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Finance (No. 3) Act 2010

Type of Bill:
Government Bill
Mr David Gauke
HM Treasury
Lord Sassoon
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
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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