New Clause 7 - Review of effects of sections 50 and 51 on housing market

Finance Bill – in the House of Commons at 5:30 pm on 11 December 2024.

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Votes in this debate

“(1) The Chancellor of the Exchequer must, within six months of this Act being passed, publish an assessment of the impact of the changes introduced by sections 50 and 51 of this Act, on the housing market in England and Northern Ireland.

(2) The assessment in subsection (1) must consider—

(a) the effects of the provisions of sections 50 and 51 of this Act on the demand for houses in each region within England and Northern Ireland, and

(b) the implications for the housing market of the provisions of sections 50 and 51 of this Act.”—(James Wild.)

This new clause requires the Chancellor to review the impact increased rates of stamp duty for additional dwellings are having on the housing market in England and Northern Ireland.

Brought up, and read the First time.

Question put, That the clause be read a Second time.

Division number 68 Finance Bill Committee: New Clause 7

Aye: 104 MPs

No: 311 MPs

Aye: A-Z by last name

Tellers

No: A-Z by last name

Tellers

The Committee divided: Ayes 104, Noes 313.

Question accordingly negatived.

The Deputy Speaker resumed the Chair.

Bill (Clauses 7 to 12, 15 to 18 and 47 to 53 and Schedules 1 to 3) reported (Standing Order No. 83D(6)), without amendment, and ordered to lie on the Table.

Clause

A parliamentary bill is divided into sections called clauses.

Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.

During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.

When a bill becomes an Act of Parliament, clauses become known as sections.

Chancellor of the Exchequer

The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.

The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.

The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.

Chancellor

The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.

clause

A parliamentary bill is divided into sections called clauses.

Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.

During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.

When a bill becomes an Act of Parliament, clauses become known as sections.

teller

A person involved in the counting of votes. Derived from the word 'tallier', meaning one who kept a tally.

Division

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Deputy Speaker

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The deputy speaker's formal title is Chairman of Ways and Means, one of whose functions is to preside over the House of Commons when it is in a Committee of the Whole House.

The deputy speaker also presides over the Budget.

amendment

As a bill passes through Parliament, MPs and peers may suggest amendments - or changes - which they believe will improve the quality of the legislation.

Many hundreds of amendments are proposed by members to major bills as they pass through committee stage, report stage and third reading in both Houses of Parliament.

In the end only a handful of amendments will be incorporated into any bill.

The Speaker - or the chairman in the case of standing committees - has the power to select which amendments should be debated.