text_body: --- DIVISION TITLE ---
  
  Taxation of the Financial Sector - Financial Transaction Tax - Banking Levy
  
  --- MOTION EFFECT ---
  
  @ MP voted aye for a banking levy, a tax charged as a fraction of a bank's assets, and against a financial transaction tax.
  @ MP voted no against a banking levy, a tax charged as a fraction of a bank's assets, and for a financial transaction tax.
  
  The majority of MPs voted for a banking levy, a tax charged as a fraction of a bank's assets, and against a financial transaction tax.
  
  The motion passed in this vote was:
  
  :That this House 
  :''takes note'' of [http://register.consilium.europa.eu/doc/srv?l=EN&t=PDF&gc=true&sc=false&f=ST%2015282%202010%20INIT European Union Document No. 15282/10] and Addendum, relating to financial sector taxation; 
  :''recognises'' that decisions regarding direct taxes are primarily a matter for sovereign governments; 
  :''supports'' the timely action the Government has already taken to introduce a permanent levy on bank balance sheets to ensure that banks make a full and fair contribution in respect of the potential risks they pose to the wider economy; 
  :''notes'' that the Government continues to explore the costs and benefits of financial activities taxes and will work with international partners to secure agreement; and 
  :''further'' supports the Government's position that an EU-wide financial transaction tax could lead to the relocation of financial services outside the EU.
  
  
  ==
  
  A UK Bank levy was introduced by Schedule 19 of the Finance Act 2011[1]; it raises a tax on banks based on their total applicable liabilities and equities[1].
  
  * [1] [http://www.legislation.gov.uk/ukpga/2011/11/schedule/19/enacted Schedule 19 of the Finance Act 2011 which provides for the Bank Levy]
  
  
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  