New Clause 1 - Loan charge: report on effect of the scheme

Finance Bill – in the House of Commons at 9:00 pm on 1st July 2020.

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Votes in this debate

  • Division number 70
    A majority of MPs voted against requiring a review into the impact of allowing refunds of tax paid in connection with the receipt of income via loans which were unlikely to be repaid. The refunds relate to loans which would not now be taxed.

“(1) The Chancellor of the Exchequer must commission a review, to be carried out by an independent panel, of the impact in parts of the United Kingdom and regions of England of the scheme established under sections 20 and 21 and lay the report of that review before the House of Commons within six months of the passing of this Act.

(2) A review under this section must consider the effects of the provisions on—

(a) business investment,

(b) employment,

(c) productivity, and

(d) company solvency.

(3) A review under this section must consider the fairness with which HMRC has implemented the policy, including whether HMRC has provided reasonable flexibility around repayment plans with the aim of avoiding business failures and individual bankruptcies.

In this section “parts of the United Kingdom” means—

(a) England,

(b) Scotland,

(c) Wales, and

(d) Northern Ireland;

and “regions of England” has the same meaning as that used by the Office for National Statistics.”—(Alison Thewliss.)

This new clause would require a review of the impact of the scheme to be established under Clauses 20 and 21.

Brought up.

Question put, That the clause be added to the Bill.

Division number 70 Finance Bill — New Clause 1 — Report on Impact of Refunding Tax Paid on Income Received via Loans Which Were Unlikley to be Repaid

A majority of MPs voted against requiring a review into the impact of allowing refunds of tax paid in connection with the receipt of income via loans which were unlikely to be repaid. The refunds relate to loans which would not now be taxed.

Aye: 251 MPs

No: 319 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

Absent: 76 MPs

Absents: A-Z by last name

The House divided: Ayes 232, Noes 321.

Question accordingly negatived.

The list of Members currently certified as eligible for a proxy vote, and of the Members nominated as their proxy, is published at the end of today’s debates.