European Union Document No. 15282/10 and Addendum, relating to financial sector taxation; recognises that decisions regarding direct taxes are primarily a matter for sovereign governments; supports the timely action the Government has already taken to introduce a permanent levy on bank balance sheets to ensure that banks make a full and fair contribution in respect of the potential risks they pose to the wider economy; notes that the Government continues to explore the costs and benefits of financial activities taxes and will work with international partners to secure agreement; and further supports the Government's position that an EU-wide financial transaction tax could lead to the relocation of financial services outside the EU.

The House divided: Ayes 295, Noes 223.

Division number 196

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Question accordingly agreed to.