Contribution
With this it will be convenient to consider the following:
Clauses 2 to 6 stand part.
Schedule 1 stand part.
Clauses 7 and 8 stand part.
Schedule 2 stand part.
New clause 2—Review of the impact of section 7 on rent prices—
(1) The Chancellor of the Exchequer must, within three months of this Act being passed, lay before the House of Commons an assessment of the impact of implementation of section 7 of this Act on rent prices.
(2) The assessment made under subsection (1) must—
(a) estimate the proportion of the increase in income tax on property income that is passed on to renters through higher rents,
(b) analyse the impact on renters by—
(i) region, an
(ii) income decile, and
(c) set out the methodology used to reach those estimates.”
New clause 10—Statements on increase in dividend ordinary and upper rates—
“(1) The Chancellor of the Exchequer must, within six months of this Act being passed, make a statement to the House of Commons on the increase in dividend ordinary and upper rates introduced by section 4 of this Act.
(2) The statement made under subsection (1) must include details of the impact on—
(a) household saving decisions;
(b) the domestic equity market;
(c) institutional investors; and
(d) outcomes for all British savers and pensioners.”
This new clause requires the Secretary of State to make a statement on the impact of increase in dividend ordinary and upper rates.
New clause 11—Statements on saving rates of income tax for tax year 2027-28—
“(1) The Chancellor of the Exchequer must, within six months of this Act being passed, make a statement to the House of Commons on the saving rates of income tax for the tax year 2027-28 introduced by section 5 of this Act.
(2) The statement made under subsection (1) must include details of the impact on—
(a) household saving decisions; and
(b) outcomes for all British savers and pensioners.”
This new clause requires the Secretary of State to make a statement on the impact of the saving rates of income tax for tax year 2027-28.
New clause 12—Sections 6 to 8 and Schedules 1 and 2: impact on private rental sector—
“(1) The Chancellor of the Exchequer must, within six months of this Act being passed, publish an assessment of the impact of the changes introduced by sections 6, 7, and 8 of this Act on the private rental sector in England, Wales, Scotland, and Northern Ireland.
(2) The assessment made under subsection (1) must consider -
(a) the effects of the provisions of sections 6, 7, and 8 on the cost of private rent in each region within England, Wales, Scotland, and Northern Ireland,
(b) the effects of the provisions of sections 6, 7, and 8 on the supply of private rental properties in each region within England, Wales, Scotland, and Northern Ireland,
(c) any other implications of the changes introduced by sections 6, 7, and 8 of this Act.”
This new clause requires the Secretary of State to publish an assessment of the impact of imposing new rates of income tax on property income.