Finance Bill

 


MPs on the Finance (No.3) Bill public bill committee debated and agreed the final clauses (clauses 79-92) of the Bill on the morning of Tuesday 11 December. This included consideration of clauses 79 and 80 (offshore time limits).

MPs on the Finance (No.3) Bill public bill committee recommenced their clause by clause scrutiny of the Finance Bill at 11.30 am on Thursday 6 December, starting with clauses 57-58 on vehicle excise duty (VED). No Opposition amendments were successful.

MPs continued their committee stage scrutiny of the Finance Bill this afternoon. Debate was initially concluded on clauses 36 and 37, relating to oil activities and petroleum revenue tax, moving on to stamp duty land tax (higher rates for additional dwellings etc), and other stamp duty and SDRT measures. The committee then move on to debate clauses 50-52, on VAT, and changes to alcohol and tobacco duties, concluding at clause 56.

MPs resumed debate and passed clauses 7 on Optional remuneration arrangements, 11 about beneficiaries of tax-exempt employer-provided pension benefits, 12 which related to employment and social security income and clauses 13 which dealt with tax treatment of sales of UK land by non-UK residents. All Opposition amendments were defeated. There were regular mentions of the CIOT/IfG Better Budgets report which Labour used to criticise the Government's approach to this Finance Bill. The Public Bill Committee will begin the next session on Thursday on clause 14, which covers disposals of UK land and payments on account of capital gains tax.

MPs debated and agreed clauses 1-4 of Finance Bill (No.3), agreeing that the government should continue to levy income tax and corporation tax, and the rates of income tax for 2019-20. Attempts by opposition MPs to get the committee to take oral evidence from experts, and to require the government to review aspects of tax policy, were rejected.

Finance Bill (No.3) began its committee stage today with two days of Committee of the Whole House scheduled for today and tomorrow. The clauses debate today focused on tax thresholds and reliefs and on Brexit.

This is a summary of the Finance Bill clauses in each group for Monday and Tuesday and all the amendments and new clauses tabled.