Finance Act 2009
- Type of Bill:
- Government Bill
- Stephen Timms
Progress of the Bill
Bill started in the House of Commons
- House of Commons
- House of Lords
- Royal Assent
- Royal Assent 21 July, 2009 | 21.07.2009
Act of Parliament
|Finance Act 2009 c.10 | PDF version, 3MB||21.07.2009|
Latest news on the Finance Act 2009
Following agreement by both Houses on the text of the Bill it received Royal Assent on 21 July. The Bill is now an Act of Parliament.
Summary of the Finance Act 2009
The annual Finance Bill encompasses all of the changes to be made to tax law for the year. Its formal description is ‘a Bill to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.’ The Bill will enact many of the measures announced in the Budget, which was presented by the Chancellor of the Exchequer, Alistair Darling, on 22 April 2009.
- Two important changes to income tax were announced in the 2009 Budget, which will take effect from April 2010, and the Bill includes enabling provisions for these:
a new higher rate of income tax of 50 per cent on income over £150,000
- the gradual withdrawal of the personal allowance for individuals with incomes above £100,000.
Stay up to date
Keep up to date with the progress of Bills going through Parliament. Sign up for email alerts or use our RSS feeds.
Find out what happens at each stage of a Public Bill’s journey through Parliament with the Passage of a Bill guide.
Explanation of what happens after Bills have been passed, and when laws may change.