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Proceeding contribution from David Gauke (Conservative) in the House of Commons on Monday, 12 July 2010. It occurred during Committee of the Whole House (HC) and Debate on bill on Finance Bill.

Finance Bill

Our aim was to rebalance the tax system. We are requiring the banking sector to pay at least £2 billion more in tax as a consequence of these proposals. That is not a minor matter. Other sectors, including manufacturing, will benefit from the reduction in corporation tax, but the banks will not benefit because we are introducing the bank levy. I urge the hon. Gentleman to withdraw amendment No. 21, given that his Front Benchers recognise the difficulties of a separate corporation tax rate for banks. I believe that I have satisfied the tests set out by the right hon. Member for East Ham, because the bank levy yield far outweighs the benefits of the corporation tax for banks. I hope that I have satisfied my hon. Friend the Member for St Ives—

Secondary information

Type
Proceeding contribution
Reference
513 c734 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Companies Capital gains tax Corporation tax Banks Investment Financial institutions Profits Tax rates and bands Revenue and Customs Small businesses Tax allowances Tax avoidance Taxation VAT Tax evasion Tax yields Bank levy
Legislation
Finance Bill 2010-12
Link
View this Proceeding contribution on www.publications.parliament.uk