Finance Bill - Schedule 24 and new clauses/amendments

Proposed new clause 6 to require a Government assessment on the effect of a global minimum corporation tax rate set at 21%. Introduced new clause 12 to review investment impacts comparing different scenarios. Proposed new clause 22 to deny tax reliefs for companies registered in tax havens. Also proposed amendments limiting super-deductions and excluding companies involved in arrangements giving rise to diverted profits tax.

Interjected during Eleanor Laing's speech, challenging her claim that the UK is not backing the Biden plan for global minimum tax. Requested evidence of this claim to be put in the Library.

Supported the Government's position on achieving a multinational agreement rather than setting a legal minimum tax rate. Criticised new clause 23 for being unnecessary due to ongoing OECD discussions. Emphasised the importance of the super deduction in encouraging investment post-pandemic.

Ms. Thewliss highlighted the need for the UK to understand the impact of an OECD agreement on business and economic activity across the country. She expressed concern about government hesitancy in agreeing to such a deal and emphasised that new clause 12 is necessary to assess both the benefits and drawbacks of not reaching an international consensus.

Ms. Hodge supported amendment 31, arguing that it would prevent companies engaging in aggressive tax avoidance from benefiting from the super deduction. She criticised the government for rewarding corporations avoiding taxes while providing public services they do not fund.

Conservative Ministers have consistently failed to address tax avoidance. Large corporations such as Amazon, Vodafone, and Virgin benefit from super deductions despite their tax avoidance practices. These companies use intricate corporate structures based in tax havens like the Cayman Islands, which undermines fair taxation. The proposed amendment would prevent companies with subsidiaries in tax havens from receiving tax reliefs, ensuring they pay their fair share to support public services.

I enthusiastically support the Government's proposals on super deductions. Local businesses like Wadworth brewers in Devizes will benefit from these measures by investing more in jobs and infrastructure. The proposed rise in corporation tax is necessary to fund pandemic recovery, despite global variations such as Biden’s 15% proposal or Labour’s 21%. We remain competitive with the lowest G7 corporation tax rate, making Britain an attractive investment destination. I welcome the Government's efforts to ensure big tech pays its fair share of taxes globally.

Ms. Jardine supports amendments tabled to address tax avoidance schemes, with BBC Radio 4 estimating a loss of £1 billion per year in tax revenue and The Guardian reporting hidden costs exceeding £4.5 billion annually. She also highlights the need for reviews on furlough scheme effectiveness, self-employment support, small businesses' financial state, and transitioning to zero-carbon domestic flights by 2030.

Mr. Browne argues against new clause 23, stating that it is outdated as the US aims for a 15% corporation tax rate and that it could hinder ongoing international negotiations on tax rates. He supports the Government's actions to ensure large companies pay fair taxes through measures like the diverted profits tax and digital services tax.

Ms. Laing briefly acknowledges Mr. Browne’s speech, indicating support for his comments without elaborating further.

Argues the Government is failing communities by not addressing inequality. Criticises the super deduction as a £25 billion giveaway to big business, enabling companies like Amazon to reduce their tax bills through loopholes.

Supports the Government's measures for economic recovery post-pandemic. Argues that increasing corporation tax on large businesses is essential for reducing debt and repaying taxpayers, especially given the significant profits made by some companies during the pandemic.

She argues that food bank use has increased by 35% and billionaire wealth is up 25%, indicating a broken economic model. The Bill should tackle tax avoidance, provide investment in HMRC to combat evasion, and adopt a global minimum corporation tax as proposed by the US.

Welcomes the increase in corporation tax rate but urges the Government to embrace plans for a global minimum corporation tax. Supports new clause 12, which aims to review the impact of proposed changes on investment, employment, productivity, and poverty.

Supports new clauses that prevent tax breaks for multinationals with poor labour practices or a history of tax avoidance. Argues for a global minimum corporation tax to ensure big tech firms pay their fair share, benefiting public services and local businesses.

The speaker argued that large corporations should pay a higher rate of corporation tax, especially after making super profits during the pandemic. She cited a $123 billion gap between expected and actual tax paid by tech giants from 2010 to 2019. Claudia emphasised the need for increased taxation on large corporations to fund public services and reduce inequality.

The speaker highlighted concerns about the impact of corporation tax changes on small businesses, especially in Northern Ireland. He argued that higher rates could harm economic recovery efforts and discourage business incorporation. Jim also suggested that a lower rate might attract more investors to Northern Ireland compared to other regions.

The debate highlights the importance of fairness in the tax system and supports British businesses while urging the Government to take a lead role in negotiating a global deal on corporate taxation. The amendment would prevent large multinationals from benefiting disproportionately from super deductions, and calls for transparency regarding the impact of a 21% minimum global corporate tax rate.

Moves to prevent large multinationals from benefiting disproportionately from super deductions, urging the Government for transparency regarding the impact of a 21% minimum global corporate tax rate.

Labour wants every area to succeed with good new jobs, green manufacturing, and redistribution of power. Freeports must create jobs locally, not move them elsewhere, ensure skills training, improve transport infrastructure, and guarantee against criminal activity. The Government’s track record shows a need for caution and proper planning.

Supports new clause 25. Emphasises the importance of measuring economic impact, job creation, skills, productivity, tax revenues, financial criminal activity, and industry mix. Proposes green ports with fair work principles and environmental concerns.

Sees freeports as a significant part of economic regeneration in areas that have struggled. Supports the Government’s direction on freeports for job creation and opportunities despite scepticism about tax situation.

Opposes new clause 25 as it imposes unnecessary bureaucratic burdens and delays the implementation of freeports that could create up to 15,000 jobs in his constituency. He supports clauses 109 to 111 which will deliver on the levelling-up agenda.

Supports freeports as part of the levelling-up agenda, backed by public approval. He argues that new clause 25 addresses concerns already resolved and is unnecessary. Existing measures ensure tax reliefs are effectively monitored and reviewed.

Raises significant concerns over the lack of evidence supporting freeports, citing OBR's inability to incorporate them into their forecast. Questions the annual costs, economic growth impact, job creation estimates, and tax revenue benefits. Criticises past enterprise zones as 'particularly underwhelming' and warns against a leap in the dark without quantifiable evidence.

He criticises Labour for opposing freeport policy and argues that new clause 25 would delay job creation in Teesside. He highlights the economic benefits of his local area's freeport, which will create up to 18,000 jobs over five years. Young emphasises the importance of supporting green energy projects and innovation in Teesside.

He supports freeports, particularly one in Wales, and argues that new clause 25 is unnecessary and would reduce trade attractiveness. He mentions the strategic importance of Welsh ports like Holyhead for international trade routes between Ireland and Eastern Europe. Millar notes the low investment levels in Wales compared to other regions and sees freeports as an opportunity for growth.

Argues that freeports are crucial for economic vibrancy, especially in regions previously neglected by Labour. Highlights tax reliefs as part of a broader package to stimulate growth. Criticises Labour's opposition and questions their ability to explain decisions to voters in affected areas.

Questions the effectiveness of freeports, calling for clear evidence that they will meet national challenges. Suggests Labour's new clause is a reasonable way to assess local impacts.

Mr Nigel Evans moves new clauses and government amendments requiring the Chancellor of the Exchequer to conduct reviews on equality, environmental impact, public health, poverty reduction, tax avoidance, small business effects, carbon emissions, supply chain workers, and other crucial areas. He emphasises the need for a comprehensive assessment before implementation.

Proposes new clause 31 to review the operation of umbrella companies and off-payroll working, advocating for strict requirements such as paying all holiday pay due, maintaining employment rights, banning kickbacks, ending profit skimming, and ensuring workers have no material interest in umbrella companies. Suggests that any company violating these conditions should be liable for unpaid tax.

Agrees with the right hon. Gentleman's points about the need for changes to Companies House’s approach.

Suggests that the Government should include a clause in contracts with main contractors stating that if such practices are found within their supply chain, they will not be considered for future contracts. This proposal aims to expedite action against malpractice.

Highlights that individuals who were conned into operating with umbrella companies often face penalties, while the companies themselves are not held accountable. Emphasises the need for accountability.

Ms. Thewliss supports new clauses aimed at enhancing scrutiny of Northern Ireland VAT and addressing financial crime, extending support schemes for self-employed individuals until September and job retention schemes until December 2021, reviewing reduced VAT rates for hospitality and tourism sectors, promoting stimulus investment principles as opposed to austerity measures, proposing technical adjustments in the plastic packaging tax, and evaluating fiscal measures against problem gambling. She emphasises the need for reports on these issues and underlines concerns regarding economic disparities and recovery efforts post-pandemic.

Outlines issues with umbrella companies, including forced participation in schemes, removal of workers' rights, kickbacks, and tax avoidance. Recommends new clauses to address malpractices and protect contractors.

Intervenes to highlight systemic issues with Inland Revenue's response to tax schemes, urging faster action from Ministers.

Expresses frustration at Government's reluctance to provide protection against future exploitation of similar schemes following issues with the loan charge.

Meg Hillier supports new clause 24, arguing that it does not sufficiently curtail speculation in London's housing market. She cites examples of foreign investors buying properties as commodities rather than homes, leading to a loss of revenue for the Exchequer and exacerbating unaffordable housing prices.

Caroline Lucas supports new clause 21, which would require the Chancellor to review the Finance Bill's impact on human and ecological health. She argues that current economic systems prioritise short-term gains over long-term sustainability and wellbeing, highlighting the need for a paradigm shift towards an economy focused on environmental sustainability, reducing inequality, and improving overall wellbeing.

Supports the stamp duty measures for promoting home ownership, noting a significant boost in housing transactions due to reduced stamp duties. However, he expresses concern about potential overheating of the property market. Supports the 95% mortgage guarantee scheme and acknowledges the need for social housing as well.

Proposes new clause 8 to require the Chancellor to assess the impact of legislation on poverty, inequalities, life expectancy, healthy life expectancy, public health effects, and implications for public finances. Highlights the worsening health inequalities in England due to austerity measures since 2010 and the high death toll from the pandemic.

Supports probing amendments to encourage transparency in tax reliefs proposed by clauses 15 and 19, focusing on their impact on the UK economy, geographical reach, and efforts to mitigate climate change. Emphasises the need for better support for levelling-up and decarbonization of the economy.

Proposes new clause 29 to require the Government to review the Finance Bill's effects on precarious workers, particularly those in distribution and supply chains. Argues for robust legislation to protect worker rights and safety. Also supports amendment 33 for legal clarity around IR35 intermediaries.

Supports Labour's new clause 24, criticising the Government for not being bold enough on non-residence surcharge. Emphasises the need to address housing inequality by clamping down on overseas entities involved in speculative property purchases and calls for sanctions against corrupt regimes using UK financial systems.

McDonnell argues that clause 5 breaches the Conservative manifesto pledge to protect incomes, especially for public sector workers facing a pay freeze, increased council tax, and now this stealth tax rise. He cites the impact on low earners who are struggling with debt and reduced income due to furlough schemes. The amendment would prevent further impoverishment of low-paid individuals already living in poverty.

Defends the Government's position on the IR35 reforms, highlighting that they have been widely welcomed by businesses. Emphasises the importance of tax revenue for public services like the NHS. Mentions ongoing measures to combat abuse in umbrella companies and promote best practices.

Intervenes to challenge the Minister's view that IR35 reforms are manageable, stating that many workers under umbrella companies should be directly employed by agencies or service providers.

Challenges the Minister's stance on IR35 reforms, stating that it has had a negative impact on parts of her constituency's tech and IT industries. She mentions that groups in her constituency were paying as much tax as the Exchequer was receiving from them.

Intervenes to question whether Treasury action is needed to address abuses in umbrella companies or if it will resolve itself. Emphasises the need for measures to tackle these issues.

Supports new clause 24 which focuses on introducing a register of overseas ownership. She emphasises the need to address issues such as the impact of dirty money, exploitation through umbrella companies, and the failure of the Government in tackling low pay and poor working conditions.

Moves to read the Third time for the Finance Bill. He highlights that the measures announced in the Chancellor’s Budget aim to protect jobs, livelihoods, and provide support through the pandemic while laying foundations for a resilient future economy.

Critiques the Finance Bill as failing to adequately support people and businesses recovering from the economic impact of the pandemic. He argues against proposals that would increase taxes for many individuals while providing tax cuts to large multinational tech firms.

The speaker expressed disappointment with the Bill, arguing that it falls short in addressing critical issues such as extending support schemes for those excluded from benefits and providing stimulus to the economy. She emphasised the need for Scotland's Parliament to have more control over economic policies for a sustainable green recovery.