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JOHN JEFFREY-COOK reports on what went where when the third Finance Bill of 2010 transmogrified into the Finance (No 3) Act
KEY POINTS
- Three Finance Acts in a year is novel.
- Whole of Bill published in draft in July.
- Thorough consultations so alterations minimal.
- No pre-Budget report from 2011.
While an election often produced two Finance Acts in one year (1987 1992 1997 2005) there have never been three since Sir William Harcourt adopted the term Finance Bill in 1894.
Following its Budget of 24 March the Labour Government introduced the first Bill on 30 March; it consisted of only 73 clauses and in the rushed debates just three were disagreed to (clauses 23 58 and 65) so as to secure its passage and royal assent on 8 April.
Following the election and the Budget of 22 June the coalition Government tabled on 28 June the second Bill which had only...
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