text_body: --- DIVISION TITLE ---
  
  Finance (No. 2) Bill 2017 - Second Reading
  
  --- MOTION EFFECT ---
  
  
  
  MPs were considering a Finance Bill[1].
  
  The motion supported by the majority of MPs in this vote was:
  
  :That the Bill be now read a Second time.
  
  The Bill:
  
  * imposes an income tax for the tax year 2017-18. Parliament has to explicitly decide to levy an income tax each year. 
  * keeps income tax rates unchanged for 2017-18 at a basic rate of 20%, higher rate of 40%; and  additional rate applying to income over Â£150,000 per year of 45 (the "basic rate limit" was raised from Â£32,400 to Â£33,500 for 2016-16 in [http://www.legislation.gov.uk/ukpga/2016/24/section/2/enacted section 2 of the Finance Act 2016], consequently raising the higher rate threshold to Â£45,000), [http://www.legislation.gov.uk/ukpga/2016/24/section/3/enacted section 3 of the Finance Act 2016] had raised the income tax free personal allowance to Â£11,500 for 2017-18])
  * continues an exemption from income tax applying to the first Â£5,000 of savings interest. 
  * reduces the nill rate applying to dividend income from 5,000 to  Â£2,000 for tax year 2018 onwards. 
  * does not change the rate of Corporation Tax for the financial year 2018 from that set at 19% via [http://www.legislation.gov.uk/ukpga/2015/33/section/7/enacted section 7 of the Finance (No 2) Act 2015].
  * establishes a new tax called the Soft Drinks Industry Levy; at rates of Â£0.24 per litre for drinks with at least 8 grams of sugars per 100ml; and Â£0.18 per litre for those with a lower sugar content. 
  * removes the Income Tax relief and hence also the National Insurance 
  Contributions relief which applied to the first Â£2,000 worth of Employee Shareholder shares, and removed the Capital Gains Tax exemption from such shares where an agreement was entered into on or after 1 December 2016.
  * restricts the National Insurance benefits of "salary sacrifice arrangements" or "optional remuneration arrangements".
  * rises in taxes on alcohol and tobacco
  * no changes in fuel duties
  
  
  The support for the second reading of the Bill enabled it to continue on its path to becoming law. 
  
  
  * [1] [http://services.parliament.uk/bills/2016-17/financeno2.html Parliament's webpage on the Finance (No. 2) Bill 2017]
  * [2] [https://www.publications.parliament.uk/pa/bills/cbill/2016-2017/0156/en/17156en.pdf Explanatory notes to the Finance Bill]
  
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  