Being discussed in the House of Commons right now

Posted on

The Finance Bill is being debated in the Commons today and three amendments that I know are on the agenda for debate are:

Amendment 11 (to Clause 1)

Clause 1 amends the main rate of corporation tax for the financial year beginning 1 April 2011 and sets it at 27 per cent for companies with profits other than the ring fenced profits of North Sea oil companies.

Amendment 11 seeks to ensure that this shall not have effect unless the Chancellor of the Exchequer has laid before the House of Commons a report on the extent of avoidance and evasion of corporation tax and on the measures he proposes to take to ensure the payment of tax which is due.

Amendment 12 (to Clause 2)

Clause 2 and Schedule 1 both change the rates at which capital gains tax (CGT) is charged. This replaces the single rate of 18 per cent for all gains (with gains qualifying for entrepreneurs’ relief being reduced to deliver an effective rate of 10 per cent).

Amendment 12 states that Schedule 1 shall not have effect unless the Chancellor of the Exchequer has laid before the House of Commons a report on the extent of avoidance and evasion of capital gains tax and on the measures he proposes to take to ensure the payment of tax which is due.

Amendment 10 (to Schedule 1)

Likewise, Amendment 10 inserts a requirement that the Chancellor of the Exchequer must lay before the House of Commons a report on the implications of aligning rates of capital gains tax with rates of income tax.

The amendments have been tabled by John McDonnell MP who has been kind enough to reference my work in support of them.