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Committee debates on Finance Bill 2020 – sessions 4, 5 and 6

30 June 2020 / Allison Plager
Issue: 4750 / Categories: Comment & Analysis
Lush hinterlands

Key points

  • Measure ensures banks cannot reduce their profits by using losses from non-banking companies in their groups.
  • Enterprise investment scheme targeted on knowledge-intensive companies.
  • Top-slicing relief amended to take account of changes to the personal allowance since 2010.
  • Digital services tax intended to reflect the modern digital economy.

Continuing their deliberations in the fourth sitting of the public bill committee MPs reached ‘the lush hinterlands of the banking surcharge regime’ as described by the financial secretary to the Treasury Jesse Norman.

The first three matters discussed were quickly decided. Clause 32 makes changes to ensure that banks cannot reduce their profits subject to the surcharge by using losses from non-banking companies in their groups. ‘Above all’ said Mr Norman the clause makes certain that banks pay the additional tax on all...

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