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Finance Bill: government amendments

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The Public Bill Committee on the Finance Bill agreed clause 7 (corporation tax small profits rate and fractions for financial year 2012), clause 9 (post-cessation trade or property relief: tax-generated payments or events) and clause 10 (property loss relief against general income: tax-generated agricultural expenses) yesterday without amendment.

Three opposition amendments were defeated, including one that would have required the Chancellor to review ‘the impact of the corporate tax structure on businesses of different sizes’.

The government has tabled amendments to clause 24 (companies carrying on businesses of leasing plant or machinery), clause 46 (plant and machinery: long funding leases), schedule  8 (venture capital schemes) and schedule 13 (employer asset-backed contributions).

The Public Bill Committee is set to meet again on Thursday, 24 May.