Finance Bill No.3


MPs debated clause 14 on disposals of UK land etc: payment on account of capital gains, clause 17 on non-uk resident companies carrying on UK property businesses and clause 18 about the diverted profits tax, in this morning's session. 

Second and final day of Finance Bill Committee of Whole House, debating clauses, new clauses and amendments about gaming duty and fixed odds betting terminals, and tax avoidance and evasion. The government accepted opposition proposals and made its own amendments.

The latest Finance Bill (the third of the current session) had its second reading in the House of Commons on Monday 12 November. The debate saw Conservatives claiming lower tax rates mean higher tax takes and Labour concerns about universal credit and the parliamentary process. The debate was quite haphazard, as MPs debated the principles of the Finance Bill rather than the detail. A Labour amendment that declined to give this Bill a second reading on the basis that it continues damaging austerity policies was defeated by 302 votes to 279.