text_body: --- DIVISION TITLE ---
  
  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
  
  --- MOTION EFFECT ---
  
  @ 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].
  
  The background to Clause 7 which was titled ''Increase in rate of supplementary charge'' is explained in the explanatory notes to the Bill[3]:
  
  :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]
  
  
  
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  