Finance Bill — Third Reading — 25 Mar 2015 at 18:57

The majority of MPs voted for a series of taxation related measures including increasing the personal income tax free allowance and increasing the threshold at which higher rate tax is charged.

The majority of MPs taking part in this vote supported the Finance (No.2) Bill 2015 at its third reading allowing it to continue on its path to becoming law.

MPs were considering the Finance Bill^[1].

The approved motion stated:

• That the Bill be now read the Third time.

The Bill provided for:

• an income tax for 2015-16 with a basic rate of 20%, a higher rate of 40% and an additional rate of 45%.
• an increase in the standard personal income tax allowance from £10,500 to £10,600 and then £10,800 in 2016-17 and £11,000 in 2017-18 (
• an increase in the threshold for starting to pay higher rate income tax to £42,700 inclusive of the standard personal allowance. (2014-15 £41,865).
• to set the main rate of Corporation Tax to remain its 2015/16 level of 20% for the following financial year starting in April 2016.
• beer and wine duties to be unchanged. Spirit duties and the duty on lower strength cider to be cut by 2%.
• an increase in the Bank Levy rate from 0.156% to 0.21% from 1 April 2015.

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• [1] Parliament's webpage on the Finance (No.2) Bill 2015 (now an Act)

Debate in Parliament | Source |