text_body: --- DIVISION TITLE ---
  
  Finance Bill - Schedule 3 - Setting of Rate of Surcharge on Bank Profits Via Regulations
  
  --- MOTION EFFECT ---
  
  The majority of MPs voted to set the rate of the supplementary tax surcharge on bank profits at 8% rather than allow it to be set, and varied, via regulations.
  
  MPs were considering the Finance Bill[1]:
  
  The amendment rejected by the majority of MPs in this vote was:
  
  :Amendment 3, page 74, line 4, :leave out "8%" and insert "the relevant percentage"
  
  Had it not been rejected this would have impacted Schedule 3 of the Bill which sought to add new clauses after Chapter 3 of [http://www.legislation.gov.uk/ukpga/2015/11/schedule/2/paragraph/1 Part 7A] of [http://www.legislation.gov.uk/ukpga/2010/4/contents The Corporation Tax Act 2010] (banking companies).
  
  New clause 269DA titled: ''Surcharge on banking companies'' started:
  
  :(1) If a company is a banking company in relation to an accounting period (a âchargeable accounting periodâ), a sum equal to 8% of its surcharge profits for the period, so far as they exceed its surcharge allowance for the period, is to be charged on the company as if it were an amount of corporation tax chargeable on the company.
  
  The amendment rejected in this vote sought to replace the 8% given in that clause with "the relevant percentage".
  
  The intent of the change was described[2] as:
  
  :This amendment would replace the 8% rate of surcharge in the Bill with a new rate to be set in regulations.
  
  Further amendments[2] sought to cap the rate at 8% and allow for different tiers of surcharge.
  
  
  * [1] [http://services.parliament.uk/bills/2015-16/finance.html Parliament's webpage on the Finance Bill] 
  * [2] [http://www.theyworkforyou.com/debates/?id=2015-09-08c.354.0#g354.2 House of Commons, Official Report, 8 September 2015]
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  