Finance Bill Report Stage: Amendment 67

Parliament voted on Amendment 67 to the Finance Bill at Report Stage on 3 March 2025. The amendment was tabled by Conservative MPs and sought to remove or modify specific tax increases contained in the Bill. The government defeated the amendment by 347 votes to 167, a majority of 180.

The Finance Bill gives legal effect to the measures announced in Chancellor Rachel Reeves's October 2024 Budget, described by the government as a growth Budget. The amendment targeted a range of tax changes that opponents argued would damage the economy, reduce business investment and harm household finances. These included the increase in employers' national insurance contributions, the extension and rate increase of the energy profits levy on North sea oil and gas producers, the removal of the VAT exemption for independent schools, and changes to inheritance tax and business property relief. Defeating the amendment means all these measures remain on course to become law.

The vote divided almost entirely along party lines. All 291 Labour MPs and 37 Labour and Co-operative MPs who voted did so against the amendment, as did all seven SNP members, all four Plaid Cymru members and all four Green MPs. On the other side, all 94 voting Conservatives, all 59 voting Liberal Democrats, all six voting Reform UK members and three Democratic Unionist Party members supported the amendment. Three independents voted for it and two against. The Liberal Democrats, despite voting with the Conservatives here, expressed their own distinct objections, particularly on private school VAT and small business impacts, rather than fully endorsing the Conservative position. There were no notable Labour rebels.