Finance (No. 2) Bill — Third Reading — 2 Feb 2022 at 18:47

The majority of MPs voted for a range of tax and pensions provisions including keeping key income tax rates unchanged and raising the normal pension age to 57 from 6 April 2028.

MPs were considering the Finance (No. 2) Bill.^[1][2][3]

The motion supported by a majority of MPs in this vote was:

• That the Bill be now read a Third time.

The passing of this motion enabled the Bill to continue on its path to becoming law.

The Bill included provisions:

• to impose income tax during the tax year 2022-23
• to set the 2022-2023 rates for income tax at: Basic rate - 20%; Higher rate - 40%; Additional rate - 45%. (No change on the previous year)
• to increase the tax rates on taxed dividend income.
• to retain the threshold for starting to tax interest on savings at £5,000.
• to introduce a new rule for businesses started after 31 March in a year, treating profits and losses arising in that year as arising in the following year.
• to increase the the normal minimum pension age to 57 from 6 April 2028
• to reduce taxes on bank profits

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• [1] Parliament's webpage on the Finance (No. 2) Bill, Parliament.uk
• [2] The Finance (No. 2) Bill (as introduced), 4 November 2021, Parliament.uk
• [3] Explanatory notes to the Finance (No. 2) Bill, Parliament.uk

Debate in Parliament |