Finance Bill – New Clause Two

Palace_of_Westminster__London_-_Feb_2007.jpgA bid to close a tax loophole

By Diliff - Own work, CC BY-SA 2.5, Link

The ‘New Clause Two’ amendment to the Finance Bill, which was debated on 31 October, was designed to pursue those who own property in this country, but pay no tax on that property because they are based outside the UK.

I believe that these people should pay tax like everyone else. It is outrageous that this class of wealthy individuals is allowed to get away with not paying tax on their properties, thanks to a loophole in the tax law.

By closing this loophole, we could not only end this unjust disparity, but bring in billions of pounds for the treasury. You do not need me to tell you how much good this money could do for society, especially after years of austerity which have ravaged this country.

I was therefore proud to vote for the New Clause Two on 31 October, when the Finance Bill was presented to Parliament. Unfortunately, we lost the vote, with the DUP joining the Conservatives to vote against the amendment.

Despite opposing the amendment, the Government Minister who spoke during the debate, Mel Stride MP, said that the Government is “looking at this matter”. It appears that they have not been looking very hard over the last seven years, as the loophole has remained open under the Tory Government.

I will continue to vote to close this loophole at every opportunity, and the MPs who vote to keep it open will have to defend that decision to their constituents and their consciences.

Do you like this post?

The Labour Party will place cookies on your computer to help us make this website better.

Please read this to review the updates about which cookies we use and what information we collect on our site.

To find out more about these cookies, see our privacy notice. Use of this site confirms your acceptance of these cookies.