Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 7:46 pm on 23rd March 2004.

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Question accordingly agreed to.

24. Corporation tax (small companies' rate for 2004)

Resolved,

That for the financial year 2004—

(a) the small companies' rate shall be 19%, and

(b) the fraction mentioned in section 13(2) of the Income and Corporation Taxes Act 1988 shall be 11/400ths.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.

25. Corporation tax (starting rate for 2004)

Resolved,

That for the financial year 2004—

(a) the corporation tax starting rate shall be 0%, and

(b) the fraction mentioned in section 13AA of the Income and Corporation Taxes Act 1988 shall be 19/400ths.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.

26. Corporation tax (non-corporatedistribution rate)

Motion made, and Question put,

That—

(a) provision may be made for a special rate of corporation tax (the "non-corporate distribution rate") where a company makes, or is treated as making, a distribution to a person other than a company, and

(b) the non-corporate distribution rate for the financial year 2004 shall be 19%.

The House divided: Ayes 290, Noes 191.