Proceeding contribution from Michael Connarty (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)

We can all pick selectively from the OBR report—I have referred to it quite a few times—but this is a comment based on the Government's own estimate that there will be an inflow of £2.9 billion from increased activity by those who pay the 45% rate. There is absolutely no fact behind that yet. It is basically a comment based on a prediction by the Government. In other areas, again and again since they took office, they have been very wrong. It is a hope, not a statement of fact. The actual cost will be £3 billion until the money comes in that the OBR has accepted from the Chancellor's estimates.

Secondary information

Type: Proceeding contribution
Reference: 543 c368
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

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

Secondary information

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