Finance Bill 2012 — Third Reading — 3 Jul 2012 at 22:43

The majority of MPs voted to to raise the basic income tax free allowance, cut corporation tax, and to support other tax changes proposed in the Finance Bill.

The majority of MPs voted in support of the Finance Bill 2012 at its third reading; expressing support the Bill as it stood and allowing it to go on to become law.

Key provisions in the bill included:

• to levy an income tax for 2012/13
• to set the basic rate limit for income tax at £34,370 (down from £35,000 previously)
• to increase the basic personal income tax free allowance to £8,105 (up from £7,475 previously)
• to begin the process of phasing out the additional income tax free allowance for those aged over 65
• to reduce the main rate of corporation tax to 24% (down from 25%)
• to impose a new income tax charge on one of those earning over £50,000 in a household where child benefit is received.
• to support motorists with the cost of fuel, the Government will defer the 3.02ppl fuel duty increase that would have taken effect on 1 August 2012 to 1 January 2013. Clause 188 provides for this.
• Rates of alcoholic liquor duties were increased
• Rates of Air Passenger Duty were increased

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• [1] Parliament's webpage on the Finance Bill 2012 (Now the Finance Act 2012)
• [2] Explanatory notes to the Finance Bill 2012

Debate in Parliament | Source |