Member News
Introduced by the government shortly after the Budget, the Finance bill brings the government's tax proposals into law.
It includes changes to be made to tax law for the year, with some amendments coming immediately into effect once the Budget statement is delivered.
Following the Budget statement, the Commons debate the content of the Budget for up to five days. MPs are then asked to vote on a number of resolutions that will form the taxation elements of the Finance Bill.
Once the Ways and Means resolutions have all been agreed the Finance Bill is then presented to the Commons.
And a standing committee is then set in place to deal with the routine aspects of the legislation, while more controversial issues are subject to debate by a committee of the whole House.
Chancellor George Osborne announced amendments to the Capital Gains Tax (CGT) in his Budget speech, introducing a new level of 28 per cent for higher rate taxpayers.
The changes came into affect for all CGT disposals made by individuals at midnight following the statement.
Labour leadership candidate Ed Miliband urged Liberal Democrats in the coalition government to stick to their principles and vote against the Budget.
The Finance Bill will have its second reading in the Commons on July 6.
Progress
House of Commons
1st reading: 28 June 2010 (no debate)
2nd reading: 6 July 2010
Committee stage:
- 1st sitting: 12 July 2010
- 2nd sitting: 13 July 2010
- 3rd sitting: 15 July 2010
- 4th sitting: 20 July 2010
Report stage: 20 July 2010
3rd reading: 20 July 2010
House of Lords
1st reading: 21 July 2010
2nd reading: 26 July 2010
3rd reading: 26 July 2010
Royal Assent: 27 July 2010
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