Clause 15 and Sch 1 (new high strength beer duty), clauses 16-18 (tobacco products duty, gaming duty and amusement machine licence duty), and clause 20 (fuel duties) of the Finance Bill were agreed without amendment on 17 May. The Committee is set to meet again on 19 and 24 May.
Clauses 11 (annual investment allowance), 12 (short life assets), 13 (rates of alcoholic liquor duties) and 14 (general beer duty, reduced rate for lower strength beer) of the Finance Bill were passed without amendment by the Public Bill Committee on 12 May.
HMRC are seeking views on possible changes to rules that determine how non-arm's length sales of gas are valued for the purposes of the North Sea fiscal regime.
Responses to consultation sent a ‘strong message’ that applying the proposed tax exemption for overseas branch profits to all territories, and the inclusion of chargeable gains, would enhance the competitiveness of the UK regime, HM Treasury said.
The release of the Vickers report on the future of the UK banking industry makes it opportune to make a few observations on the current taxation policy for the banking sector.
Andrew Goodall reports on growing support for the idea of a tax on financial transactions
The Finance Bill completed its second reading in the House of Commons last night, after almost five hours of debate.