Financial Bill Committee of the House Stage Vote

11/12/2024
Posted by: Valerie Vaz MP
Category: News

The Financial Bill was debated and voted on in a Committee of the whole House on 10 and 11 December 2024. A number of proposed amendments were debated, and the following clauses were voted on:

New clause 5

The Bill as introduced stated in section 8 that from 6 April 2025, the Capital Gains Tax (CGT) rate for Business Asset Disposal Relief increases from 10% to 14%. Any references in the tax legislation to the 10% rate will also be updated to 14%. From 6 April 2026, the CGT rate for Business Asset Disposal Relief will increase again, from 14% to 18%, and references in the legislation to the 14% rate will be updated to 18% accordingly.

The new clause proposed that the Chancellor must prepare and publish a review of how the changes in Section 8 affect the number of Business Asset Disposal Relief claims for business sales, and that the review should compare the number of claims in the 2024-25 tax year to those in 2025-26 and compare the impact of the new rate with what would have happened if the rate had stayed the same.

I voted against the clause with the result: Ayes 105, Noes 340

New clause 2

This new clause would require the Government to produce a report setting out the fiscal impact of the Bill’s changes to the Energy Profits Levy investment expenditure relief.

I voted against the clause: the result: Ayes 74, Noes 350

New clause 3

This new clause would require the Chancellor to publish a review within three months of this Act taking effect, assessing the expected impact of the measures in sections 15 to 18 on employment in the UK oil and gas industry, capital expenditure in the UK oil and gas industry, UK oil and gas production, UK oil and gas demand, and the Scottish economy and economic growth in Scotland.

I voted against the clause with the result: Ayes 184, Noes 359

The Bill will now be scrutinised at Committee stage, with the date to be announced.