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Finance Bill Debates

Alan Dolton editor of Tolley's Tax Cases summarises the House of Lords debate on the Finance Bill
The House of Lords began debating the Finance Bill shortly after 7pm on Monday 20 July. Lord Myners proposed the Second Reading of the Bill. He stated:
'We know that we must live within our means and we are acting to keep the public finances on a sustainable path over the medium term. Consistent with our progressive principles the fiscal consolidation asks for most from those who are most able to contribute and who have benefited most from the growth of the last decade. Consequently the Bill creates the structure for the 50p rate of income tax from 2010 for those on incomes of more £150 000 per year...

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