Clause 26 - Small companies' rate and fraction

Finance Bill

Public Bill Committees, 11 May 2004, 10:15 am

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Question proposed, That the clause stand part of the Bill.

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Mr John McWilliam (Blaydon, Labour)

This clause is about 2004.

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Mr Howard Flight (Shadow Chief Secretary To the Treasury, Economic Affairs; Arundel & South Downs, Conservative)

The clause sets the starting rate of tax for small companies for this year. The key point is that, under the new corporate distribution rate, the starting rate for the overwhelming majority of small companies will be 19 per cent. and not zero per cent.

Question put and agreed to.

Clause 26 ordered to stand part of the Bill.

Clause 27 ordered to stand part of the Bill.

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