Finance Bill 2011 — Second Reading — 26 Apr 2011 at 22:29

MPs were considering the Finance Bill^[1]. The motion approved by the majority of MPs in this vote was:

• That the Bill be now read a Second time.

The passing of this motion indicated approval of the key principles of the Bill and allowed it to continue on its path to becoming law.

Among other measures, the Bill:

• imposes income tax for 2011-12
• reduces the threshold at which higher rate income tax is paid from £37,401 to £35,001
• increases the income tax free personal allowance from £6,475 to £7,475
• reduces the main rate of corporation tax from 27 to 26 per cent
• reduce the annual investment allowance (AIA) cap from £100,000 to £25,000. (The limit to which taxable profits can be reduced by the amount of investment)
• to increase the rates of excise duty charged on spirits, beer, and wine
• to introduce a reduced rate of general beer duty on lower strength beers.
• to introduce a bank levy, a tax on banks based on their total applicable liabilities and equities.

==

• [1] Parliament's webpage on the Finance Bill 2011 (now an act)

Debate in Parliament | Source |