V1043 – Finance Bill 2016

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  • View Poll Results: Should this bill be passed into law?
    As many are of the opinion, Aye
    47.92%
    On the contrary, No
    50.00%
    Abstain
    2.08%

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    V1043 – Finance Bill 2016, TSR Government
    A

    B I L L

    TO

    Grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

    BE IT ENACTED by The Queen's most Excellent Majesty, by and with the advice and consent of the Commons in this present Parliament assembled, in accordance with the provisions of the Parliament Acts 1911 and 1949, and by the authority of the same, as follows:—
    1. Definitions
      1. For the purposes of this bill -
        1. First Time Buyer refers to an individual that does not own, and never has owned, interest in land in the United Kingdom or in any other country.
        2. VAT refers to Value Added Tax.
        3. Energy Bill refers to expenses paid for by households for the provision of energy in the form of electricity or gas.
    2. Income Tax
      1. Income Tax is charged for the tax year 2016-17.
      2. For that tax year -
        1. The Personal Allowance shall be set at £11,000 per annum.
        2. The Lower Rate, charged on additional earnings up to £4,000 above the Personal Allowance, shall be 10%.
        3. The Basic Rate, charged on additional earnings up to £35,000 above the Lower Rate, shall be 20%.
        4. The Additional Rate, charged on any additional earnings above the Basic Rate, shall be 45%.
    3. Corporation Tax
      1. Corporation tax shall be charged for the financial year 2016.
      2. For that year the main rate of corporation tax shall be 20%.
    4. Bank Levy
      1. Schedule 19 of the Finance Act 2011 is hereby repealed.
    5. Value Added Tax
      1. The main rate of VAT shall be 20%.
      2. Energy Bills are exempt from VAT.
    6. Stamp Duty
      1. The First Time Buyer allowance shall be set at £675,000.
    7. Commencement, short title and extent
      1. This Bill may be cited as the Finance Act 2016
      2. This bill shall extend to the United Kingdom; and
      3. Shall come into force immediately following Royal Assent.


    Notes
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    This bill makes changes to public taxation as set out in the Budget.

    The Income Tax brackets have been changed, and in addition, a new "Lower Rate" of 10% introduced on earnings higher than the Personal Allowance up to £15,000, giving a tax cut to the working class that is more fiscally prudent than a flat out increase in the Personal Allowance. We will also look at merging NICs with Income Tax in the future for a more progressive personal taxation system.

    The Bank Levy is abolished, as it targets the balance sheet of banks rather than the profits they make, and with little evidence that it reduces systemic risk in the UK banking system, serve as an unnecessary obstacle to the UK's competitiveness as a global capital for finance.

    First Time Buyers benefit by a separate threshold of £675,000 for their first property purchase. This reduces the costs of a house purchase by thousands, making it ever more affordable to own your own home. Energy bills are also exempt from VAT to reduce household expenses on one of the most vital costs of living.

    Revenue projections from changes to taxation can be found in the budget spreadsheet.
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    No bill again....
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    (Original post by Aph)
    No bill again....
    The inbuilt TSR numbering, as well as not matching up with the usual standard for legislation, is a bit dodgy a lot of the time when copying from thread to thread.
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    Nay. This varies between fair-to-middling and one silly measure about first time buyers, which is why I recommend all non-government members vote against this.
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    No, I do not support an decrease in the threshold for the 45% tax band, the policies in this bill do not match the policies in departmental Statement of Intents, and I view this bill as illegitimate.
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    One Aye has been changed to a No for seat 24 (zayn008).
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    I'd like to change my vote to a Nay please Saracen's Fez
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    (Original post by JoeL1994)
    I'd like to change my vote to a Nay please Saracen's Fez
    One Abstention has been changed to a No.
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    (Original post by JoeL1994)
    I'd like to change my vote to a Nay please Saracen's Fez
    I was starting to like you.
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    (Original post by Life_peer)
    I was starting to like you.
    Haha! Id abstained originally as I needed to look at the original Budget again. Stamp duty is too high for my liking. My apologies, Minister Prime.
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    (Original post by JoeL1994)
    Haha! Id abstained originally as I needed to look at the original Budget again. Stamp duty is too high for my liking. My apologies, Minister Prime.
    This bill lowers stamp duty.
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    The budget has been defeated- will the Chancellor resign?
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    (Original post by barnetlad)
    The budget has been defeated- will the Chancellor resign?
    There may have been a change submitted in the last hour, you'll have to wait for Fez to inform us.

    The answer is No.
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    Ayes to the right: 23
    Noes to the left: 24
    Abstentions: 1

    The Noes have it! The Noes have it! Unlock!

    Turnout: 96%
 
 
 
Updated: September 23, 2016
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