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Key tax measures feature in stage one of the Finance Bill

Key tax measures feature in stage one of the Finance Bill

Last week the Government announced it was to take a two-stage approach to the new finance legislation.

An initial Finance Bill has been published by the Treasury and this enacts the key tax measures that George Osborne laid out in his emergency budget. It is expected that this will be pushed through parliament this summer.

In the autumn, there will be a minor finance bill that will introduce minor measures that had been announced by the Labour government. A draft of this will be published in July to allow plenty of time for pre-legislative scrutiny.

When asked whether these two tiered arrangements are a one-off, the Exchequer Secretary, David Gauke, made no comment. Many people have argued for reform to allow consultations to take place before finance bills are passed to the house for approval. Adopting that approach would remove the pressure to rush through technical changes.

Gauke did however say that the government was taking decisive action to pay for the past whilst at the same time planning for the future. He reminded us that the Lib/Cons had inherited the debts and uncontrolled spending from their predecessors and he reiterated the coalition’s promise to cut the deficit, deliver fairness and promote enterprise.

However, party whips are concerned that a handful of rebel Lib Dem MPs will seek to use the line-by-line debates, which start on 12 July, to table amendments to the Finance Bill.

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Image: Piggy Bank by alancleaver_2000

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