Proceeding contribution from Stephen Timms (Labour) in the House of Commons on Wednesday, 6 May 2009. It occurred during Debate on bill on Finance Bill.

Finance Bill

I will in just a moment. Let me first comment on the point about the date on which VAT will go back up to its original rate. We have heard Conservative Members start to ask, "Couldn't we have this rate a bit longer?" and I can understand that. Implicitly, if not explicitly, that reflects the benefits of the VAT reduction. It is important that we increase the rate again, as we said that we would. It will go up again on 31 December, because the conversation that we have had with the British Retail Consortium and others has made it clear that certainty is the key. Given the very long period in which to prepare, a change on 31 December can indeed be delivered.

Secondary information

Type: Proceeding contribution
Reference: 492 c309-10
Session: 2008-09
Chamber / Committee: House of Commons chamber
Subjects: Children Alcoholic drinks Business Corporation tax Credit Bingo Borrowing Finance Income tax Excise duties Fuels Gaming Government assistance Economic growth Forecasts Personal savings Poverty Pensions Public expenditure Scotland Tax allowances Tax avoidance Taxation VAT Trusts Tax rates and bands Tax evasion North Sea oil Trade competitiveness Marginal tax rates
Legislation: Finance Bill 2008-09
Link: View this Proceeding contribution on www.publications.parliament.uk

Finance Bill

Secondary information

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