The whole house

KEY POINTS

• No further changes to corporation tax rates.
• Some flexibility on VAT.
• Relaxation on senior accounting officers’ duties.

Before reaching the public bill committee for its scrutiny aspects of the Finance Bill are debated in a Committee of the Whole House.

The first clause for debate was clause 7 ‘Charge and main rates for financial year 2010’. Mark Hoban (Conservative) proposed an amendment to the effect that the 28% main rate of corporation tax be reduced to 25% in order to raise the UK’s ‘attractiveness as a place to do business’.

After a lively debate about the merits of having a lower tax rate Stephen Timms Financial Secretary rounded off by saying that the Government was determined to ‘maintain the best possible environment for business in the UK’ as well as help the economy recover.

He added...