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KEY POINTS

• Amendments to the treatment of care allowances.
• Seafarers’ clause amendments.
• Venture capital schemes and EMI.
• Other income and corporation tax amendments.

For those who are not familiar with the formulations of the finance bills true to the superfluous complexity of all things tax this is the third bill to be debated this year yet is actually referred to as ‘Finance No 2 Bill’.

Unlike the previous Finance Bill committee meeting which was held in June 2010 the debate on this 64-page ten-clause four-scheduled legislation certainly does not fit the bill (pun intended) of ‘short and sweet’.

It does however successfully infuse a heaped spoonful of time wasting with more than just a hint of unnecessary staged politeness beaten and then cooked in an aristocratic agar...