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  Finance Bill - Clause 7 - Increase Tax Rate For Companies Producing Oil and Gas from 20% to 32%
  
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  @ MP voted aye to increase the tax rate applying to companies producing oil and gas in the UK and on the UK Continental Shelf from 20% to 32%.
  @ MP voted no against increasing the tax rate applying to companies producing oil and gas in the UK and on the UK Continental Shelf from 20% to 32%.
  
  The majority of MPs voted to increase the tax rate applying to companies producing oil and gas in the UK and on the UK Continental Shelf from 20% to 32%.
  
  MPs were considering the Finance Bill[1]. The majority of MPs voted for Clause 7[2] as amended to stand part of the Bill.
  
  The approved clause 7, titled ''Increase in rate of supplementary charge''. The explanatory notes to the Bill[3] explain the tax in question:
  
  :Supplementary charge was introduced in 2002 and applies to companies producing oil and gas in the UK or on the UK Continental Shelf. Special tax rules apply to such companies. A âring fenceâ is placed around their profits and the normal rules that allow those profits to be reduced by losses from other activities carried on by the company or from losses arising to other companies in the same group are disapplied. The rules work by treating ring fenced activities as a separate trade
  
  :The supplementary charge is applied to adjusted ring fence profits. These are defined as the amount of profit (or loss) arising from any ring fence trade less any financing costs.
  
  :The rate of supplementary charge when introduced was 10 per cent and for accounting periods beginning on or after 1 January 2006 is 20 per cent
  
  Clause 7 of the Finance Bill provided for an increase in the rate to 32 per cent
  
  
  * [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]
  * [3] [http://www.hm-treasury.gov.uk/d/finance_no3_bill_explanatory_notes.pdf Explanatory notes to the Finance Bill]
  
  
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  (put thoughts and notes for other researchers here)
  