Finance (No2) Act 2010
The second Finance Bill of 2010 received Royal Assent on Tuesday, 27 July 2010 following agreement by both Houses on the text of the Bill. The Bill which was first published on 1 July 2010 is now Finance (No 2) Act 2010.
The Act contains the necessary legislation to introduce some of the key measures announced on 22 June 2010 in the coalition Government’s first Budget:
- Main rate of corporation tax – 27% (from 1 April 2011)
- Rates of capital gains tax – principally 10% and 28% (from 23 June 2010)
- Rates of VAT – standard rate 20% (from 4 January 2011)
- Pensions tax relief – the facility now exists to repeal the FA 2010 high income excess relief charge
- Expenses paid to MPs (7 May 2010)
- Corporation Tax – amounts not fully recognised for accounting purposes (from 22 June 2010)
- Insurance companies – business transfers involving excess assets (from 24 March 2010)