Finance Bill — House of Commons, 2020-07-02
Topic: Macroeconomics
Rosalie Winterton (Labour, Centre-left): With this it will be convenient to discuss the following: New clause 2—Review of changes to entrepreneurs’ relief— "(1) The Chancellor of the Exchequer must review the impact on investment in parts of the United Kingdom and regions of England of the changes made to entrepreneur’s relief by section 23 and Schedule 3 of this Act and lay a report of that review before the House of Commons within six months of the passing of this Act (2) A review under this section must consider the effects of the provisions on— (a) business investment, (b) employment, and (c) productivity (3) In this section— ‘parts of the United Kingdom’ means— (a) England, (b) Scotland, (c) Wales, and (d) Northern Ireland; and ‘regions of England’ has the same meaning as that used by the Office for National Statistics." This new clause would require a review of the impact on investment of the changes made to entrepreneurs’ relief. New clause 4—Structures and buildings allowances: review— "(1) The Chancellor of the Exchequer must review the impact on investment in parts of the United Kingdom and regions of England of the changes made by section 30 and Schedule 5 of this Act and lay a report of that review before the House of Commons within six months of the passing of this Act (2) A review under this section must consider the effects of the provisions on— (a) business investment, (b) employment, (c) productivity, and (d) energy efficiency. (3) In this section— ‘parts of the United Kingdom’ means— (a) England, (b) Scotland, (c) Wales, and (d) Northern Ireland; ‘regions of England’ has the same meaning as that used by the Office for National Statistics." This new clause would require a review of the impact on investment of the changes made to structures and buildings allowances in Schedule 5. New clause 17—Review of geographical effects of provisions of Sections 28 to 31— "The Chancellor of the Exchequer must within twelve months of the passing of this Act lay before both Houses of Parliament a report assessing the differential geographical effects, broken down by nation and NUTS 1 statistical region, of the changes made by sections 28 to 31 of this Act." This new clause would require a geographical impact assessment of the clauses of the Bill relating to reliefs for business. Amendment 1, in clause 36, page 34, line 29, at end insert— "(13) The Chancellor of the Exchequer must, no later than 5 April 2021, lay before the House of Commons a report— (a) analysing the fiscal and economic effects of Government relief under the Enterprise Investment Scheme since the inception of the Scheme, and the changes in those effects which it estimates will occur as a result of the provisions of this Section, in respect of; (i) each NUTS 1 statistical region of England and England as a whole, (ii) Scotland, (iii) Wales, and (iv) Northern Ireland; (b) assessing how the Enterprise Investment Scheme is furthering efforts to mitigate climate change, and any differences in the benefit of this funding in respect of— (i) each NUTS 1 statistical region of England and England as a whole, (ii) Scotland, (iii) Wales, and (iv) Northern Ireland; (c) evaluating the lessons that can be drawn from the effects of the Enterprise Investment Scheme with respect to the encouragement of both private and UK Government-backed venture capital funds in the devolved nations of the UK." This amendment would require the Chancellor of the Exchequer to analyse the impact of the existing EIS and the changes proposed in Clause 36 in terms of impact on the economy and geographical reach; to assess the EIS’s support for efforts to mitigate climate change; and to evaluate the Scheme’s lessons for the encouragement of UK Government-backed venture capital funds in the devolved nations.