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Finance Bill Debates

 
Alan Dolton editor of Tolley's Tax Cases summarises the Committee of the Whole House debate on the Finance Bill
 
The Committee of the Whole House began debating its allotted clauses of the Finance Bill on Tuesday 12 May. Mark Hoban (Conservative Fareham) proposed an amendment to clause 7 to reduce the main rate of corporation tax from 28% to 25%. He explained:
 
'… Five years ago Britain had the fourth lowest corporation tax rate in the EU. Now even after the reduction in the headline rate from 30p to 28p in the 2007 Budget we have the 19th lowest rate. The average in the OECD is 22.5% so Britain's rate is some 5.5% higher than that. That is something that we need to address....

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