Contributions
2,217 recent contributions in Hansard
HANSARDIncome Tax ThresholdMy Lords, we have been clear that we will take the findings of the CMA very seriously and put in place a system to ensure that we do not see future excess profits in a similar way.04 Jul 2023HANSARDFinance (No. 2) BillThat the Bill be now read a second time.04 Jul 2023HANSARDFinance (No. 2) BillMy Lords, we are here to debate the annual finance Bill, introduced in the House of Commons following the Budget on 15 March. At the Budget, my right honourable friend the…04 Jul 2023HANSARDIncome Tax ThresholdI reassure the noble Baroness that the income tax system is still highly progressive: the top 5% are projected to pay nearly half of all income tax in 2023-24 and the top 1% are…04 Jul 2023HANSARDIncome Tax ThresholdSince 2010, we have introduced additional allowances for people in certain circumstances to pass on up to £1 million to their direct descendants. Inheritance tax makes an…04 Jul 2023HANSARDIncome Tax ThresholdI absolutely agree with the noble Lord that the UK income tax system is more competitive than the Scottish system and that we deliver better value for money.04 Jul 2023HANSARDIncome Tax ThresholdMy noble friend is absolutely right. That is why, when we have looked at what support we can put in place for people, our number one aim is not to make the problem of inflation…04 Jul 2023HANSARDFinance (No. 2) BillI think one of the reasons why I frustrate the noble Lord in this area is that the Government do not normally comment on individual taxpayers. On his more general point, the…04 Jul 2023HANSARDFinance (No. 2) BillMy Lords, I was speaking about the difference between changes to any scheme and abolition of the status altogether, but I would say that there is a high degree of uncertainty…04 Jul 2023HANSARDFinance (No. 2) BillWhat I have before me is that 70% of actively trading companies will not see an increase, so I would take it as the former. If it is calculated in a different way, I will write to…04 Jul 2023HANSARDFinance (No. 2) BillThe noble Baroness is exactly right. The increase in the headline rate of corporation tax makes a significant contribution to our public finances and to the consolidation of our…04 Jul 2023HANSARDFinance (No. 2) BillI am saying that that is most certainly a risk. There is a high amount of uncertainty about the impact of any changes in that area, and it would not necessarily lead to an…04 Jul 2023HANSARDIncome Tax ThresholdMy Lords, of course, the Government want to bring taxes down. It is worth reminding noble Lords that since 2010 we have nearly doubled the personal allowance and, this year,…04 Jul 2023HANSARDFinance (No. 2) BillThe OBR has been clear about its forecast for the public finances, which has shown that they are more resilient than previously expected. Debt is lower in every year of the…04 Jul 2023HANSARDIncome Tax ThresholdMy Lords, I could not disagree more with the noble Lord. On the personal allowance, the increases we have seen under this Government since 2010, even with the freeze in…04 Jul 2023HANSARDFinance (No. 2) BillMy Lords, I thank all noble Lords for their contributions to the short debate that we have had on the finance Bill today. Noble Lords reflected on the economic circumstances in…04 Jul 2023HANSARDIncome Tax ThresholdThe income tax higher rate threshold is still high enough to protect the vast majority of people from paying the higher rate of income tax. Around 80% of all income tax payers pay…04 Jul 2023HANSARDIncome Tax ThresholdMy Lords, we have worked hard to put tax cuts in place for working people, which is why we have raised the personal allowance. The increase to the starting threshold for paying…04 Jul 2023HANSARDIncome Tax ThresholdOn the first point, I absolutely agree with the noble Lord. As I said in answer to my noble friend, bringing inflation under control is the most effective tax cut we can give to…04 Jul 2023HANSARDCorporate Profits: InflationMy noble friend is right that we are still feeling the effects of the Covid pandemic in a number of ways. This Government put in place unprecedented economic support to get people…29 Jun 2023