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Proceeding contribution from Owen Smith (Labour) in the House of Commons on Wednesday, 18 April 2012. It occurred during Debate on bill and Committee of the Whole House (HC) on Finance (No. 4) Bill (Clauses 1, 4, 8, 189 and 209, Schedules 1, 23 and 33, and certain new Clauses and new Schedules relating to value added tax).

(Clauses 1, 4, 8, 189 and 209, Schedules 1, 23 and 33, and certain new Clauses and new Schedules relating to value added tax)

I am grateful to the hon. Gentleman for giving way, because I did not get a chance to say this earlier. The notion that the rate raised only a third of what was anticipated is another half-truth that was included in the Budget speech. In the year when we set the rate, we anticipated that it would raise £1.3 billion. That is there in black and white in the Labour party's final Budget. It raised £1.1 billion. That is not a third of what we anticipated, but £200 million shy of it.

Secondary information

Type
Proceeding contribution
Reference
543 c362 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Devolved matters Aviation Corporation tax Banks Caravans Air passenger duty Income tax Food Economic situation Personal income Northern Ireland Passengers Scotland Wales Tax avoidance Taxation Repairs and maintenance Tax rates and bands Religious buildings Take-away food Wealth Regional airports Bank levy
Legislation
Finance Bill 2010-12 to 2012-13
Link
View this Proceeding contribution on www.publications.parliament.uk