The state pension is liable to income tax, though pensioners are unlikely to pay tax in practice if their only income is the state pension.

The state pension is liable to income tax, though pensioners are unlikely to pay tax in practice if their only income is the state pension.

Lords second reading. Committee negatived. Standing order 44 having been dispensed with, Lords third reading. Bill passed.

Lords second reading. Committee negatived. Standing order 44 having been dispensed with, Lords third reading. Bill passed.

My Lords, we are here to debate the annual finance Bill, introduced in the House of Commons following the Budget on 15 March. At the Budget, my right honourable friend the Chancellor was clear-sighted about the global headwinds we are facing. We are all familiar with the challenge on inflation...

My Lords, we are here to debate the annual finance Bill, introduced in the House of Commons following the Budget on 15 March. At the Budget, my right honourable friend the Chancellor was clear-sighted about the global headwinds we are facing. We are all familiar with the challenge on inflation...

My Lords, I thank the Minister for her speech. This Bill fails to address the fundamental problems that we all face. Economic recovery is hampered because the Government have depleted people’s disposable income through real wage cuts, high inflation, high interest rates and high taxes. This Bill depletes incomes even...

My Lords, I thank the Minister for her speech. This Bill fails to address the fundamental problems that we all face. Economic recovery is hampered because the Government have depleted people’s disposable income through real wage cuts, high inflation, high interest rates and high taxes. This Bill depletes incomes even...

My Lords, I declare my interests as set out in the register. I am a chartered accountant and member of the Institute of Chartered Accountants in England and Wales, and a member by qualification of the Chartered Institute of Taxation. I am pleased to welcome this excellent finance Bill and...

My Lords, I declare my interests as set out in the register. I am a chartered accountant and member of the Institute of Chartered Accountants in England and Wales, and a member by qualification of the Chartered Institute of Taxation. I am pleased to welcome this excellent finance Bill and...

My Lords, I am grateful for the privilege of saying a few remarks in the gap. I will refer to the change in the lifetime allowance. As noble Lords will recall, this change was initially mooted because pensions anomalies were occurring in respect of better-paid consultants in the National Health...

My Lords, I am grateful for the privilege of saying a few remarks in the gap. I will refer to the change in the lifetime allowance. As noble Lords will recall, this change was initially mooted because pensions anomalies were occurring in respect of better-paid consultants in the National Health...

My Lords, this is a Bill of limited scope, despite its enormous size and the Explanatory Notes. It covers a range of issues and, typically, we have debated nearly all of them in this House before, so I will limit my comments. There is a fair amount in the Bill...

My Lords, this is a Bill of limited scope, despite its enormous size and the Explanatory Notes. It covers a range of issues and, typically, we have debated nearly all of them in this House before, so I will limit my comments. There is a fair amount in the Bill...

My Lords, the Spring Budget that this finance Bill seeks to implement was billed as a “Budget for growth”, yet growth in the UK is barely above 0%, the UK remains one of only two G7 economies to be smaller than before the pandemic, and productivity growth in the UK...

My Lords, the Spring Budget that this finance Bill seeks to implement was billed as a “Budget for growth”, yet growth in the UK is barely above 0%, the UK remains one of only two G7 economies to be smaller than before the pandemic, and productivity growth in the UK...

My Lords, I thank all noble Lords for their contributions to the short debate that we have had on the finance Bill today. Noble Lords reflected on the economic circumstances in which we find ourselves. We recognise that high inflation increases costs for households and businesses and that, as my...

My Lords, I thank all noble Lords for their contributions to the short debate that we have had on the finance Bill today. Noble Lords reflected on the economic circumstances in which we find ourselves. We recognise that high inflation increases costs for households and businesses and that, as my...

Can the Minister tell us—this is not to make a point but just for clarification and to understand the numbers better—is it 70% by number of companies or 70% by a value number of some sort, such as an asset value, a market value or a revenue generation value? How...

Can the Minister tell us—this is not to make a point but just for clarification and to understand the numbers better—is it 70% by number of companies or 70% by a value number of some sort, such as an asset value, a market value or a revenue generation value? How...

What I have before me is that 70% of actively trading companies will not see an increase, so I would take it as the former. If it is calculated in a different way, I will write to the noble Baroness to clarify that.

What I have before me is that 70% of actively trading companies will not see an increase, so I would take it as the former. If it is calculated in a different way, I will write to the noble Baroness to clarify that.

To strengthen the Minister’s own point, it might be helpful if we had a calculation that gave us a better feel. One multinational could easily produce revenues many times those of dozens and dozens of small companies, so she might be getting a bigger tax take than the number that...

To strengthen the Minister’s own point, it might be helpful if we had a calculation that gave us a better feel. One multinational could easily produce revenues many times those of dozens and dozens of small companies, so she might be getting a bigger tax take than the number that...

The noble Baroness is exactly right. The increase in the headline rate of corporation tax makes a significant contribution to our public finances and to the consolidation of our public finances after Covid. All I meant to say is that, for some of the reasons set out by the noble...

The noble Baroness is exactly right. The increase in the headline rate of corporation tax makes a significant contribution to our public finances and to the consolidation of our public finances after Covid. All I meant to say is that, for some of the reasons set out by the noble...

On another point of clarification, is my noble friend saying that HM Treasury’s calculations are that, if the reliefs that apparently exist for non-doms were withdrawn, as has been suggested elsewhere, there would be a net loss to Treasury revenue, given the mobile nature of such non-domiciled persons?

On another point of clarification, is my noble friend saying that HM Treasury’s calculations are that, if the reliefs that apparently exist for non-doms were withdrawn, as has been suggested elsewhere, there would be a net loss to Treasury revenue, given the mobile nature of such non-domiciled persons?

I am saying that that is most certainly a risk. There is a high amount of uncertainty about the impact of any changes in that area, and it would not necessarily lead to an increase in revenue, as is being relied upon by the Labour Party.

I am saying that that is most certainly a risk. There is a high amount of uncertainty about the impact of any changes in that area, and it would not necessarily lead to an increase in revenue, as is being relied upon by the Labour Party.

My Lords, surely there is not that degree of uncertainty, since the Government did raise a base levy on non-doms. Surely, then, we have evidence from the mobility of non-doms reacting to that base levy. What is the evidence? I suggest it is evidence of no mobility at all.

My Lords, surely there is not that degree of uncertainty, since the Government did raise a base levy on non-doms. Surely, then, we have evidence from the mobility of non-doms reacting to that base levy. What is the evidence? I suggest it is evidence of no mobility at all.

My Lords, I was speaking about the difference between changes to any scheme and abolition of the status altogether, but I would say that there is a high degree of uncertainty about the impact of changes made in this area.

Finally, I turn to the pension tax changes made through this...

My Lords, I was speaking about the difference between changes to any scheme and abolition of the status altogether, but I would say that there is a high degree of uncertainty about the impact of changes made in this area.

Finally, I turn to the pension tax changes made through this...

I am grateful to the Minister for giving way. Will she take up my challenge and tell me which of the big four accounting firms, with strong court judgments against them in the cases brought by HMRC, has been investigated, fined, disciplined or denied government contracts because they are peddling...

I am grateful to the Minister for giving way. Will she take up my challenge and tell me which of the big four accounting firms, with strong court judgments against them in the cases brought by HMRC, has been investigated, fined, disciplined or denied government contracts because they are peddling...