New Clause 4 - Capital gains tax and employee shareholders

Finance Bill – in a Public Bill Committee at 4:45 pm on 17 June 2014.

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“(1) The Chancellor of the Exchequer shall, within three months of the passing of this Act, undertake a review of the impact on tax revenues of employee shareholder status as defined by section 205A of the Employment Rights Act 1996, and set out the conclusion of the review in a report.

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

(a) the impact on total capital gains tax receipts paid to the Exchequer arising from the capital gains exemptions under section 236B of the Taxation of Chargeable Gains Act 1992;

(b) the estimated value of shares owned by employees working in employee shareholder jobs and the number of such employees.

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

(4) Subsequent reviews must be completed before the end of each period of 12 months beginning with the date on which the previous review was completed.”—(Shabana Mahmood.)

Brought up, and read the First time.

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

The Committee divided: Ayes 14, Noes 18.

Division number 17 Decision Time — New Clause 4 - Capital gains tax and employee shareholders

Aye: 14 MPs

No: 18 MPs

Aye: A-Z by last name

No: A-Z by last name

Question accordingly negatived.