An inquiry into a banking transactions tax

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Here’s an amendment to the Finance Bill that should be discussed today (but sadly, you can be sure won’t be):

Inquiry into a banking transactions tax

Caroline Lucas

Mr Graham Allen

Richard Burden

Jonathan Edwards

Hywel Williams

Mr Elfyn Llwyd

NC2

To move the following Clause:—

‚Äò(1)   

It shall be the duty of the Chancellor of the Exchequer to appoint a committee of inquiry to report within 6 months on the practical action necessary to introduce a banking transactions tax.

(2)   

For the purposes of subsection (1), a banking transactions tax is a tax, charged at the rate of 0.005 per cent of the value of the transaction, on

(a)   

foreign exchange dealings in sterling, and

(b)   

derivative, swap, bond and over the counter trading,

 

where the economic substance of the transaction arises in the United Kingdom or the place where the transaction is recorded is the United Kingdom.’