Finance (No. 2) Bill – in the House of Commons at 6:06 pm on 11 March 2026.
Votes in this debate
Amendments made: 54, page 457, line 29, after “securities” insert “of a company”.
This amendment is consequential on Amendment 55.
Amendment 55, page 457, line 30, at end insert—
“(aa) in paragraph (ab) (as inserted by this sub-paragraph)—
(i) the words from “that” to the end become sub-paragraph (i), and
(ii) after that sub-paragraph insert
“, and
(ii) which (either by themselves or together with any unquoted shares in, or other unquoted securities of, the company that are owned by the transferor) gave the transferor control of the company immediately before the transfer;””.
This amendment secures that the transfer of securities in a company traded on a recognised stock exchange will only benefit from 50% relief where the transferor had control of the company before the transfer.
Amendment 62, page 457, line 32, leave out “or securities”.
This amendment is consequential on Amendment 63.
Amendment 63, page 457, line 34, at end insert—
“(ad) any unquoted securities of a company—
(i) that are traded on an exchange outside the United Kingdom that is not a recognised stock exchange, and
(ii) which (either by themselves or together with any unquoted shares in, or other unquoted securities of, the company that are owned by the transferor) gave the transferor control of the company immediately before the transfer;”.
This amendment secures that the transfer of securities in a company traded on an overseas exchange that is not a recognised stock exchange will only benefit from 50% relief where the transferor had control of the company before the transfer.
Amendment 64, page 457, line 36, at end insert—
“(1A) In section 107, in subsection (4) for “105(1)(bb)” substitute “105(1)(aa) or (bb)”.
(1B) In that subsection (as amended by sub-paragraph (1A)) after “105(1)(aa)”, insert “, (ac)”.”
This amendment inserts some missing consequential changes.
Amendment 65, page 460, line 15, leave out “amendment” and insert “amendments”.
This amendment is consequential on Amendments 55 and 64.
Amendment 66, page 460, line 15, leave out “paragraph 12(1)(b) (shares traded on overseas exchanges)” and insert
“sub-paragraphs (1)(aa) and (b) and (1B) of paragraph 12”.—(Dan Tomlinson.)
This amendment is consequential on Amendments 55 and 64.
Third Reading
Lucy Rigby
The Economic Secretary to the Treasury
6:30,
11 March 2026
I beg to move, That the Bill be now read the Third time.
The Budget in November was a Budget to build a stronger, more secure economy. It contained fair and necessary choices to deliver the public’s priorities by cutting the cost of living, cutting debt and borrowing, cutting child poverty, and cutting NHS waiting lists. At its heart were three deliberate pro-growth choices. First, by choosing to maintain economic stability and getting inflation and interest rates down, we gave businesses the confidence to invest and our economy the room to grow. Secondly, by choosing to reject austerity, we protected over £120 billion of additional investment in growth-driving infrastructure. Thirdly, by choosing to back the fast-growing British companies of the future, we supported the investment, the innovation and the economic dynamism that will increase growth, raise living standards, and boost the country’s prosperity in the next decade and beyond. The measures in the Bill deliver on those choices by introducing tax levers to unlock investment, back our wealth creators and attract talent by sticking to commitments in the corporate tax road map to provide certainty for businesses, and by doubling the limits for our enterprise tax incentives so that scale-ups can attract the capital and talent that they need in order to grow.
The Bill contains a series of other responsible decisions on tax, and that is because, at the time of the Budget, the Government faced choices. We could have made the reckless choice to abandon our fiscal rules and let borrowing and debt increase, but instead we made the pro-growth choice to get borrowing, debt and inflation down, more than doubling our headroom. We could have made the irresponsible choice and returned to austerity, cutting public services as the Conservative party did and undermining capital investment, but instead we made the pro-growth choice to protect the investment in Britain’s infrastructure and to build a better, stronger, more secure economy.
In line with our commitment to fiscal responsibility, the Bill maintains income tax thresholds for employees and the self-employed at the current levels for a further three years, from April 2028 until April 2031. It also contains measures to strengthen the integrity of the tax system by closing loopholes and removing barriers. That includes reforms to collect more unpaid taxes and to modernise the tax system to make it easier for taxpayers to get their tax right first time. We are introducing new powers to close in on promoters of marketed tax avoidance, and to challenge those who knowingly engage in fraudulent business in the construction industry. Alongside the measures announced in the 2024 Budget, the measures in the Bill to close the tax gap will bring the total revenue from tax gap measures announced in this Parliament to £10 billion in 2029-30.
I wholeheartedly thank all Members, on both sides of the House, for their contributions during the Bill’s passage. The Bill contains the right choices for the public finances, the right choices on investment, the right choices for businesses and for working people, the right choices for our public services, and the right choices for Britain. For those reasons, I commend it to the House.
James Wild
Shadow Exchequer Secretary (Treasury), Opposition Whip (Commons)
6:34,
11 March 2026
I join the Minister in thanking hon. Members on both sides of the House who participated in the debate—there are rather more of them here than there have been throughout our proceedings. I also thank the parliamentary staff, and the hon. Members who chaired the Committee.
In this 534-page Bill, the Government have chosen to impose a raft of tax-raising measures that hit work, enterprise and investment, and which add significantly to the regulatory costs on UK businesses. They have extended the freeze on income tax thresholds, dragging hundreds of thousands more working people into higher tax bands; they have introduced a family farm and family business tax, targeting rural communities and family firms; and they have increased taxes on savings, property income and long-term investment. Taken together, these measures amount to billions of pounds-worth of extra taxation, pushing the overall tax burden to record levels. Ultimately, the Chancellor has chosen to make the UK a less attractive place for businesses and for the investors who we need to grow the economy.
Just last week, the Office for Budget Responsibility cut growth projects again. At a time of global uncertainty, the Government are taking the wrong course, and it shows. Unemployment is up, taxes are up, welfare spending is going up, and living standards will fall over the course of this Parliament. This Government have led the country into a high-tax, low-growth doom loop.
There is a long list of voices sounding the alarm over the economy, but the Chancellor is still not listening. Rather than change course, she is sticking to her failing plan of higher taxes, higher spending and borrowing. This Bill breaks the promises to the British people, and we will oppose it this evening.
Charlie Maynard
Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
6:36,
11 March 2026
I speak on behalf of the Liberal Democrats, and the Shadow Minister’s audacity in talking about a “high-tax, low-growth doom loop” is pretty high.
With regard to this Bill, I ask the Government to look again at four things. I will go through them quickly, and then I will sit down. I ask the Government to provide more detail, and quickly, on their plans to prevent pensioners from being dragged into paying income tax; to publish information on how the freezing of tax thresholds until 2030-31 impacts households at various income levels; to recognise the impact that the Government’s policies are having on youth unemployment, which is up by 100,000 in the last year, and to take steps to halt this rapid rise, which at a minimum would include reducing the national insurance contributions rate paid by employers on part-time employees earning between £5,000 and £9,100 per year; and, finally, as per new Clause 11, which we just pushed to a vote, to look again at taking a fairer approach to farmers by allowing the thresholds on agricultural property relief to rise over time in line with agricultural land prices, rather than having those thresholds eroded over time.
Question put, That the Bill be now read the Third time.
The House proceeded to a Division.
Caroline Nokes
Chair, Speaker's Advisory Committee on Works of Art, Chair, Speaker's Advisory Committee on Works of Art, Deputy Speaker (Second Deputy Chairman of Ways and Means)
Will the Serjeant at Arms investigate the delay in the Aye Lobby?
Division number 449
Finance (No. 2) Bill: Third Reading
Caroline Nokes
Chair, Speaker's Advisory Committee on Works of Art, Chair, Speaker's Advisory Committee on Works of Art, Deputy Speaker (Second Deputy Chairman of Ways and Means)
Order. Before we move on to the next business—unfortunately the Government Chief Whip has left the Chamber—may I emphasise to all Members the need to vote in a prompt manner? There can be no excuse for loitering in the Lobby.
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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.
The Serjeant at Arms has two main areas of responsibility. First he has duties relating to the order and security of the House of Commons. He is responsible for maintaining order in the Chamber, Galleries, Committee Rooms and precincts of the House of Commons, and the control of access to them. By tradition the post is usually given to an ex-serviceman and the Serjeant at Arms is the only person in the House of Commons allowed to carry a sword. The Serjeant at Arms Department also has housekeeping duties which include the allocation and booking of accommodation for MPs, cleaning of the House and the supply of stationery, laundry and other stores. The office of Serjeant at Arms goes back to 1415 and the reign of Henry V when the Serjeant was responsible for carrying out the orders of the House of Commons, including making arrests. Today he performs several ceremonial duties that date back to the early days of the office. He carries the mace in the Speaker's Procession each day and also into the House of Lords during the State Opening of Parliament.
A person involved in the counting of votes. Derived from the word 'tallier', meaning one who kept a tally.
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The chief whip's official residence is Number 12 Downing Street.
