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Funding And A Restored 10 Pence Tax Rate

EDM number 1535 in 2007-08, proposed by Michael Meacher on 12/05/2008.
Categorised under the topics of Incomes and poverty, Pay and Taxation.

That this House, whilst welcoming the Government's intention to compensate losers as a result of the abolition of the 10 pence income tax rate band, notes that it is almost impossible to provide full compensation to all such losers without undue cost, excessive complexity and unintended side-effects to the tax credit and personal allowance systems; and calls upon the Government to reintroduce the 10 pence tax rate and to fund the £6.6 billion cost of this measure by limiting the benefit to poorer and standard rate taxpayers, thus saving £2.4 billion, charging capital gains tax (CGT) on all share-dealings on the London Stock Exchange by requiring automatic declaration by the stockbroker of all such deals, thus raising at least an extra £3 to £4 billion a year, charging CGT on the sales by foreign owners of commercial property they hold in the UK, which are currently untaxed and would raise nearly £½ billion a year, and charging income tax rather than CGT, on short-term trades of financial assets which have been held for less than a year, which would raise a further £½ billion a year and thereby ensuring that the cost of restoring the 10 pence tax rate is borne solely by redistribution from the richest 10 per cent. of society whose wealth has trebled since 1997.

This motion has been signed by a total of 22 MPs, 1 of these signatures have been withdrawn.

Michael Meacher12/05/2008Oldham West and RoytonLabourProposed
Alan Meale13/05/2008MansfieldLabourSeconded
Angus MacNeil13/05/2008Na h-Eileanan an IarScottish National PartySeconded
David Drew13/05/2008StroudLabourSeconded
Jeremy Corbyn13/05/2008Islington NorthLabourSeconded
Katy Clark16/05/2008North Ayrshire and ArranLabourSeconded
John McDonnell23/06/2008Hayes and HarlingtonLabourSigned
David Chaytor30/06/2008Bury NorthLabourSigned
Martin Caton01/07/2008GowerLabourSigned
Ian Gibson02/07/2008Norwich NorthLabourSigned
Linda Riordan02/07/2008HalifaxLabourSigned
Michael Clapham09/07/2008Barnsley West and PenistoneLabourSigned
Fabian Hamilton09/07/2008Leeds North EastLabourSigned
Diane Abbott09/07/2008Hackney North and Stoke NewingtonLabourSigned
Bill Etherington09/07/2008Sunderland NorthLabourSigned
Frank Cook10/07/2008Stockton NorthLabourSigned
Paul Flynn10/07/2008Newport WestLabourSigned
Austin Mitchell14/07/2008Great GrimsbyLabourSigned
Desmond Turner14/07/2008Brighton, KemptownLabourSigned
Robert Wareing16/07/2008Liverpool, West DerbyIndependentSigned
Jim Dobbin06/10/2008Heywood and MiddletonLabourSigned
Jon TrickettUnknownWithdrawn

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