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RICHARD CURTIS reviews the Report stage debates of the House of Commons on Finance Bill 2008
KEY POINTS
- The 10% tax rate and personal allowances.
- Sibling transfers and inheritance tax liabilities.
- Amendments to entrepreneurs' relief.
- The new remittance basis.
The Finance Bill having completed its passage through the Public Bill Committee returned to the House of Commons where it was debated on 1 and 2 July with the House sitting as the Committee of Ways and Means.
New clause 11 'personal allowance for those aged under 65' was the first to be debated. This is the clause that raises the basic personal allowance from £5 435 to £6 035 — the idea being to compensate those on lower incomes for the loss of the 10% tax band.
Several other amendments were debated at the same time one being the reduction in the basic rate tax band to ensure that...
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