Report stage of the Finance Bill

Key points

• Super deduction should not be available to companies that avoid tax say opposition MPs.
• Measures to minimise risk of fraud and avoidance in new freeports.
• HMRC is tackling umbrella companies that break the rules.

After the public bill committee’s consideration of the Finance Bill the draft legislation returned to the House of Commons on 24 May for its report stage when MPs consider further amendments. Some of the time was spent considering the various opposition proposals none of which succeeded. Not surprisingly the government amendments all passed.

Global minimum rate of corporation tax

The opposition’s first proposals focused on corporation tax. In particular the government should review the impact of a global minimum rate of corporation tax within six months of the bill becoming an act. Since then the G7 has agreed to the principle of a global minimum rate to ensure multinationals...