Clause 102 - Landfill tax: rate
Finance Bill
5:30 pm
Mr Stephen Timms (Financial Secretary, HM Treasury; East Ham, Labour)
No, certainly not. When the previous Government introduced the landfill tax, they also introduced a reduction in employers' national insurance contributions of 0.2 percentage points. In the coming year—the year that we have just started—the loss of revenue that arises from that reduction is £690 million. The take from the landfill tax would be £462 million. That is the 0.2 percentage points reduction that was introduced at the same time as the landfill tax. [Interruption.] In other words, we are—