B1263 - Abolition of Bank Surcharge Tax Bill 2017 Watch

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Rakas21
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B1263 - Abolition of Bank Surcharge Tax Bill 2017, The Rt. Hon. Mr T 999, TSR Libertarian Party

Abolition of Bank Surcharge Tax Bill 2017

A bill to abolish bank corporation tax surcharge

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, and by the authority of the same, as follows:-

1: Tax abolition
(1) Bank corporation tax surcharge is hereby abolished

2:Repeal
(1) Part 1 banking corporation surcharge tax of the Finance Act 2015 is hereby abolished

3: Short title, commencement, and extent
(1) This Act may be cited as the Bank Surcharge Abolition Act 2017.
(2) This Act shall come into force on the 6th April 2019.
(3) This Act shall extend to the United Kingdom.




Notes
The bank surcharge levy a surcharge of 8% on the profits of banking companies. This is essentially a double tax on profits after the bank has paid corporation tax it’s forced to pay this surcharge. This is an unnecessary form of taxation and it’s greedy on the government part to make extra money.

Costing
Bank Surcharge- £0.8 billion

Repeals
Finance Act 2015
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username2080673
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Other forms of taxation could also be described as 'unecessary' and 'greedy'. I wonder why this bill doesn't seem to also include those.
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Joel 96
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(Original post by Conceited)
Other forms of taxation could also be described as 'unecessary' and 'greedy'. I wonder why this bill doesn't seem to also include those.
this
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Mr T 999
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(Original post by Conceited)
Other forms of taxation could also be described as 'unecessary' and 'greedy'. I wonder why this bill doesn't seem to also include those.
(Original post by Joel 96)
this
Mr Speaker,

This bill is continuing from the Small tax bill from the tories last term. By abolishing small tax that raises very little, which also hinders small to mid size banks to make profits. This surcharge on profits is a greedy attempt by the government to tax profits twice on banks to make extra money.
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Aph
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nay, "double taxation" isn't a thing. banks add little to society in general so nope
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TCFactor
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Nay. Like many said. This isn't necessary.
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TheDefiniteArticle
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I've already done this, see "Banking (No 2) Act 2016".

I suggest this be withdrawn.
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Asolare
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(Original post by Aph)
nay, "double taxation" isn't a thing.
Pretty sure taxing something twice = double taxation?
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Yes, sensible bill.
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Aph
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(Original post by Asolare)
Pretty sure taxing something twice = double taxation?
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Yes, sensible bill.
no, because at the end of the day the government sets tax, they could simply say "banks have no corporation tax but face a banks tax that is a bit bigger.
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Mr T 999
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(Original post by TheDefiniteArticle)
I've already done this, see "Banking (No 2) Act 2016".

I suggest this be withdrawn.
Ffs stupid hansard I checked as well before creating this bill to see if it was done and couldn't find anything must have missed it. I have just checked now and yes you have indeed repealed it.

I will indeed withdraw this bill since it's already in law.
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Mr T 999
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(Original post by Rakas21)
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Mr Speaker

It has come to my attention this bill has already been done V1052 Banking (No. 2) Bill 2016 and has successfully passed and already in law.

This bill should be withdrawn on that basis.
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Gladstone1885
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Nay, deficit
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username2080673
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(Original post by mr T 999)
Mr Speaker,

This bill is continuing from the Small tax bill from the tories last term. By abolishing small tax that raises very little, which also hinders small to mid size banks to make profits. This surcharge on profits is a greedy attempt by the government to tax profits twice on banks to make extra money.
You haven't made an adequate response but I doubt it matters now considering this'll be withdrawn.
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Rakas21
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This bill is hereby withdrawn.
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