Committee stage of Finance (No.3) Bill, day two

05 May 2011

The House of Commons held its second and final day of the committee stage of the Finance (No.3) Bill on Wednesday 4 May.

The House of Commons in Committee of the whole House considered Clauses 4, 7, 10, 19, 35 and 72 of the Finance (No.3) Bill over two days. The Bill will be further considered by a Public Bill Committee.

Day one: Tuesday 3 May

MPs considered Clauses 72, 19 and 7 of the Bill.

Clause 72 imposes a new tax, the bank levy, and was agreed to with a division.

Clause 19 provides for changes to the rates of duty and rates of rebate on oil and gas products and was agreed to with a division.

Clause 7 relates to corporation tax and and provides for an increase in the supplementary charge in respect of ring fence trades. Clause 7 was amended and agreed to on a division.

Watch and read the views expressed by MPs during day one of the Committee stage.

Day two: Wednesday 4 May

MPs considered Clauses 4, 10 and 35 of the Bill.

Clause 4 relates to corporation tax and the main rate of tax for the 2011 financial year. Clause 4 was agreed to without a division.

Clause 10 reduces the rates of writing-down allowance for new and unrelieved expenditure on plant and machinery. Clause 10 was agreed to with a division.

Clause 35 relates to reduction in childcare relief for higher earners and was agreed to without a division.

The Bill will now be considered by a Public Bill Committee. Watch and read the views expressed by MPs during day two of the Committee stage.

Summary of the Bill

The Finance (No.3) Bill is the third finance bill introduced during the 2010-12 session of Parliament. The Bill will enact many of the measures announced in the Budget which was presented by the Chancellor of the Exchequer, George Osborne, on 23 March 2011.

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.'

Keep up to date with all the proceedings on the Finance (No.3) Bill. Also find out how a Bill becomes an Act of Parliament.

Committee of the whole House

When a Bill passes its second reading and is considered in detail, this usually takes place in a Public Bill Committee held outside the Chamber and made up of between 16 and 20 MPs.

Occasionally a Bill will be considered by a Committee of the whole House and this discussion takes place in the Commons Chamber itself, where all MPs can take part.

Any Bill can be referred to a Committee of the whole House, but the procedure is normally reserved for finance bills and other important or controversial legislation.

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