division_name: Finance Bill &#8212; Reduction in rate of capital gains tax
motion: <p class="indent" pid="b233.2/24" pwmotiontext="yes">&#8220;The Chancellor of the Exchequer must commission a review of ways in which the law could be amended to ensure that no element of the remuneration paid to an investment fund manager may be treated as a capital gain, and that such remuneration shall be treated for tax purposes wholly as income, and must publish the report of the review within six months of the passing of this Act.&#8221;</p>
  
  <p class="indent" pid="b233.2/26" pwmotiontext="yes">&#8220;The Chancellor of the Exchequer shall, within six months of the passing of this Act, publish a report giving HM Treasury&#8217;s assessment of the value for money provided by Entrepreneur&#8217;s Relief.&#8221;</p>
  
  <p class="indent" pid="b239.0/6" pwmotiontext="yes">&#8220;the Government wants to ensure that companies have the opportunity to access the capital they need to grow and create jobs, and wants the next generation to be backed by a strong investment culture.&#8221;</p>
  
  <p class="indent" pid="b239.0/9" pwmotiontext="yes">&#8220;the intention of the reduction is stated as being to drive productivity growth across the UK, but we question whether a simple reduction in rates will stimulate growth&#8221;.</p>
  
  <p class="indent" pid="b239.0/11" pwmotiontext="yes">&#8220;up and down rollercoaster ride&#8221;.</p>
  
  <p class="indent" pid="b239.0/13" pwmotiontext="yes">&#8220;we need a serious plan and strategy here. This is not the way to make good tax policy&#8221;.</p>
  
  <p class="indent" pid="b239.0/16" pwmotiontext="yes">&#8220;prevented certain abuses involving ER, but they also limited the availability of relief on some transactions where there was no abuse. The effect of the changes made by this clause are backdated to the introduction of FA 2015 in order to mitigate the disadvantage suffered by some as a result of earlier changes.&#8221;</p>
  
  <p class="indent" pid="b239.0/23" pwmotiontext="yes">&#8220;You the company: give your employees shares in the business. You the employee: replace your old rights of unfair dismissal and redundancy with new rights of ownership. And what will the government do? We&#8217;ll charge no capital gains tax at all on the profit you make on your shares. Zero percent capital gains tax for these new employee-owners. Get shares and become owners of the company you work for.&#8221;</p>
  
  <p class="indent" pid="b239.0/26" pwmotiontext="yes">&#8220;the best tax wheeze in town&#8221;.</p>
  
  <p class="indent" pid="b243.4/3" pwmotiontext="yes">&#8220;I was shocked to see that some of the very wealthiest people in the country have organised their tax affairs, and to be fair it&#8217;s within the tax laws, so that they were regularly paying virtually no income tax. And I don&#8217;t think that&#8217;s right.&#8221;</p>
  
  <p class="indent" pid="b243.4/8" pwmotiontext="yes">&#8220;In general, I think that all of us are way overpaid in this business. It is almost embarrassing.&#8221;</p>
  
  <p class="indent" pid="b243.4/11" pwmotiontext="yes">&#8220;taxing as ordinary income all remuneration, including fringe benefits, carried interest arrangements, and stock options&#8221;,</p>
  
  <p class="italic" pid="b245.1/7" pwmotiontext="yes">The House divided:</p>
  
  <p pid="b245.1/8" pwmotiontext="yes">Ayes 308, Noes 264.</p>