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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 6:45 pm on 12th July 2010.

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Photo of Kevan Jones Kevan Jones Shadow Minister (Veterans) 6:45 pm, 12th July 2010

Andrea Leadsom has just said that we should not have a differential rate of tax, but may I again cite paragraph 1.63 on page 26 of the Red Book, which comments on the introduction of the banking levy? Its final sentence says:

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

Is that not exactly what we are going to see here?

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