Finance (No. 3) Act 2010
Progress of the Bill
Bill started in the House of Commons
- House of Commons
- House of Lords
- Royal Assent
- Royal Assent 16 December, 2010 | 16.12.2010
Act of Parliament
|Finance (No.3) Act 2010 c.33||23.12.2010|
Latest news on the Finance (No. 3) Act 2010
Following agreement by both Houses on the text of the Bill it received Royal Assent on 16 December. The Bill is now an Act of Parliament (law).
This Bill is known as a "Money Bill". The House of Lords cannot amend Money Bills so committee stage, report stage and third reading are just formalities.
Summary of the Finance (No. 3) Act 2010
The annual Finance Bill encompasses all 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.”
In fact, this Bill is the second Finance Bill of the current Session. Its purpose is to enact a series of technical tax measures inherited from the previous Labour government's Budget on 24 March 2010. The timing of the 2010 General Election saw the Labour Government introduce a shortened Bill, with the intention of introducing a second Bill after the election.
In its first Budget on 22 June the Coalition Government announced that it would introduce one short Finance Bill before the summer recess to implement its key priorities, and a second Bill in the autumn to clear these inherited measures.
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