Key Facts

• New Clause 3 requires the Chancellor to conduct an impact assessment of the Act on parts of the UK and regions of England, with consideration for household incomes and GDP.
• New Clause 18 mandates a review within one month after passing the Bill concerning various economic factors under different scenarios for continuing or changing support schemes.
• New Clause 21 requires an assessment of the impact of the Act on specific business sectors including leisure, retail, hospitality, tourism, financial services, and more.
• Britain is home to nine of the 10 poorest regions in western Europe and also the richest region, inner London.
• A child on free school meals in Hackney is three times more likely to attend university than an equally poor child in Hartlepool.
• The gap in productivity between English regions is worth about £40 billion a year.
• The west midlands could face the biggest impact of the economic crisis brought by covid-19, with potential declines in economic output as much as 50% in parts of the region.
• The financial sector saw a fall of 5% in GVA from March to April.
• Hospitality experienced an 88% drop in GVA during the same period.
• Construction, arts, entertainment and recreation, and manufacturing sectors faced declines ranging from 40% to 24%.
• New clause 18 seeks assessments of the impact of the Bill within a month.
• The covered schemes are job retention, business interruption loan, bounce-back loan, and self-employed support.
• More than 1 million people have fallen through gaps in these schemes.
• UK's economy suffered its biggest monthly slump with a 20.4% GDP drop in April due to the pandemic.
• New clause 19 requires the Chancellor to assess the Act's impact on UK meeting UN Sustainable Development Goals.
• New clause 20 requires an assessment of the Act's impact on UK meeting Paris climate change commitments.
• Both assessments must be laid before the House of Commons within six months of Royal Assent.
• The past 22 years have produced 20 of the warmest years on record globally.
• On July 25, 2019, the UK recorded a temperature of 38.7°C, its hottest day ever.
• London is predicted to experience Barcelona-like summer temperatures by 2050 due to climate change.
• Sea levels around London are forecasted to rise between 0.53 and 1.15 metres in the future.
• Flash flooding caused by intense rainfall could become five times as frequent by the end of the century if no urgent steps are taken.
• The melting rate of Greenland’s ice is equivalent to three Olympic-size swimming pools per second.
• Up to 50 megatonnes of CO2 were released due to wildfires in Siberia, Antarctica and Greenland.
• 95% of cities at extreme climate risk are located in Asia and Africa.
• In 2018, drought-related food scarcity caused extreme shortages for nearly 840,000 people in South America.
• The World Bank predicts that globally displaced people will reach 140 million by 2050 due to climate change impacts.
• According to the IPPR’s environmental justice commission report, an additional £33 billion per year is needed just to meet the UK's net zero target.
• New clause 19 would require a review of the Bill’s impact on meeting UN sustainable development goals.
• The last UN SDG is on partnerships (goal 17) to achieve the goals.
• DFID has done much to foster good relations across the world but was disbanded and moved into the Foreign and Commonwealth Office.
• Scotland embedded the SDGs in their national performance framework following public consultation.
• New clause 20 seeks a review of the impact on meeting Paris climate change commitments with COP26 approaching.
• The Scottish Government invested £62 million last week in north-east projects for sustainable transition.
• The new clause requires a review of the Finance Bill's impact on individuals and groups with protected characteristics under the Equality Act 2010.
• The assessment must be conducted separately for each protected characteristic set out in section 4 of the Equality Act 2010.
• Each assessment must report separately on the effects in each part of the United Kingdom and each region of England.
• Women make up 69% of low-paid earners.
• 36% of young women work in sectors affected by lockdowns, including restaurants, tourism, and retail.
• Black African and Bangladeshi households have 10 times less wealth than white British households.
• Around 18% of Bangladeshi workers are paid below the minimum wage compared to 3% of their white counterparts.
• The Women’s Budget Group produced an excellent briefing criticizing the light-touch equality impact assessment.
• For the lifetime limit for capital gains tax entrepreneurs’ relief, claimants tend to be older, men, of above-average means, selling their business or company shares on retirement.
• The family resources survey could have been used but was not to assess impacts by age, ethnicity, disability etc.
• In 2018, 81% of men had a driving licence compared with 70% of women; and 62% of Asians, 52% who are black, and 76% of whites have driving licences.
• The Treasury conducts careful consideration of equality impacts for fiscal events involving protected characteristics.
• The Government publishes tax information and impact notes (TIINs) summarizing equality impacts for individual tax measures.
• An 'Impact on households' report is published alongside each Budget, detailing the effects of government measures on different income levels.
• Over 13,000 BME-led businesses have received start-up loans since the scheme's launch in 2012.
• The Chancellor must review the effects on tax revenues of the Act within six months of Royal Assent.
• The review must estimate any change attributable to the provisions in this Act in the difference between required tax payments and actual payments.
• The report must focus specifically on taxes payable by owners and employees of Scottish Limited Partnerships.
• As of October 2019, the UK had 1,190 tax reliefs including 362 policy-motivated tax expenditures.
• The cost of these tax expenditures is approaching 8% of GDP.
• HMRC has costed only 111 out of 362 tax expenditures and published evaluations for just 15 since 2015.
• The UK Government should address the tax gap which results from complex tax rules allowing avoidance opportunities.
• SLPs allow individuals to conceal their identities legally, making them vulnerable to misuse for illicit activities.
• Campaigners have revealed that over 700 British firms have been blacklisted in Ukraine for suspicious activity linked to money laundering involving SLPs.
• New clause 6 would require a review of all tax reliefs within a year.
• New clause 22 would require a review of the Bill's effect on tax revenue within six months.
• HMRC publishes an annual 'Measuring tax gaps' report and evaluates major reliefs like R&D tax credits and entrepreneurs’ relief.
• The avoidance tax gap fell from £5 billion in 2005-06 to £1.8 billion in 2017-18.
• New Clause 10 requires a review of the impact on investment in parts of the UK and regions of England from changes made by section 29 and Schedule 4.
• The review must consider business investment, employment, productivity, and energy efficiency.
• 'Parts of the United Kingdom' includes England, Scotland, Wales, and Northern Ireland; 'regions of England' has the same meaning as used by the Office for National Statistics.
• The clauses require the Chancellor to review migration effects under different EU exit scenarios.
• These scenarios include leaving without a trade agreement, with one but remaining in the single market/customs union, or with an agreement but not remaining in them.
• The Migration Advisory Committee recommended against regional variation across the UK.
• New clause 23 requires the Chancellor of the Exchequer to conduct an assessment of the impact of this Act on poverty.
• The assessment must consider the impact on absolute and relative poverty within six months of Royal Assent.
• It also considers whether such studies should be a regular duty of the Office for Budget Responsibility.
• Wealth inequalities: The richest 10% of households own 45% of national wealth while the poorest 50% own less than 10%.
• Average FTSE 100 CEO is paid 145 times more than an average worker.
• Britain’s top 1% have seen their share of household income triple in four years, while ordinary people struggle.
• Over the past decade under Conservative governments, there has been the slowest growth in living standards since WWII.
• 14 million people live below the poverty line including 4 million children.
• The rate of 'Deaths of Despair' among men more than doubled since early 1990s due to financial hardship and hopelessness.
• Social Mobility Commission's report: 8.4 million working-age adults in relative poverty, an increase of 500,000 since 2011/12; 4.2 million children in poverty now, projected rise to 5.2 million by 2022.
• Social Mobility Commission's report states welfare changes over the past ten years have put many more children into poverty.
• HMRC and DWP statistics show various constituencies with varying child poverty rates: e.g., Saffron Walden (10%), West Worcestershire (14%), South Cambridgeshire (9%).
• 200,000 fewer people were living in absolute poverty in 2018-19 compared to 2009-10.
• The poorest 60% of households receive more in public spending than they contribute in tax.
• Households in the lowest income decile will receive over £4 in public spending for every £1 that they pay in tax in 2021.
• Andrew Rosindell (Romford) (Conservative).
• Hon. Member for Houghton and Sunderland South.
• New clause 23.
• Amendments are made to Chapter 8 of Part 2 of ITEPA 2003.
• The amendments define conditions for a client to qualify as small or lack UK connection.
• Specific provisions and sections such as section 50, 60A, and 60I are modified.
• Amendments to Chapter 10 of Part 2 of ITEPA 2003.
• No specific figures, dates, or names provided.
• The amendments aim to address workers' services provided through intermediaries.
• Section 61K is being amended to include cases where the client is a public authority, medium or large entity with a UK connection.
• New sections are introduced to define 'medium or large' entities and provide guidance on status determination statements.
• Amendments involve section 61D of ITEPA 2003.
• Insertion of new sections such as 688AA into ITEPA 2003.
• Amendment to section 141A of CTA 2009.
• Adjustments to definitions and applications under Chapter 10 of Part 2 of ITEPA 2003.
• Amendments affect tax years 2021-22 and subsequent years.
• Relevant to construction contracts and expenditure incurred on or after April 6, 2021.
• Pertains to Chapter 8 and 10 of Part 2 of ITEPA 2003.