Finance Bill

Part of the debate – in the House of Commons at 4:31 pm on 6th July 2010.

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Photo of Danny Alexander Danny Alexander The Chief Secretary to the Treasury 4:31 pm, 6th July 2010

I am going to make progress for a few moments, or the former Chief Secretary will never get a chance to have his say.

Clause 4 takes further action to tackle the deficit by increasing the standard rate of insurance premium tax from 5% to 6%. The higher rate of insurance premium tax will increase from 17.5% to 20% from 4 January 2011, to bring it into line with the new VAT rate. The increases are both fair and sustainable.

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