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The first four sittings of the Public Bill Committee’s debates on the Finance (No 4) Bill are reported by ALLISON PLAGER
KEY POINTS
- More consultation should result in better drafting.
- Effect of fiscal drag on tax liability.
- Who benefits from increased personal allowances?
- Corporation tax rates reduced to boost investment.
The Public Bill Committee’s proceedings kicked off with the usual strictures: no tea or coffee allowed in the committee room honorable members allowed to remove jackets phones switched to silent and the purpose of the committee was to scrutinise the Finance Bill ‘line by line’.
David Gauke (Exchequer Secretary to the Treasury) then provided the committee with some statistics about the Bill. Among these were that more than 75% of the measures in the Bill had been announced in the 2011 Budget and around 400 pages of draft legislation had been published in December 2011 to which more than 450 responses...
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