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The concluding parliamentary debates of the Finance Bill are reviewed by RICHARD CURTIS
KEY POINTS
- The VAT increase related measures and anti-forestalling.
- Insurance premium tax increases and effects.
- Changes to pension annuitisation rules and the high income excess relief charge.
- The legislation of MPs expenses.
- Anti-avoidance rules relating to the derecognition of income and expenses.
On 13 July the Committee of the Whole House debated Clause 3 of the Finance Bill 2010. This clause has three basic effects.
First it increases the rate of VAT to 20% with effect from 4 January 2011.
Second in VATA 1994 s 21(4) – and also effective from 4 January 2011 – a rate of 25% is substituted for 28.58% thus preserving the effective 5% rate on imports of goods defined in s...
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