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Clause 1 — Main rate of corporation tax for financial year 2011

Part of Finance Bill – in the House of Commons at 6:15 pm on 12th July 2010.

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Photo of Kevan Jones Kevan Jones Shadow Minister (Veterans) 6:15 pm, 12th July 2010

My hon. Friend refers to page 26 of the Red Book, which states at paragraph 1.63 that

"the Government will introduce a levy based on banks' balance sheets from 1 January 2011, intended to encourage banks to move to less risky funding profiles."

The paragraph concludes by saying:

"The levy will result in a rebalancing of the burden of taxation between banking and other sectors."

Does my hon. Friend agree that that actually supports his amendment, in the sense that we should not take decisions on the banks' corporation tax rates before this levy is introduced?

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