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Clause 65 - Supplementary charge: onshore allowance

Finance (No. 2) Bill – in a Public Bill Committee at 3:45 pm on 13th May 2014.

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Photo of Catherine McKinnell Catherine McKinnell Shadow Minister (Treasury) 3:45 pm, 13th May 2014

I beg to move amendment 22, in clause 65, page 55, line 36, at end insert—

‘(1) The Chancellor of the Exchequer shall, within three months of Royal Assent, undertake a review of the impact of the creation of the onshore allowance introduced under this section.

(2) The report referred to in subsection (1) above must in particular examine—

(a) the estimated total loss of tax revenue to the Treasury in the next 10 financial years;

(b) the impact on onshore oil and gas exploration and field development in the next 10 years; and

(c) the differential impact on individual shale fields.

(3) The Chancellor of the Exchequer must publish the report of the review and lay the report before the House.’.

There has been a broad debate today, from being balanced in areas where there is a lot of agreement, to a certain lack of clarity for Opposition Members as to exactly what impact assessments have been made on clause 65. Therefore, we will press our amendment to a Division. It is in the interest of the Government, the Opposition and particularly the public that we have a proper assessment of the impact of clause 65.

Question put, That the amendment be made.

The Committee divided: Ayes 9, Noes 17.

Division number 7 Decision Time — Clause 65 - Supplementary charge: onshore allowance

Aye: 9 MPs

No: 17 MPs

Ayes: A-Z by last name

Nos: A-Z by last name

Question accordingly negatived.

Clause 65 ordered to stand part of the Bill.

Schedule 12 agreed to.