David Gauke, Exchequer Secretary to the Treasury, introduced the third reading of the Finance Bill. It passed with a vote and will now be considered by the House of Lords.
Summary of the Bill
The Finance Bill encompasses all the changes to be made to tax law announced in the June 2010 Budget. The formal description of the Finance Bill is 'a Bill to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.'
The Bill will enact many of the measures announced in the Budget which was presented by the Chancellor of the Exchequer, George Osborne, on 22 June 2010.
Third reading is the final chance for the Commons to debate the contents of a Bill.
What happens at third reading?
Debate on the Bill is usually short, and limited to what is actually in the Bill, rather than, as at second reading, what might have been included.
Amendments (proposals for change) cannot be made to a Bill at third reading in the Commons.
At the end of the debate, the House decides (votes on) whether to approve the third reading of the Bill.
What happens after third reading?
If the Bill started in the Commons it goes to the House of Lords for its first reading.