Budget Resolutions — House of Commons, 2021-11-02
Topic: Macroeconomics
Rosalie Winterton (Labour, Centre-left): I am now required under Standing Order No. 51(3) to put successively, without further debate, the Question on each of the Ways and Means motions numbered 2 to 57 and the money resolution on which the Bill is to be brought in. These motions are set out in a separate paper distributed with today’s Order Paper The Deputy Speaker put forthwith the Questions necessary to dispose of the motions made in the name of the Chancellor of the Exchequer (Standing Order No. 51(3)). 2. Income tax (main rates) Resolved, That for the tax year 2022-23 the main rates of income tax are as follows— (a) the basic rate is 20%, (b) the higher rate is 40%, and (c) the additional rate is 45% And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968 3. Income tax (default and savings rates) Resolved, That— (1) For the tax year 2022-23 the default rates of income tax are as follows— (a) the default basic rate is 20%, (b) the default higher rate is 40%, and (c) the default additional rate is 45% (2) For the tax year 2022-23 the savings rates of income tax are as follows— (a) the savings basic rate is 20%, (b) the savings higher rate is 40%, and (c) the savings additional rate is 45%. And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968 4. Income tax (rates of tax on dividend income) Resolved, That— (1) In section 8 of the Income Tax Act 2007 (which provides, among other things, for the dividend ordinary rate, dividend upper rate and dividend additional rate)— (a) in subsection (1) (the dividend ordinary rate), for "7.5%" substitute "8.75%", (b) in subsection (2) (the dividend upper rate), for "32.5%" substitute "33.75%", and (c) in subsection (3) (the dividend additional rate), for "38.1%" substitute "39.35%" (2) In section 9(2) of the Income Tax Act 2007 (the dividend trust rate), for "38.1%" substitute "39.35%" (3) The amendments made by this Resolution have effect for the tax year 2022-23 and subsequent tax years And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968 5. Income tax (starting rate limit for savings) Resolved, That— (1) For the tax year 2022-23 the amount specified in section 12(3) of the Income Tax Act 2007 (the starting rate limit for savings) is "£5,000" (2) Accordingly, section 21 of that Act (indexation) does not apply in relation to the starting rate limit for savings for that tax year And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968 6. Surcharge on banking companies Question put, That (notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills) provision taking effect in a future year may be made altering the percentage specified in section 269DA(1) of the Corporation Tax Act 2010 and amending Part 7A of that Act so as to alter the amount of the surcharge allowance.