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The first deliberations of the Public Bill Committee on Finance Bill 2016.
KEY POINTS
- Disagreements over the behavioural effects of differing income tax rates.
- Increasing the higher rate threshold will go some way to reducing fiscal drag.
- Basic rate taxpayers will be able to receive £1 000 of interest or other savings income without tax.
- The pensions lifetime allowance is reduced from £1.25m to £1m.
- Various changes made to the pensions flexibility rules.
This Public Bill Committee’s deliberations on Finance Bill 2016 started with the usual niceties. The chair Sir Roger Gale said members could remove their jackets he gave a brief summary of the committee’s proceedings and the sequence of events welcomed queries reminded members that boxes – usually red but green this year due to an unforeseen shortage – were available for the storage of their papers ...
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