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Finance Act 2009

Type of Bill:
Government Bill
Sponsor:
Stephen Timms
HM Treasury

Progress of the Bill

Bill started in the House of Commons

  1. House of Commons
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  2. House of Lords
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  3. Consideration of Amendments
  4. Royal Assent

Last event

Act of Parliament

House Act Date
Commons 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.

 

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