Contributions
1,562 recent contributions in Hansard
HANSARDFinance Bill (First sitting)With your indulgence, Mr Mundell, I would like to briefly address—28 Jan 2025HANSARDFinance Bill (First sitting)Although I am mindful that the clauses are on corporation tax, Mr Mundell, let me briefly respond to the shadow Minister’s comments. This Government were elected to bring an end…28 Jan 2025HANSARDFinance Bill (First sitting)I thank the shadow Minister for his support for the provisions before us and our general approach. First, it is the case that we are amending the Bill in Committee, but that is…28 Jan 2025HANSARDFinance Bill (First sitting)I am glad the hon. Lady has read it, because it sets out our approach to business rates in the coming year, from April 2026, and what we want to do over this Parliament.…28 Jan 2025HANSARDFinance Bill (First sitting)The hon. Lady mentions business rates. I do not know whether she has read the discussion paper “Transforming Business Rates”.28 Jan 2025HANSARDFinance Bill (First sitting)I was expecting a series of amendments from the Opposition; I was not expecting the shadow Minister to quote back at me an amendment I tabled several years ago. It is a new,…28 Jan 2025HANSARDFinance Bill (First sitting)Clause 13 sets the charge for corporation tax for the financial year beginning April 2026, setting the main rate at 25%; and clause 14 sets the small profit rate at 19% for the…28 Jan 2025HANSARDFinance Bill (First sitting)The hon. Lady makes a similar point to that made by the hon. Member for Grantham and Bourne, which is that the changes will come in further down the line, but they are critical of…28 Jan 2025HANSARDFinance Bill (First sitting)I listened to the shadow Minister’s comments, and he must have a different definition of “overnight” from me. Legislating now for changes that will come in in 2028 does not feel…28 Jan 2025HANSARDFinance Bill (First sitting)Over the coming years we need to make the transition to electric vehicles. Hybrid cars obviously play an important part in the car market and car manufacturing in the UK. The…28 Jan 2025HANSARDFinance Bill (First sitting)Clauses 5 and 6 make changes to ensure long-term certainty on company car tax by setting the rates for 2028-29 and 2029-30. The increases in the appropriate percentages will help…28 Jan 2025HANSARDFinance Bill (First sitting)I thank the shadow Minister for the comments at the beginning of his speech, if not for all the questions subsequently. First, on the question about whether the £100,000 threshold…28 Jan 2025HANSARDFinance Bill (Second sitting)The clause makes small changes to the higher rate of relief available for R&D-intensive SMEs to ensure that the R&D reliefs remain fit for purpose while providing clarity to…28 Jan 2025HANSARDFinance Bill (Second sitting)I thank the hon. Gentleman for his questions. It is worth emphasising that this is a small change compared with the rules that already applied from April 2024. In practice, we…28 Jan 2025HANSARDFinance Bill (Second sitting)Clause 29 makes small changes to the rules for enhanced support for research and development-intensive companies with a registered office in Northern Ireland. At the spring budget…28 Jan 2025HANSARDFinance Bill (Second sitting)I thank the shadow Minister for his comments and for setting out some important context around the tax reliefs and expenditure credits, and around why they are so important in…28 Jan 2025HANSARDFinance Bill (Second sitting)Clause 26 makes changes to maximise the potential of the UK’s world-class visual effects industry, and clauses 27 and 28 make changes to ensure continuity for companies claiming…28 Jan 2025HANSARDFinance Bill (Second sitting)I start by putting on the record my thanks to the Chartered Institute of Taxation. It was a great support to me in opposition and continues to be an important stakeholder for us…28 Jan 2025HANSARDFinance Bill (Second sitting)I thank the shadow Minister for his remarks. He asked about the consultation and how we developed these policies. It is worth pointing out that there has been quite extensive…28 Jan 2025HANSARDFinance Bill (Second sitting)The clause and the schedule make changes to the taxation of employee ownership trusts to prevent opportunities for abuse and to ensure that the regime remains focused on…28 Jan 2025