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| Clause 3, page 2, line 17, at end add— |
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| | ‘(6) | In subsections (3) and (4) above “a specified date” means a date specified by the |
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| | Treasury by an order made by Statutory Instrument, which may not be made |
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| | (a) | an impact assessment of the effect of this section and Schedule 2 has been |
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| | laid before the House of Commons; and |
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| | (b) | a draft of the order has been laid before, and approved by resolution of, |
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| Schedule 2, page 11, line 14, leave out ‘4 January 2011’ and insert ‘the date |
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| specified pursuant to section 3 of this Act’. |
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| Schedule 1, page 6, line 16, leave out ‘28%’ and insert ‘40%’. |
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| Schedule 1, page 6, line 16, at end insert— |
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| | ‘(3A) | If income tax is chargeable at the additional rate in respect of any part of the |
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| | income of an individual for a tax year, the rate of capital gains tax in respect of |
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| | gains accruing to the individual in the year is 50%.’. |
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| Schedule 1, page 6, line 17, after ‘If’, insert— |
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| | ‘(a) | no income tax is chargeable at the additional rate in respect of any part of |
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| | the income of an individual for a tax year, but |
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| Schedule 1, page 6, line 20, leave out ‘28%’ and insert ‘40%’. |
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| Schedule 1, page 6, line 25, leave out ‘28%’ and insert ‘40%’. |
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| | Revenue forecasts for tax rate changes |
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| To move the following Clause:— |
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| | ‘(1) | When proposing future increases in rates of tax on income and capital the |
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| | Government shall bring forward a forecast of revenue following the change based |
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| | upon a dynamic model of the impact of the rate increase on taxpayer numbers and |
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| | (2) | These models will be based on analysis of past behavioural changes and adjusted |
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| | in the light of experience.’. |
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| Schedule 1, page 9, line 29, at end insert ‘, provided that the Chancellor of the |
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| Exchequer has laid before the House of Commons a report on the implications of aligning |
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| rates of captital gains tax with rates of income tax.’. |
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| Clause 1, page 1, line 6, at end insert— |
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| | ‘(2) | Subsection (1) shall not have effect unless the Chancellor of the Exchequer has |
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| | laid before the House of Commons a report on the extent of avoidance and |
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| | evasion of corporation tax and on the measures he proposes to take to ensure the |
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| | payment of tax which is due.’. |
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| Clause 2, page 2, line 4, at end insert— |
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| | ‘(2) | Schedule 1 shall not have effect unless the Chancellor of the Exchequer has laid |
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| | before the House of Commons a report on the extent of avoidance and evasion of |
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| | capital gains tax and on the measures he proposes to take to ensure the payment |
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| Clause 3, page 2, line 7, leave out subsection (1). |
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| Clause 3, page 2, line 9, leave out subsection (2). |
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| Clause 4, page 2, line 26, at end add ‘, subject to a report having been laid by the |
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| Secretary of State containing an assessment of the consequences of the changes in |
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| subsection (1) on consumers and the insurance industry.’. |
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| Clause 6, page 3, line 12, leave out ‘22 June 2010’ and insert ‘a date set by the |
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| Secretary of State by regulation.’. |
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| Schedule 3, page 19, line 38, leave out ‘22 June 2010’ and insert ‘a date set by the |
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| Secretary of State by regulation.’. |
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| Clause 4, page 2, line 23, leave out ‘“6 per cent”’ and insert ‘“5 per cent in the case |
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| of personal health insurance, and 6 per cent in any other case”’. |
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| Clause 4, page 2, line 23, leave out ‘“6 per cent”’ and insert ‘“5 per cent in the case |
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| of motor insurance, and 6 per cent in any other case”’. |
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| Clause 1, page 1, line 6, at end add— |
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| | ‘(2) | Section 3 of the Finance Act 2010 (small profits rates and fractions for financial |
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| | year 2010) is amended as follows. |
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| | (3) | After subsection (3) insert a new subsection— |
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| | “(3A) | For the financial year 2011 the small profits rate is 20 per cent. on profits |
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| | of companies other than ring fence profits.”.’. |
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| Clause 1, page 1, line 6, at end add— |
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| | ‘(2) | The main rate of corporation tax for financial year 2011 will remain at 28 per cent. |
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| | on the profits of banking institutions as defined by section 2 of the Banking Act |
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| Clause 3, page 2, line 8, at end insert— |
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| | ‘(2) | Subsection (1) shall apply until 4 January 2012.’. |
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| Clause 3, page 2, line 17, at end add— |
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| | ‘(6) | The rate of value added tax shall remain at 17.5 per cent. on children’s prams, |
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| | cots, toys, nappies, children’s sanitary products and teething-related goods.’. |
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| Clause 4, page 2, line 34, at end add— |
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| | ‘(5) | The Secretary of State must report by the end of 2010 his assessment of the |
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| | benefits for taxpayers of advertising the Insurance Premium Tax rates in a more |
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| | prominent manner on all relevant insurance policy documentation.’. |
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