The Public Bill Committee on the Finance Bill began its consideration of the Bill yesterday.
Clause 1 (income tax charge and main rates for 2011/12) was agreed. An amendment requiring the government to publish the terms of reference and a timetable for its review of the 50% additional rate, and provide six-monthly updates to Parliament, was defeated.
Clauses 2 and 3 (basic rate limit for 2011/12 and personal allowance for those aged under 65) were agreed without amendment.
Clause 5 (corporation tax charge and main rate for financial year 2012) was agreed. An amendment requiring the Chancellor to lay before the Commons, before the end of September 2011, an assessment of the impact of this clause on (a) banks and (b) other corporation tax payers was defeated.
Clause 6 (corporation tax small profits rate and fractions for financial year 2011) was agreed. An amendment requiring the Chancellor to publish, before the end of September 2011, his plans for ‘future tax arrangements for small companies’ was withdrawn.
Clauses 8 and 9 (capital gains tax annual exempt amount and entrepreneurs’ relief) were agreed without amendment.
The Public Bill Committee will meet again on Thursday, 12 May. It consider the remaining clauses and schedules in the following order:
Clauses 11 to 15; Sch 1; clauses 16 to 18; clauses 20 to 26; Sch 2; clause 27; Sch 3; clause 28; Sch 4; clauses 29 and 30; Sch 5; clauses 31 and 32; Sch 6; clauses 33 and 34; Schs 7 and 8; clauses 36 to 44; Sch 9; clause 45; Sch 10; clause 46; Sch 11; clause 47; Sch 12; clause 48; Sch 13; clauses 49 to 52; Sch 14; clauses 53 to 64; Sch 15; clause 65; Sch 16; clause 66; Sch 17; clause 67; Sch 18; clauses 68 to 71; Sch 19; clauses 73 to 77; Sch 20; clauses 78 to 82; Sch 21; clause 83; Sch 22; clauses 84 to 86; Schs 23 and 24; clause 87; Sch 25; clauses 88 to 91; Sch 26; new clauses; new schedules; clauses 92 and 93.
The Public Bill Committee on the Finance Bill began its consideration of the Bill yesterday.
Clause 1 (income tax charge and main rates for 2011/12) was agreed. An amendment requiring the government to publish the terms of reference and a timetable for its review of the 50% additional rate, and provide six-monthly updates to Parliament, was defeated.
Clauses 2 and 3 (basic rate limit for 2011/12 and personal allowance for those aged under 65) were agreed without amendment.
Clause 5 (corporation tax charge and main rate for financial year 2012) was agreed. An amendment requiring the Chancellor to lay before the Commons, before the end of September 2011, an assessment of the impact of this clause on (a) banks and (b) other corporation tax payers was defeated.
Clause 6 (corporation tax small profits rate and fractions for financial year 2011) was agreed. An amendment requiring the Chancellor to publish, before the end of September 2011, his plans for ‘future tax arrangements for small companies’ was withdrawn.
Clauses 8 and 9 (capital gains tax annual exempt amount and entrepreneurs’ relief) were agreed without amendment.
The Public Bill Committee will meet again on Thursday, 12 May. It consider the remaining clauses and schedules in the following order:
Clauses 11 to 15; Sch 1; clauses 16 to 18; clauses 20 to 26; Sch 2; clause 27; Sch 3; clause 28; Sch 4; clauses 29 and 30; Sch 5; clauses 31 and 32; Sch 6; clauses 33 and 34; Schs 7 and 8; clauses 36 to 44; Sch 9; clause 45; Sch 10; clause 46; Sch 11; clause 47; Sch 12; clause 48; Sch 13; clauses 49 to 52; Sch 14; clauses 53 to 64; Sch 15; clause 65; Sch 16; clause 66; Sch 17; clause 67; Sch 18; clauses 68 to 71; Sch 19; clauses 73 to 77; Sch 20; clauses 78 to 82; Sch 21; clause 83; Sch 22; clauses 84 to 86; Schs 23 and 24; clause 87; Sch 25; clauses 88 to 91; Sch 26; new clauses; new schedules; clauses 92 and 93.
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