Finance (No. 2) Bill

Asked the Minister to consider an amendment in Committee to allow those affected by the loan charge access to a tribunal.

Acknowledged the drop in inflation and expressed concern about farmers' weather pressure affecting food prices, questioning how they can help keep food costs down to maintain the reduction in inflation.

Acknowledged the importance of child benefit changes but highlighted that thresholds not being raised was having a huge disincentive effect on working families.

Asked about HMRC's readiness to implement the proposed household budget-based administration of HICBC from 2025-26 as outlined in the Chancellor’s announcements.

Inquired about the level of household income HMRC has in mind for future consultations regarding changes to HICBC.

Expressed concern over the Bill's failure to bring in tax measures ensuring continuation of oil and gas activity in Scotland, questioning the UK Government’s spending priorities and its impact on Scottish jobs and investment.

Asked about retrospective application of the capital gains tax cut and whether it would benefit those owing CGT, hypothetically including Labour Front Benchers.

Highlighted the need for higher thresholds to avoid disincentivising working families and encouraged the Minister to acknowledge the higher tax levels under the current Government compared to historical averages.

Critiques the Finance Bill for its high tax burden and lack of economic stability. Points out that despite a reduction in national insurance, taxes will still rise significantly, leaving families worse off by £870 annually by 2028-29. Highlights a loophole allowing non-doms to stash money in offshore trusts to avoid inheritance tax. Criticises the unfunded commitment of £46 billion to abolish National Insurance and raises concerns about potential cuts to NHS or state pension.

Intervenes to question the Labour party's ability to fund its green investment with taxes, suggesting that their proposals lack clarity and are aspirational rather than committed policy.

Challenges the accuracy of James Murray's statements about potential impacts on pensions and NHS, arguing that national insurance does not wholly fund these services and that general taxation is involved.

Questions whether the Labour party would adhere to its pledge of economic justice if elected, pointing out the potential for increased tax burden on top earners.

Supports a domestic oil and gas sector to ensure energy security, economic benefits, and investment for transition. Highlights the historical importance of North Sea resources in powering Britain's economy.

Supports the Finance Bill, raises concerns about HMRC’s loan charge policy and calls for its reconsideration. Expresses disappointment in the lack of contaminated blood compensation included in the Budget and questions whether quantitative easing policies are being treated appropriately by the Treasury. Criticises Labour's approach to tax rises and economic growth, arguing that their proposals lack realism. Proposes changes to income tax rates and national insurance contributions to simplify taxation for working people and suggests reforms to pension savings schemes.

Intervened, stating that the loan charge policy has failed to bring in expected revenue and led to suicides due to pressure from HMRC.

Responded to Richard Fuller, disagreeing with low growth under the current Government, wasted funds in covid fraud, and high tax burdens. Also asked whether the Conservative MP would support a proposal for a covid corruption commissioner.

Intervened to highlight the severe health and wellbeing impacts of fuel poverty in Dalmarnock, noting that residents cannot afford basic necessities like heating their homes or inviting family over. Emphasised the need for urgent government action.

Intervened to support the call for VAT-free shopping at airports, citing its importance for Glasgow Airport in his constituency. Highlighted the SNP's commitment to working for the people of Scotland.

Mr. Mills is concerned that reintroducing tax-free shopping would primarily benefit wealthy tourists purchasing luxury items, rather than supporting broader economic needs. He argues against reducing VAT for the tourism sector as it disproportionately benefits London hotels with high occupancy rates and nightly costs at the expense of other regions. Mr. Mills also criticises the lack of a starter rate for income tax and questions the proposed household calculation for the high-income child benefit charge, suggesting an automatic inflation increase would be simpler and fairer.

[INTERVENTION] Mr. Hendry responds to Mr. Mills' concerns by highlighting that tax-free shopping for tourists is beneficial for tourism organisations as it helps them cope with increased costs and encourages people to use their facilities.

[INTERVENTION] Ms. Bradley raises concerns about families who have stopped claiming child benefit due to uncertainty and are now entitled under new rules, questioning how they can ensure access to full benefits.

The Liberal Democrats oppose the Bill, arguing it fails to address economic issues and lacks real support for public services. They criticise tax freezes, NHS underfunding, lack of windfall taxes, and no strategy for economic growth.

Supports clauses 16 and 17, which increase tax relief for theatre productions and orchestral companies. Emphasises the importance of these changes to the west end economy and the performing arts sector's impact on jobs and businesses.

Aldous raises significant concerns over short-term fiscal policies affecting long-term investor confidence. He mentions that £200 billion of investment may be delayed or diverted due to recent changes and highlights a risk of losing 42,000 jobs and wiping out £26 billion-worth of economic activity if the windfall tax is extended as proposed by the Opposition. He emphasises the importance of restoring dialogue between Government and industry for ongoing energy transition.

Critiques the Government’s tax policy as increasing taxes on working people without addressing economic failure. Points out unfunded plans to abolish national insurance and predicts 3.2 million new taxpayers by 2028 due to frozen thresholds. Welcomes adoption of non-dom scrapping but criticises loopholes such as offshore trusts for inheritance tax avoidance.

Mr. Gareth Davies supports the Finance Bill, arguing it rewards hard-working people by increasing their take-home pay. He highlights key provisions such as supporting parents through tax relief, encouraging investment in creative industries, providing certainty for investors in oil and gas sectors, and promoting auto-enrolment pension savings. He also rebuts Labour's criticisms by pointing out inconsistencies and negative impacts of current Labour policies in local authorities.