Key Facts

• The Chancellor must report on tax reliefs contained in the Act within one year of Royal Assent.
• A review of changes to entrepreneurs’ relief must be conducted and reported within six months.
• A review of structures and buildings allowances' impact must also be completed within six months.
• New clause 17 requires a geographical impact assessment of business reliefs within twelve months.
• Amendment 1 calls for an analysis of the Enterprise Investment Scheme's fiscal effects by April 5, 2021.
• There are currently 362 tax reliefs, supporting Government economic and social objectives.
• The cost of tax reliefs for 2018-19 is estimated at £155 billion.
• Only 111 out of the 362 tax reliefs have been costed by HMRC, and only 15 have had published evaluations since 2015.
• The future fund matches private sector investment for high-growth businesses.
• Approximately £35 billion has been invested through guaranteed loans in the bounce back loan scheme and coronavirus business interruption loan scheme.
• There is an estimated £100 billion of unsustainable debt by next year due to business borrowing during the covid crisis.
• The IFS has been critical of entrepreneurs' relief as poorly targeted.
• The Federation of Small Businesses emphasizes the importance of the relief for business owners' retirement.
• HMRC reported a tax gap of £35 billion in 2017-18.
• The Scottish Government proposed reducing VAT to boost economic recovery.
• Between 2001 and 2017, London's R&D funding per head totalled £3,900 compared with a national average of £2,300.
• The share of the core research budget spend across Oxford, Cambridge, and London rose from 42.1% in 2002-03 to 46% in 2017-18.
• In the past decade, per-head spending on transport infrastructure in London has averaged nearly three times that spent in the rest of the UK.
• The golden triangle received 73% of all venture capital between 2016 and 2018.
• HMRC publishes annual tax relief statistics closely scrutinised by Members.
• HMRC has published cost estimates for 47 previously uncosted reliefs in May.
• HMRC conducts evaluations of significant tax reliefs, including R&D tax credits and entrepreneurs relief since 2015.
• The Government provides £1.14 billion increase to block grant for devolved Administrations.
• EIS companies can register wherever they please within the UK.
• Social investment tax relief remains in place until next year.
• £11.2 million has been raised under the relief from 2014 to 2018-19.
• The Minister is in discussions with leading figures across the social investment world.
• New clauses require reviews on poverty, child poverty, capital allowances effects, tax revenues, business sectors' impact, and migration levels.
• Amendments aim to limit HMRC's status as a preferential creditor in insolvencies retrospectively.
• Reviews must be conducted within six months or one year after the passing of the Act.
• The government has tabled eight new clauses to the Bill.
• New clause 19 confirms grants under schemes like furlough, self-employment, small business grant fund, retail hospitality leisure grant fund are subject to tax.
• New clause 20 provides certainty for those with a protected pension age returning to work without reduction in pension income.
• New clause 21 temporarily relaxes the statutory residence test for highly skilled individuals from March 1 to June 1, 2020.
• New clause 23 enables the Treasury to specify which payments of tax will not attract late payment interest during national disasters.
• New clause 24 allows a refund of the additional 3% higher rate of stamp duty for exceptional circumstances preventing sale of previous main residence after January 1, 2020.
• New clause 25 suspends the heavy goods vehicle road user levy for 12 months to ease financial burden on logistics and haulage industries.
• New clause 32 introduces a time-limited exception to EMI working time requirement rules due to pandemic circumstances.
• Over the past decade, 600,000 more children are living in relative poverty than in 2012.
• As of February 2023, some 14 million people were in poverty, including 2 million pensioners and 4 million children.
• Children from black and minority ethnic groups are more likely to be in poverty, with 45% of BAME children living in poverty compared to 26% of white British children.
• The speaker's mother struggled with unstable employment as a single parent.
• Many working families are still living in poverty despite one or both parents being employed.
• Child poverty has been rising under recent Prime Ministers and Chancellors.
• Labour Government reduced child poverty by more than 2 million and pensioner poverty by almost 3 million.
• £18 billion annual increase in spending on social security for families with children, and an £11 billion rise in payments for pensioners by 2010.
• The number of households in priority need of housing reduced from 135,000 to just 40,000 between 2003-04 and 2009.
• Air Passenger Duty is currently the highest tax of its kind worldwide.
• New clause 30 seeks a review within three months by 1 October.
• The aviation sector has been heavily impacted by both the pandemic and government policies.
• A reduction or suspension of air passenger duty could help regional airports establish new routes.
• The UK Government has provided unprecedented support to businesses during the crisis.
• Research from the New Economics Foundation shows that only 6% of the public want a return to the pre-pandemic economy.
• The SNP’s new clause 10 would hold the Government accountable on tackling child poverty and reviewing the Bill's impact.
• The Scottish Government has set a statutory commitment to eradicate child poverty by 2030 with a £50 million fund.
• The Scottish Government's anti-destitution strategy aims to help people with no recourse to public funds.
• Welfare cuts are estimated to reduce social security spending in Scotland by up to £3.7 billion in 2020-21.
• Scotland spends over £100 million a year mitigating the worst of welfare cuts, including the bedroom tax.
• Professor Alston's report on poverty in the UK highlights mitigation efforts and their financial limitations.
• The Chancellor has pledged to do whatever it takes to protect jobs but faces criticism for winding down support schemes too quickly.
• New clause 19 designates coronavirus-related grants as taxable income, raising concerns about enforcement by HMRC.
• Amendment 4 seeks to clarify that human breast milk is exempt from vehicle excise duty when transported in vehicles carrying blood.
• The Scottish Government proposes a £80 billion fiscal stimulus package for post-covid recovery.
• Jenkinson is a new MP from Cumbria representing Workington.
• His maiden speech was delivered under unusual circumstances due to the pandemic.
• The constituency includes five towns: Workington, Cockermouth, Maryport, Aspatria, and Silloth.
• Workington has a rich industrial history including contributions to steel production and nuclear expertise.
• Conservative Governments have dismantled progress made by the last Labour Government on child poverty.
• Currently, 4 million children are living in poverty with 3 million in working households.
• The Social Mobility Commission reports an increase of 600,000 more children in relative poverty since 2012 due to welfare changes and the impact of covid-19.
• The Treasury has been paying the wages of more than 9 million people through the furlough scheme.
• In Newcastle-under-Lyme, 10,200 jobs were supported by the furlough scheme and 2,600 self-employed workers received grants over £7 million.
• A new deal announced puts jobs and infrastructure at the centre of the Government’s economic growth strategy.
• There is a £1 billion fund for school improvements to ensure schools are well maintained.
• Newcastle-under-Lyme was selected for a town deal and will receive an additional £500,000 or more.
• According to the Social Mobility Commission, 600,000 more children are living in relative poverty now than in 2012.
• In 2018, the number of children living in relative poverty rose by 100,000 to 4.2 million or around 30% of all children.
• Around 14 million people were in poverty in the UK as of February 2020.
• Over one in three children—42%—in Leicester East live in poverty.
• Nearly 6,000 households—around 14%—in Leicester East are in fuel poverty.
• The average weekly income for full-time employees in Leicester East was £420 as of April last year.
• Benefit sanctions have been resumed at a time when the country faces an unprecedented period of economic hardship.
• Aviation has been devastated by border closures and drop in passenger demand.
• Research shows UK will face £29 billion revenue loss with over 660,000 jobs at risk.
• APD is not an environmental measure as it does not relate to aircraft efficiency or fuel use.
• Aviation accounts for less than 2% of human-induced global emissions and UK aviation committed to net zero by 2050.
• Heathrow reported flights at just 3% of normal levels in April.
• 2,000 children in relative poverty in the MP's constituency.
• One in 11 households lives in energy poverty.
• Only nine social rent council homes have been built since 2010.
• 16,900 people were placed on furlough in Warwick district.
• Jaguar Land Rover announced cutting 1,000 jobs and Aston Martin announced 500 job losses.
• UK sales of vehicles are down 97% over the past two months.
• The MP welcomes the Secretary of State’s statement about reopening schools in September.
• There is a need to overcome an educational deficit resulting from half a year of missed schooling due to school closures.
• The sectors where employment is expected to recover quickly are typically masculine, and there is a call for engaging young women and female career changers in training.
• Free travel for under-18s on Transport for London services has been scrapped as part of the package to bail out Transport for London.
• Evidence shows that free travel for under-18s had an overwhelmingly positive impact on young people’s social and educational lives.
• After a decade of austerity, child poverty is at a high level.
• 46% of children in Luton South are living in poverty.
• The Social Mobility Commission states that Ministers have delivered on only 23% of their proposals since 2013.
• The Institute for Fiscal Studies forecast that the number of those in child poverty will rise to 5.2 million by 2022.
• The new clause would mandate the Government to assess the Finance Bill's impact on poverty and inequalities.
• A review is proposed within six months to measure the success of the Bill.
• London has the highest rate of child poverty, with 700,000 children (37% of all children) living in relative poverty after housing costs.
• Two thirds of children living in poverty are from working households or where at least one adult is employed.
• The Welsh Labour Government commissioned a report calling for action against structural racism affecting BME communities.
• Free school meals were guaranteed throughout the summer for Welsh children by the Welsh Labour Government.
• Newport West is set to lose its only site producing electrical steel, Orb steelworks.
• The Government has raised the number of good or outstanding schools from 68% in 2010 to 86% today.
• The proportion of 18-year-olds from disadvantaged backgrounds going to university increased from 13% in 2009-10 to 21% in 2019.
• There are now 100,000 fewer pensioners in poverty compared to 2010.
• Paragraphs (5) to (13) modify Schedule 45 of FA 2013.
• Applies specifically to the tax years 2019-20 and 2020-21.
• Includes individuals present in the UK for medical, healthcare reasons, or development/production related to coronavirus disease during specified dates.
• The Treasury can amend regulations under this clause before April 6, 2021.
• The Future Fund is a scheme operated by the British Business Bank plc on behalf of the Secretary of State since May 20, 2020.
• Section 135 of FA 2008 is amended to allow for deferred tax payments without interest or surcharges during national emergencies from March 20, 2020.
• The higher rates stamp duty land tax period may be extended if HMRC are satisfied that exceptional circumstances prevented the disposal of a major interest in a sold dwelling within three years.
• HGV road user levy is exempt for UK heavy goods vehicles during a 12-month period starting August 1, 2020.
• Modifications apply for determining whether a disqualifying event occurs under section 535 of ITEPA 2003.
• Paragraphs 26 and 27 of Schedule 5 to ITEPA 2003 are amended to include coronavirus-related non-working reasons.
• The period covered is from 19 March 2020 to 5 April 2021, extendable by the Treasury's regulations in tax year 2020-21.
• The new Schedule covers taxation rules for coronavirus support payments.
• It clarifies how these payments will be subject to income or corporation tax.
• Penalties are outlined for misuse or non-repayment of amounts under CJRS and SEISS.
• The Finance Bill includes tax exemptions for those receiving payments under the Windrush compensation scheme, troubles permanent disablement payment scheme, Kindertransport fund, and care leavers starting apprenticeships.
• A digital services tax of 2% on revenues from digital services has been introduced to ensure fairer tax contributions from tech companies.
• The off-payroll working reforms in the private sector have been delayed until April 2021 due to the pandemic.
• The research and development expenditure credit rate is increased to 13% to support enterprise innovation.
• A carbon price will remain in place post-Brexit, supporting net zero emissions by 2050.
• The UK is set to face a GDP slump worse than France, Italy, Germany, and the US.
• At least 12,000 jobs have been lost in the last three days alone.
• The digital services tax will create up to £440 million in annual revenue.
• The UK loses £1.3 billion annually in corporation tax to five of the biggest tech firms.
• The world has changed since the Budget was announced in March.
• Questions remain about whether there will be another Budget in the autumn.
• Issues such as the loan charge and IR35 are not going away.
• The oil and gas sector needs additional support due to price volatility and the need for green technology investment.
• Tourism, hospitality, arts, theatre, and music sectors are struggling without venues or audiences.
• A survey by Scottish Chambers of Commerce shows a 95% fall in business confidence among firms.
• Professor Graeme Roy warns of an inevitable rise in unemployment.
• The Government is urged to extend financial support measures beyond lockdown easing.
• The Finance Bill is being legislated during the deepest economic recession in modern times.
• Measures introduced include a carbon tax, plastic tax, and digital services tax.
• The UK economy faces one of the sharpest recessions in history with thousands of private sector jobs at risk.
• Digital services tax is seen as a bold interim measure.
• Retail online sales are approximately £80 billion, growing from 5% to nearly 20% of total UK retail sales.
• A VAT-style levy on online retail could pay half of the amount needed to abolish retail business rates.
• Abolishing business rates is proposed as a way to level the playing field between online and physical retailers.