Havant MP Alan Mak has helped pass the Summer Budget by supporting the Finance Bill. The Budget received its third reading and was passed in the House of Commons on Monday 26th October.
The Summer Finance Bill is the vehicle for renewing annual taxes, delivering new tax proposals and maintaining administration of the tax system. Alan Mak has been a member of the important Finance Bill Committee and has spent the last few weeks undertaking a line by line scrutiny of the proposed legislation.
The Bill includes action by the government to make sure that people keep more of the money they have worked hard to earn, including:
· legislating to rule out increases in income tax rates and VAT for the duration of this Parliament
· increasing the Personal Allowance to £11,000 in 2016-17 and £11,200 in 2017-18 giving a typical basic rate taxpayer an extra £120 back in their pocket in 2017-18
· increasing the point at which you pay the higher 40p rate of tax to £43,000 in 2016-17 and £43,300 in 2017-18
· increasing the effective inheritance tax threshold for married couples and civil partners to £1 million in 2020-21.
The Bill also contributes to the government’s commitment to build fair and competitive tax regime that supports investment and drives productivity in the UK - this bill implements key policies such as cutting the corporation tax rate to 19% in 2017 and 18% in 2020, benefitting over 1.1million business.
Alan Mak MP said:
“The Summer Budget benefits Havant’s workers, businesses and families and it’s been an honour serving on the Finance Bill Committee as a new MP. Helping to pass an important budget law that helps my constituents has been very satisfying.”
David Gauke, Financial Secretary to the Treasury, said:
“The government is committed to securing Britain’s future. That’s why we are making sure hardworking people can keep more of the money they earn, helping millions of businesses invest in the equipment they need to grow, and ensuring individuals and companies pay their fair share of tax. The [Summer Budget] published today builds on our efforts to create a stable tax system that supports our long-term economic plan.”