Finance Bill — Third Reading — 2 Jul 2013 at 20:41

The majority of MPs voted to introduce a general anti-abuse rule to tackle abusive tax avoidance, to raise the basic income tax free allowance, and to support other tax changes proposed in the Finance Bill.

The majority of MPs supported the Finance Bill at its third reading, approving the bill and enabling it to become law. Key provisions in the bill included:

• to levy an income tax for 2013/14
• to increase the basic personal income tax free allowance to £9,440
• to reduce the main rate of corporation tax
• to introduce a general anti-abuse rule to tackle abusive tax avoidance.
• to adjust the rates and other arrangements relating to various duties and taxes.
• to introduce an income tax exemption for certain travel expenses paid to Members of the Scottish Parliament, Members of the National Assembly for Wales, and Members of the Legislative Assembly in Northern Ireland.
• to introduce a temporary two year increase in the annual investment allowance from £25,000 to £250,000; providing a tax incentive for companies and self employed individuals to invest in assets.
• rates of alcoholic liquor duties were increased; with the exception of rates applying to standard and lower strength beer which were decreased.
• to increase Air Passenger Duty

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• [1] Parliament's webpage on the Finance Bill 2013 (Now the Finance Act 2013)
• [2] HMRC webpage on the Finance Bill, including summary of the main tax announcements

Debate in Parliament | Source |