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Notices of Amendments: 2 July 2009                     

1074

 

Finance Bill, continued

 
 

Dr Vincent Cable

 

Mr Jeremy Browne

 

Mr Colin Breed

 

Dr John Pugh

 

36

 

Page  3,  line  31  [Clause  8],  at end insert—

 

‘(2A)    

At the end of subsection 13(3) of ICTA 1988 (small companies’ relief), insert—

 

“(3A)    

Where in any accounting period the profits of a company do not exceed

 

1/12 of the lower relevant maximum amount, the company may claim a

 

further reduction (to be known as the “very small companies’ relief”) on

 

the amount of corporation tax payable under this section.

 

(3B)    

The Chancellor of the Exchequer shall, by regulations and within three

 

months of Royal Assent, prescribe the level of the very small companies’

 

relief.

 

(3C)    

Regulations made under subsection (3B) may not be made unless a draft

 

of the statutory instrument containing the regulations has been laid

 

before, and approved by a resolution of, each House of parliament.”’.

 

Dr Vincent Cable

 

Mr Jeremy Browne

 

Mr Colin Breed

 

Dr John Pugh

 

37

 

Page  2,  line  10  [Clause  3],  leave out ‘£6,475’ and insert ‘£10,000’.

 

Dr Vincent Cable

 

Mr Jeremy Browne

 

Mr Colin Breed

 

Dr John Pugh

 

38

 

Page  4,  line  34  [Clause  11],  at end insert—

 

‘(3A)    

After subsection (1A) insert—

 

“(1AB)    

The rate under paragraph (1AA)(a) shall be reduced by 2 per cent. for the

 

tax year 2010-11 and by a further 2 per cent. for each subsequent tax

 

year.”’.

 


 
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