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Finance Bill: Income tax basic rate limit agreed

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Clause 2 (basic rate limit for 2012/13) of the Finance Bill was agreed yesterday by the Public Bill Committee. Opposition amendments requiring the Chancellor to review the impact of the basic rate limit on the number of higher rate taxpayers and on average tax rates paid on income were defeated.

Consideration of clause 3 (personal allowance for 2012/13 for those aged under 65) was adjourned.

Government and opposition amendments as at 24 April are set out on the Parliament website.

The committee will meet again on 26 April; 22 and 24 May; and 12, 14, 19, 21 and 26 June.