First sitting of the Public Bill Committee’s debates on the Finance Bill

The Public Bill Committee convened in late January to discuss the latest Finance Bill. As usual the chair David Mundell welcomed MPs with instructions that electronic devices must be turned off or switched to silent and no tea or coffee was allowed during the sittings. He also remined members that after they should indicate that they wish to speak by ‘bobbing’.

Personal tax

Exchequer secretary to the Treasury James Murray began proceedings with an explanation of clause 1 ‘income tax charge for tax year 2025-26’. He reminded members that the income tax rates and the starting rate limits for savings have to legislated for each year and confirmed that these would not be changing. He mentioned that the government had recently extended the help-to-save scheme until 5 April 2027 and extended eligibility to all universal credit claimants who are in work from 6 April 2025. He asked committee members...