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  Finance Bill - Clause 7 - Report on Impact of System of Taxation of Oil and Gas Production on Investment and Sustainability Particularly of North Sea Operations
  
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  @ MP voted aye to require a report on the impact of the tax arrangements for oil and gas production in the UK on investment and growth and particularly the sustainability of operation the North Sea.
  @ MP voted no against requiring a report on the impact of the tax arrangements for oil and gas production in the UK on investment and growth and particularly the sustainability of operation the North Sea.
  
  The majority of MPs voted against requiring a report on the impact of the tax arrangements for oil and gas production in the UK on investment and growth and particularly the sustainability of operation the North Sea.
  
  MPs were considering the Finance Bill[1]. The amendment rejected in this vote was:
  :Amendment 10, page 4, line 7, at end add:
  :â (11) The Chancellor shall produce, before 30 September 2011, an assessment of the impact of taxation of ring fence profits on business investment and growth including an assessment of the long-term sustainability of oil and gas exploration in the North Sea.â
  
  Had it not been rejected the above new subclause would have been added to the end of Clause 7 of the Bill[2].
  
  Clause 7 provided for an increase in the tax rate applying to companies producing oil and gas in the UK and on the UK Continental Shelf from 20% to 32%.
  
  
  * [1] [http://services.parliament.uk/bills/2010-12/financeno3.html Parliament's webpage on the Finance Bill 2011 (now an Act)]
  * [2] [http://www.publications.parliament.uk/pa/cm201011/cmbills/175/11175.1-7.html#j6133a Clause 7 of the Finance Bill]
  
  
  
  
  
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  (put thoughts and notes for other researchers here)
  