Income Tax (Charge) – in the House of Commons at 6:47 pm on 6 November 2024.
Votes in this debate
Question put,
That—
(1) In section 1H of the Taxation of Chargeable Gains Act 1992 (the main rates of CGT)—
(a) omit subsection (1A) (which sets out the rates for residential property gains accruing to individuals),
(b) in subsection (3) (which sets out the rates for gains accruing to individuals that are not residential property gains or carried interest gains)—
(i) for “10%” substitute “18%”, and
(ii) for “20%” substitute “24%”,
(c) omit subsection (4A) (which sets out the rates for residential property gains accruing to personal representatives),
(d) in subsection (6) (which sets out the rates for gains accruing to personal representatives that are not residential property gains or carried interest gains), for “20%” substitute “24%”,
(e) omit subsection (7) (which sets out the rates for residential property gains accruing to trustees), and
(f) in subsection (8) (which sets out the rates for gains accruing to trustees that are not residential property gains or carried interest gains)—
(i) omit “Other”, and
(ii) for “20%” substitute “24%”.
(2) The amendments made by this Resolution have effect in relation to disposals made on or after
(3) If an asset is transferred on or after
(4) A contract is an excluded contract if—
(a) obtaining an advantage by reason of the application of section 28(1) of the Taxation of Chargeable Gains Act 1992 was no purpose of entering into the contract, and
(b) where the parties to the contract are connected persons, the contract was entered into wholly for commercial reasons.
(5) A contract is not to be regarded as an excluded contract unless the person making the transfer makes a claim which includes a statement that the contract meets the conditions to be an excluded contract.
(6) But no claim is required if the total amount of—
(a) the chargeable gain accruing on the disposal, and
(b) the chargeable gains accruing on all other disposals made under excluded contracts, does not exceed £100,000.
(7) For this purpose the amount of any gain accruing on a qualifying business disposal is to be taken to be the amount of the gain under section 169N(2) of the Taxation of Chargeable Gains Act 1992.
(8) If the person making the transfer makes—
(a) a claim under section 169M of the Taxation of Chargeable Gains Act 1992 in relation to a qualifying business disposal (business asset disposal relief), or
(b) a claim under section 169VM of that Act (investors’ relief) in relation to a disposal, section 169M(2) and (3) of that Act, or (as the case may be) section 169VM(1) and (2) of that Act, apply to a claim under paragraph (5) in relation to the disposal as they apply to a claim under the section concerned.
(9) In this Resolution “qualifying business disposal” has the meaning given by Chapter 3 of Part 5 of the Taxation of Chargeable Gains Act 1992.
(10) In this Resolution any reference to the transfer of an asset includes its conveyance.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
Division number 28
Budget Resolution No. 6: Capital gains tax (the main rates)
A person involved in the counting of votes. Derived from the word 'tallier', meaning one who kept a tally.
The House of Commons votes by dividing. Those voting Aye (yes) to any proposition walk through the division lobby to the right of the Speaker and those voting no through the lobby to the left. In each of the lobbies there are desks occupied by Clerks who tick Members' names off division lists as they pass through. Then at the exit doors the Members are counted by two Members acting as tellers. The Speaker calls for a vote by announcing "Clear the Lobbies". In the House of Lords "Clear the Bar" is called. Division Bells ring throughout the building and the police direct all Strangers to leave the vicinity of the Members’ Lobby. They also walk through the public rooms of the House shouting "division". MPs have eight minutes to get to the Division Lobby before the doors are closed. Members make their way to the Chamber, where Whips are on hand to remind the uncertain which way, if any, their party is voting. Meanwhile the Clerks who will take the names of those voting have taken their place at the high tables with the alphabetical lists of MPs' names on which ticks are made to record the vote. When the tellers are ready the counting process begins - the recording of names by the Clerk and the counting of heads by the tellers. When both lobbies have been counted and the figures entered on a card this is given to the Speaker who reads the figures and announces "So the Ayes [or Noes] have it". In the House of Lords the process is the same except that the Lobbies are called the Contents Lobby and the Not Contents Lobby. Unlike many other legislatures, the House of Commons and the House of Lords have not adopted a mechanical or electronic means of voting. This was considered in 1998 but rejected. Divisions rarely take less than ten minutes and those where most Members are voting usually take about fifteen. Further information can be obtained from factsheet P9 at the UK Parliament site.
