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Further Reform Of Capital Gains Tax

EDM number 1388 in 2008-09, proposed by Paul Farrelly on 29/04/2009.
Categorised under the topic of Taxation.

That this House believes in fair taxation and firm measures to minimise tax avoidance; is concerned, therefore that, following the Budget, Capital Gains Tax (CGT) will still be levied at 18 per cent., which is lower than the top and standard rates of income tax; notes, too, that the annual exemption from CGT for 2009-10 will be £10,100, considerably more than the personal income tax allowance of £6,475; recognises the moral and financial imperative which led to reform of CGT in the 2007 Pre-Budget Report, raising rates from a minimum 10 per cent. and abolishing taper relief, a tax break which had cost the public purse over £28 billion in just seven years; considers, however, that the reforms have still not gone far enough, as wealthy people will still pay lower rates on unearned income than office cleaners on hard-earned low wages; believes, too, that the continuing discrepancy in rates constitutes a major incentive for tax avoidance; further notes Treasury estimates that taxing capital gains at the individual's marginal rate of tax would raise around £2 billion for hard-pressed government finances; notes further that the annual exemption allowance from CGT costs the Treasury another £2.4 billion; and urges the Chancellor of the Exchequer, therefore, to bring forward measures in the 2009 Pre-Budget Report or sooner to equalise CGT with the marginal rate of income tax, as was the case before 1997, and to consider merging the dual exemptions into a single allowance encompassing earned and unearned income.

This motion has been signed by a total of 27 MPs, 1 of these signatures have been withdrawn.

Paul Farrelly29/04/2009Newcastle-under-LymeLabourProposed
Mark Fisher29/04/2009Stoke-on-Trent CentralLabourSeconded
Joan Walley29/04/2009Stoke-on-Trent NorthLabourSeconded
Dai Havard29/04/2009Merthyr Tydfil and RhymneyLabourSeconded
Janet Dean29/04/2009BurtonLabourSeconded
Kelvin Hopkins29/04/2009Luton NorthLabourSeconded
John McDonnell29/04/2009Hayes and HarlingtonLabourSigned
Mark Durkan29/04/2009FoyleSocial Democratic and Labour PartySigned
John Battle29/04/2009Leeds WestLabourSigned
David Taylor30/04/2009North West LeicestershireLabourSigned
John Mason30/04/2009Glasgow EastScottish National PartySigned
David Drew30/04/2009StroudLabourSigned
Andrew Dismore30/04/2009HendonLabourSigned
Jeremy Corbyn30/04/2009Islington NorthLabourSigned
Brian Jenkins30/04/2009TamworthLabourSigned
Gordon Prentice05/05/2009PendleLabourSigned
Lynne Jones05/05/2009Birmingham, Selly OakLabourSigned
Martin Caton05/05/2009GowerLabourSigned
Ann Cryer05/05/2009KeighleyLabourSigned
John Cummings05/05/2009EasingtonLabourSigned
Mike Hancock05/05/2009Portsmouth SouthLiberal DemocratSigned
Alan Simpson06/05/2009Nottingham SouthLabourSigned
Robert Wareing06/05/2009Liverpool, West DerbyIndependentSigned
Paul Flynn07/05/2009Newport WestLabourSigned
Linda Riordan11/05/2009HalifaxLabourSigned
Eric Illsley01/06/2009Barnsley CentralLabourSigned
Ian GibsonUnknownWithdrawn

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