text_body: --- DIVISION TITLE ---
  
  Finance Bill - Second Reading
  
  --- MOTION EFFECT ---
  
  
  @ MP voted aye to raise the tax free income tax allowance, reduce corporation tax and recover child benefit from couples where an individual earns over Â£50,000. 
  @ MP voted no against raising the tax free income tax allowance, against reducing corporation tax and against recovering child benefit from couples where an individual earns over Â£50,000. 
  
  
  The majority of MPs voted in favour of the Finance Bill[1] at its second reading, to approve the key principles of the Bill and to support it continuing on its path to becoming law. 
  
  The key provisions of the Bill[2]:
  
  * To provide for an income tax for 2012-13
  * To set the income tax rates, at 10% for the starting rate for savings, 20% for the basic rate, 40% for the higher rate and 50% for the additional rate applying to income over Â£150,000
  * The threashold for starting to pay the higher rate of income tax is reduced from Â£35,000 to Â£34,370
  * The income tax free personal allowance for those under 65 years old is increased form Â£7,475 to Â£8,105
  * Starts the process of phasing out the additional tax free personal allowance for those over 65.
  * The main rate of Corporation Tax is reduced from 25 to 24%
  * The small profits rate of Corporation Tax unchanged at 20% 
  * A new tax to recover child benefit from the highest earning individual in a couple where one member of the couple earns over Â£50,000 is introduced. 
  * To increase Air Passenger Duty
  
  ==
  
  
  * [1] [http://services.parliament.uk/bills/2012-13/financeno4.html Parliament's webpage on the Finance Bill, now the Finance Act 2012]
  * [2] [https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/179306/fb2012_explanatory_notes.pdf.pdf Explanatory notes to the Bill]
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  