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  Finance Bill - New Clause 14 - Report on Rate of Income Tax Applied to Incomes Over Â£150,000
  
  --- MOTION EFFECT ---
  
  
  @ MP voted aye to require a report on the additional rate of income tax; the rate which applies to income over Â£150,000 and which at the time of the vote was 45%.
  @ MP voted no against requiring a report on the additional rate of income tax; the rate which applies to income over Â£150,000 and which at the time of the vote was 45%.
  
  The majority of MPs voted against requiring a report on the additional rate of income tax.
  
  The additional rate of income tax applies to income over Â£150,000. In April 2013 it was reduced from 50% to 45% and the latter was the rate at the time of the vote. 
  
  MPs were considering the Finance Bill[1]. The proposed new clause which was rejected in this vote was titled ''Report on the additional rate of income tax'' and stated:
  
  :â(1) The Chancellor of the Exchequer shall, within three months of the passing of this Act, publish a report on the additional rate of income tax.
  
  :(2) The report shall set out the impact upon Exchequer receipts of setting the additional rate at 50 per cent in the tax year 2015-16.
  
  :(3) The report shall set out the impact of reducing the additional rate for 2013-14 on the amount of income tax paid byâ
  
  :(a) all people who are liable for the additional rate;
  :(b) those with taxable incomes of over Â£250,000 per year; and
  :(c) those with taxable incomes of over Â£1,000,000 per year.
  
  :(4) The report shall set out the impact of the reduction in the additional rate for 2013-14 on the level of bonuses awarded in April 2013 to employees in the financial sector.â
  
  ==
  
  * [1] [http://services.parliament.uk/bills/2014-15/finance.html Parliament's webpage on the Finance Bill 2013-14 to 2014-15]
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  