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Autumn Finance Bill 2023

Autumn Finance Bill 2023 update

15 February 2024

The Autumn Finance Bill 2023, officially named Finance Bill 2023-24, introduces tax measures like permanent full expensing and extended reliefs. After parliamentary passage, it becomes law, followed by the Spring Finance Bill 2024.

On November 29, 2023, the government published the Autumn Finance Bill 2023, officially known as Finance Bill 2023-24. Consequently, it encompasses legislation for tax measures from the recent Autumn Statement.

After completing its passage through the House of Commons and the 1st reading at the House of Lords, the Autumn Bill now commences its journey through the Lords. Subsequently, the 2nd reading is scheduled for February 21, 2024.

Categorized as a ‘Money Bill,’ it implies that subsequent House of Lords stages—committee, report, and third reading—are usually formalities. Furthermore, upon completing these steps, the Bill, attaining Royal Assent, becomes an Act of Parliament, ensuring the smooth progression of legislative measures.

Measures Included

Some of the many measures included within the Autumn 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 spring.
  • Setting the rates of excise duty and certain environmental taxes.

After the Spring Budget on 6 March 2024, the government will publish the Spring Finance Bill 2024. Consequently, the Autumn bill, covering outstanding tax measures for April 2024, will be the second Finance Act of 2024.

Source: HM Government Mon, 12 Feb 2024 00:00:00 +0100

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