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The Public Bill Committee debate of the Finance Bill focuses on corporation tax rates and pensions
KEY POINTS
- Time to simplify the corporation tax code?
- Alignment of the main rate and small profits rate.
- Increased rate of annual allowance adds to complexity.
- Pensions measure designed to promote fairness.
The rate of corporation tax kicked off the third sitting of the public bill committee with the MPs debating clause 4 “Charge and main rate for financial year 2014”. An unusually astute amendment was proposed by Nigel Mills (Conservative).
He suggested that the chancellor instruct the Office of Tax Simplification (OTS) to put forward “proposals for a new simplified corporation tax code specifically … to reduce tax avoidance”.
In light of the brouhaha over the corporation tax that certain conglomerates with a global presence do or don’t pay in the UK it is comforting that at least some MPs...
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