Commons Sense

House of Commons · Bill Debate

Finance Bill

23 May 2024 · 6 other contributors

Opened by Nigel Huddleston Con Droitwich and Evesham

Taxation

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Nigel Huddleston raised concerns about finance bill in the House of Commons. Other MPs contributed to the debate.

Key points

  • The Finance Bill aims to reward work and encourage investment in the economy through national insurance tax cuts for employees and self-employed individuals.
  • The Bill increases the high-income child benefit charge threshold and provides permanent tax reliefs for creative industries, including a new UK independent film tax credit.
  • The legislation reduces capital gains tax on residential property while abolishing multiple dwellings relief and supports victims of domestic abuse by allowing anonymous claims for first-time buyers' relief.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

Nigel Huddleston Con Droitwich and Evesham

The Finance Bill is designed to reward work, encourage investment in the economy, and boost home ownership. It includes significant national insurance tax cuts for employees and self-employed individuals, increases the high-income child benefit charge threshold, provides permanent tax reliefs for creative industries, introduces a new UK independent film tax credit, reduces capital gains tax on residential property, abolishes multiple dwellings relief, and supports victims of domestic abuse by ensuring they can claim first-time buyers' relief anonymously. The Bill also aims to close tax avoidance loopholes and make relevant changes to VAT.

Other contributors (6)
  • Nigel Huddleston Con Droitwich and Evesham

    The Bill rewards work, encourages investment in the economy through tax reliefs for creative industries, reduces capital gains tax on residential property to boost home ownership, abolishes multiple dwellings relief to ensure fair taxation, and supports victims of domestic abuse by allowing anonymous purchases. It also closes tax avoidance loopholes.

  • Jim Shannon DUP Strangford

    Praised the Government for changes that benefit constituents and reflect policies pursued over several years, including support for victims of domestic abuse.

  • James Murray Lab Co-op Ealing North

    Critiqued the Government's economic policies as damaging and failing to address living standards, questioned the Prime Minister’s decision on election timing, and highlighted concerns about unfunded spending commitments. Also expressed disappointment over the lack of amendments addressing tax impacts on pensioners and corporation tax.

  • Peter Aldous Con Waveney

    Raises concerns about the unintended consequences of abolishing multiple dwellings relief, arguing that it could undermine the build-to-rent sector, affect specialist sectors like student accommodation and sheltered housing, hinder development in areas with lower property values, and discourage private investment. He suggests amending Clause 7 to retain the relief for transactions involving six or more dwellings.

  • Kirsty Blackman SNP Aberdeen North

    Ms Blackman criticises the Chancellor for not addressing concerns about cost of living and inflation. She mentions that food, electricity, gas prices have risen dramatically and the Government's Budget failed to provide adequate help. She highlights Scotland's policies on mitigating poverty, free university education, and dental services which are better than those in other parts of the UK.

  • Nigel Huddleston Con Droitwich and Evesham

    He thanked those who contributed to the debate, highlighted the positive impact of national insurance cuts for 27 million workers and 2 million self-employed people. He disagreed with the opposition's view on cost-of-living support and stressed that the government is lowering taxes as soon as possible. He also explained the abolition of multiple dwellings relief due to its abuse and assured stakeholders about discussions ongoing regarding unintended consequences.

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