Finance (No. 2) Bill — House of Commons, 2017-12-18
Topic: Housing
Albert Owen (Labour, Centre-left): With this it will be convenient to discuss the following: That schedule 11 be the Eleventh schedule to the Bill Clause 41 stand part Amendment 2, in clause 8, page 4, line 16, at end insert— "(4A) Regulations under this section may not increase any person’s liability to income tax." This amendment provides that the power to make regulations in consequence of the exemption from income tax in respect of payments of accommodation allowances to, or in respect of, a member of the armed forces may not be exercised so as to increase any individual’s liability to income tax. Amendment 3, in page 4, line 17, leave out from "section" to "may" in line 18 This amendment is consequential on Amendment 2. Clause 8 stand part New clause 4—Review of Relief for First-Time Buyers— "(1) The Commissioners of Her Majesty’s Revenue and Customs shall undertake a review of the impact of the relief for first-time buyers introduced in Schedule 6ZA to FA 2003 (2) The review shall consider, in particular, the effects of the relief on— (a) the public revenue, (b) house prices, and (c) the supply of housing (3) The Chancellor of the Exchequer must lay a copy of a report of the review under this section before the House of Commons no later than one calendar week prior to the date which he has set for his Autumn 2018 Budget Statement." This new clause requires a review to be published prior to the Autumn 2018 Budget on the impact of the relief for first-time buyers, including its effects on house prices and on the supply of housing. New clause 10— Annual Report on Relief for First-Time Buyers— "(1) The Chancellor of the Exchequer must prepare and lay before the House of Commons a report for each relevant period on the operation of the relief for first-time buyers introduced in Schedule 6ZA to FA 2003 not less than three months after the end of the relevant period (2) The report shall include, in particular, information in respect of the relevant period on— (a) the number of first-time buyers benefiting from the relief, (b) the number of purchases benefiting from the relief, (c) the average age of first-time buyers benefiting from the relief, (d) the effects on the operation of the private rented sector, (e) the effects on council housing and other social housing, (f) the effects on the supply of affordable housing, and (g) the effects on the operation of collective investment schemes under Part 17 of the Financial Services and Markets Act 2000 in the provision of cooperative housing (3) For the purposes of this section, "relevant period" means— (a) the period from 22 November 2017 to 5 April 2018, (b) each period of 12 months beginning on 6 April during which the relief is in effect, and (c) the period beginning on 6 April and ending with the day on which the relief ceases to have effect." This new clause requires an annual report on the operation of the relief for first-time buyers, including information on the beneficiaries and effects on different aspects of housing supply. New clause 5—Parliamentary Scrutiny of Regulations Relating to Armed Forces’ Accommodation Allowance— "(1) Section 717 of ITEPA 2003 (regulations made by Treasury or Commissioners) is amended as follows (2) In subsection (3), leave out "subsection (4)" and insert "subsections (3A) and (4)" (3) After subsection (3), insert— ‘(3A) No regulations may be made under section 297D unless a draft has been laid before and approved by a resolution of the House of Commons.’" This new clause requires that regulations setting conditions relating to the availability of the income tax exemption in relation to armed forces’ accommodation allowance shall be subject to the affirmative procedure.