Poll: Should this bill be passed into law?
As many are of the opinion, Aye (23)
50%
On the contrary, No (20)
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Abstain (3)
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V1440 – Finance Bill 2018 (Second Reading), TSR Government
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An Act 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. Amendment to B1386
(1) Section 4.4 of B1386 is hereby repealed and replaced with the following;
(i) "From the 1st April 2019 Value Added Tax is hereby levied on all psychoactive substances at the standard rate."
(2) Section 5.3 of B1386 is hereby repealed and replaced with the following;
(i) "This Bill shall come into force on 1st April 2019".

2. Narcotic Import Duty
(1) Import Duties are hereby charged for all Class B narcotics as defined by B1386 from 1st April 2019 .
(2) The import duty on the aforementioned class B narcotics will be set at 100%.

3. Vehicle Excise Duty Amendment
(1) An additional rate of Vehicle Excise Duty is hereby charged from 1st April 2019.
(2) This additional rate of Vehicle Excise Duty will be charged a level of 150% per vehicle
(3) The additional rate of Vehicle Excise Duty shall hereby be levied on households with two or more vehicles.
(4) Exemption shall be granted for disabled households.

4. Property Tax
(1) A levy on the value of properties exceeding £1m will be charged from 1st April 2019.
(2) This levy will be set at a rate of 1% of the property value
(3) Exemption shall be granted for households in which nobody is in employment.

5. Income Tax
(1) From the 1st April 2019 the thresholds for income tax rates shall hereby be set at;
(i) The basic rate threshold for Income Tax shall hereby be £15,000
(ii) The Higher rate threshold for Income Tax shall hereby be £50,000
(iii) The Additional rate threshold for Income Tax shall hereby be £150,000.

6. Winter Fuel Payments
(1) From 1st April 2019 winter fuel payments are hereby abolished.

7. Clean Air Fund
(1) From 1st April 2019 the clean air fund is hereby abolished

8. 2018 Budget Reversals
(1) The lifting of the cap on local authority borrowing for the purpose of house-building from the 1st April 2019 is hereby abolished.
(2) The Digital Revenues Tax to be levied from the 1st April 2019 is hereby abolished.
(3) The restriction on fixed term betting terminals to £2 from the 1st April 2019 is hereby abolished.
(4) The freeze on alcohol duty from the 1st April 2019 is hereby abolished.
(i) From the 1st April 2019, Alcohol duty will be rise by CPI+2% and in each subsequent year.

9. Commencement, Extent and Short Title
(1) This bill shall come into force on 1st April 2019.
(2) This bill shall extend to the whole of the United Kingdom.
(3) This bill shall hereby be cited as the Finance Act 2018.

Notes - Changes from the primary Budget Report
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The Budget for the 27th parliament (link at the bottom of the notes) set out a number of policy measures, some of which require primary legislation. This Finance Bill outlines and places into law, many of those policies.

B1425 and B1428
B1425 and B1428 have passed division and required no amendment. They did not require further legislation.

B1386 Amendments
The 27th Parliament Budget made two key changes to B1386 (a bill which granted de facto legalisation of class B narcotics), namely that it brought forward the implementation of this act and also that it levied an import duty onto the newly defined class B narcotics.

Section 1 amends B1386 in order that from the 1st April 2019 VAT is levied with estimated revenues of £0.6bn per annum.
Section 2 imposes a statutory levy in order that an import duty of 100% is levied with estimated revenues of £1.1bn per annum.

Vehicle Excise Duty Additional Rate
The 27th parliament Budget made a key change to current vehicle excise duty by imposing an additional rate on households with two or more vehicles (levied per vehicle).

Section 3 imposes an additional 150% rate of Vehicle Excise Duty on households with two or more vehicles from 1st April 2019. This generates an estimated £0.9bn per annum. The number of households made exempt is estimated to be around 15%.

Corporation Tax
The change to forecast corporation tax changes (a freeze rather than reduction) is abolished.

Property Tax
The 27th parliament Budget made a key decision to shift taxation away from incomes and towards the property of rich individuals.

Section 4 imposes a levy of 1% on the value of properties above £1m at an estimated benefit to the taxpayer of £8.1bn per annum. The estimated number of non-employed households made exempt is estimated to be 39%.

Income Tax
The 27th parliament budget made two key decisions when it came to Income Tax. Firstly it increased the basic rate threshold to £25000 and secondly it reduced the additional rate threshold to £70,000.

The change to the additional rate threshold is abolished (it remains at £150,000).
The change to the basic rate threshold is set at £15,000.

Section 5 outlines a change to increasing the basic rate threshold to just £20,000 in order to account for reduced cost. Increasing the basic rate threshold to £15,000 is expected to cost the taxpayer £16bn per annum.

Tax Abolition
The 27th parliament budget outlined a number of tax abolition in a bid to simplify the UK's tax code. With the reform of income taxation this is no longer deemed afforable.

The abolition of the insurance premium tax, air passenger duty, the climate change levy, the banking levy and banking surcharge are hereby abolished.

Winter Fuel Payments
The 27th parliament budget made key spending decisions and one of those was the abolition of the winter fuel payment in light of firstly the expense and secondly the fact that pensioners see significant pension increases per annum due to the triple lock.

Section 6 outlines the abolition of the winter fuel payment.

Clean Air Fund
The 27th parliament budget made key spending decisions, one of which was to abolish the clean air fund as a measure deemed insufficient and reduce the department for communities and local government budget by £0.2bn.

Section 7 outlines the abolition of the clean air fund while the spending motion will move for consent to reduce the communities and local government budget.

Budget Reversals
The 27th parliament budget made several key changes to those announced in the 2018 RL budget.

Section 8 essentially repeals these ideas before canon brings them into law.

Outpatient Reforms
The 27th parliament proposed to make outpatient medical insurance mandatory with an employer-employee contribution and as such, a cut in current health spending. It has been judged that this is an insufficiently developed idea.

The Outpatient Reform is hereby abolished.

..

A spending motion will be released concurrently to this second reading of the 2018 Finance Bill.

The following items will be brought forward early in the 28th parliament.

- BBC Act to be brought forward in early 2019 removing the license fee and enacting the model of future funding.
- Pensions Act to be brought forward in early 2019 enacting changes to employer contribution
- Foreign Aid act to be brought forward in early 2019 withdrawing UK from relevant international treaty
- Sovereign Wealth Act to be brought forward in early 2019 to enact SWF, BBB and AF.

The effect of this Finance Act on its own is to increase the deficit by £2.7bn in the 2019-2020 financial year however that is offset by the measures to be brought forward in addition to the Spending Motion.

The total costings for the 2018 budget are linked below (Tab 3) with the deficit figures most notable below..

2019-2020: -£2.3bn (-0.1% GDP)
2020-2021: +£9.6bn (+0.4% GDP)
2021-2022: +£22.2 (+0.9% GDP)
2022-2023: +£38.4 (+1.5% GDP)
2023-2024: +£56.6 (+2.2% GDP)

https://docs.google.com/spreadsheets...it?usp=sharing

Link to 2018 Budget Below..

https://docs.google.com/document/d/1...it?usp=sharing


Change For Second ReadingAddition of 3.4.
Spoiler:
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Amendment to title of section 4.
Addition of 4.3.
Amendment to wording of 8.1 and 8.4.
Amended Notes Section.

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Mr T 999
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#2
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I encourage MP's to vote this abomination of a budget down!
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Rakas21
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#3
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(Original post by mr T 999)
I encourage MP's to vote this abomination of a budget down!
This is the Finance Bill containing a minority of policies, not the budget.
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Jammy Duel
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#4
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(Original post by Rakas21)
This is the Finance Bill containing a minority of policies, not the budget.
It's also doubles the deficit
Last edited by Jammy Duel; 1 year ago
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Jammy Duel
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#5
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Nay, we see here a bill that doubles the deficit that has been hastily thrown together and incredibly poorly costed by a government who values quantity over quality
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Koalifications
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#6
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#6
Apologies, I meant to vote aye here - could my erroneous vote of no be changed to aye?
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Life_peer
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#7
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Saracen's Fez ^
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Connor27
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#8
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LifeIsFine did you intend to vote in favour of this? In light of your vote against the budget that seems bizzare...
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Rakas21
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#9
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(Original post by Connor27)
LifeIsFine did you intend to vote in favour of this? In light of your vote against the budget that seems bizzare...
He did. He opposed the defense increase which you libertarians oppose.
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Jammy Duel
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(Original post by Rakas21)
He did. He opposed the defense increase which you libertarians oppose.
You mean the increase that LP ordered you all to vote against, even when spread over multiple years?

At the end of the day this is the second biggest tax cut in MHoC history and sees the deficit swell to levels not seen for a decade
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Saracen's Fez
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#11
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One postal No has been added for seat 17 (Pretty Hot Thing).

One postal No has been added for seat 29 (Mr Eurosceptic).

One No has been removed due to a double vote in seat 17 (Pretty Hot Thing / Haider_A).

One No has been removed due to a double vote in seat 21 (Saunders16 for Dafios9218).

One Abstention has been removed due to a double vote in seat 29 (Mr Eurosceptic / LPK).

One No has been changed to an Abstention for seat 38 (London090).
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Saracen's Fez
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The Ayes to the right: 22
The Noes to the left: 21
Abstentions: 3

The Ayes have it! The Ayes have it! Unlock!

Turnout: 97.87%
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Saracen's Fez
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#13
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An amendment to the above: one No has been changed to an Aye for seat 34 (Koalifications).

The final result is amended to:
The Ayes to the right: 23
The Noes to the left: 20
Abstentions: 3

The Ayes have it! The Ayes have it! Unlock!

Turnout: 97.87%
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