Finance Act 2009

Long title

A Bill to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Review, and to make further provision in connection with finance.

Summary

<p>The annual Finance Bill encompasses all of the changes to be made to tax law for the year. Its formal description is &lsquo;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.&rsquo; 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. </p><ul><li>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: <br>a new higher rate of income tax of 50 per cent on income over &pound;150,000 </li><li>the gradual withdrawal of the personal allowance for individuals with incomes above &pound;100,000. </li></ul><p> </p>

Progress through Parliament

1. 1st reading· Commons

   28 April 2009 – 28 April 2009

2. 2nd reading· Commons

   6 May 2009 – 6 May 2009

3. Committee stage· Commons

   12 May 2009 – 13 May 2009

4. Committee stage· Commons

   19 May 2009 – 25 June 2009

5. Report stage· Commons

   7 July 2009 – 8 July 2009

6. 3rd reading· Commons

   8 July 2009 – 8 July 2009

7. 1st reading· Lords

   8 July 2009 – 8 July 2009

8. 2nd reading· Lords

   20 July 2009 – 20 July 2009

9. Royal Assent· Unassigned

   21 July 2009 – 21 July 2009