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Autumn Finance Bill 2023 published

7 December 2023

Autumn Finance Bill 2023, or Finance Bill 2023-24, covers tax measures from the recent Autumn Statement. It precedes the Spring Finance Bill 2024, detailing measures before April 2024, like permanent full expensing and extended investment schemes.

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill 2023-24 and contains the legislation for many of the tax measures announced in the recent Autumn Statement.

The main Spring Finance Bill 2024, likely following the Autumn Finance Bill, will be published post-Spring Budget. It will address any remaining tax measures required before April 2024.

Some of the many measures included within the Bill are:

  • Making full expensing permanent for expenditure on plant & machinery.
  • Extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035.
  • Reforming the film, TV and video games tax reliefs to refundable expenditure credits.
  • Expanding the ‘cash basis’ – a simplified way for over four million smaller, growing traders to use a simpler method of calculating their profits and pay their income tax.
  • Legislating for more generous support for loss-making R&D intensive SMEs as announced in the spring.
  • Setting the rates of excise duty and certain environmental taxes.

The Autumn Bill received its first reading in Parliament on Monday 27 November 2023 and therefore will now follow the normal passage through Parliament.

On November 23, 2023, the government published a separate Bill, the National Insurance Contributions (Reduction in Rates) Bill. It will implement NIC changes for employees and the self-employed, as announced in the Autumn Statement.

Source: HM Treasury Tue, 05 Dec 2023 00:00:00 +0100

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