Committee’s debate on Finance Bill 2021

This year’s Finance Bill public bill committee began with the chair Sir Gary Streeter predicting that members were going to have ‘a lot of fun together over the next few days’. He went on to remind them to observe social distancing and that masks had to be worn unless people were speaking or medically exempt. As usual electronic devices were to be on silent mode but members were allowed to remove jackets.

Annual investment allowance

First to be considered was clause 15 which temporarily extends the increased annual investment allowance of £1m to the end of December 2021. After that it reverts to £200 000. Alison Thewlis (SNP) proposed an amendment to the transitional provisions to ensure that smaller businesses with lower levels of qualifying capital expenditure would not be disadvantaged when the increased allowance ended.

Financial secretary to the Treasury Jesse Norman said...