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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 Chris Leslie Chris Leslie Labour, Nottingham East 6:45 pm, 12th July 2010

If they are saying that the corporation tax cashback, as my hon. Friend says, will offset the levy, perhaps by less than the banking levy or perhaps by more, then I think this would be wrong. It sounds as though Matthew Hancock is defending the cashback arrangement that he wants to implement- [Interruption.] The hon. Gentleman says he is in favour of cutting the corporation tax rate for the banks. Government Members will vote that way. I am incredulous about that.

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