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Finance (No.2) Bill 2013-14
A Bill to enact the measures announced in the Budget of 19 March 2014, including changes to the income tax threshold, personal tax allowances and savings.
In his Budget statement of 19 March 2014, Chancellor George Osborne announced that the Government will:
- Increase income tax personal allowances from £10,000 to £10,500 in April 2015.
- Increase the 40p income tax threshold from £41,450 to £41,865 by April 2014 and by a further 1% to £42,285 from 2015.
- Waive inheritance tax for members of the emergency services who give their lives whilst working.
- Remove all tax restrictions on pensioners' access to their pension pots, subsequently ending the requirement to purchase an annuity.
- Set the annual welfare cap at £119bn in 2015/16 and up to £127bn in 2018/19.
- Extend the housing scheme, Help to Buy, which was announced at Budget 2013, until 2020.
- Increase the maximum Tax-Free Childcare support available to £2,000 per year for each child.
- Cancel the proposed fuel duty increase that was planned for 1 September 2014, in order to support families and businesses.
- Reduce Beer duty by 1p per pint and freeze the duty on cider and spirts from 24 March 2014.
- The introduction of a new 12-sided coin from 2017.
The House of Commons first reading stage for the Bill was held on 25 March 2014. The Bill was read for the first time and ordered to be printed. The second reading took place on 1 April 2014. After a short debate, the Bill was passed to a Public Bill Committee.
The first day of committee stage in the House of Commons took place on 8 April 2014. Opposition amendments on corporation tax, the 50p tax rate and child care provision were all defeated.
During the second day of committee (9 April 2014), Catherine McKinnell introduced an amendment to call on the Treasury to undertake a review of the impact of the tax relief for married couples and civil partners, which was later negatived. Amendments on the bank levy and bank pay roll tax were also negatived.
Lastly, Jonathan Edwards called for the devolution of powers to Wales on air passenger duty, which was heard in line with powers in Scotland. All the amendments were defeated during the second day of the committee stage of the Finance (No.2) Bill.