Legislation Day, 18 July 2023, was the date when the government published the draft legislation for Finance Bill 2023-24, referred to as Finance Bill 2024. Alongside they also published accompanying explanatory notes, tax information and impact notes on each measure.
To ensure the legislation functions as intended, a consultation on the draft clauses has been initiated, which will remain open until 12 September 2023.
This publication of the draft Finance Bill is in line with the government’s ongoing tax approach, where they commit to sharing most tax legislation in draft form for technical consultation prior to presenting it to Parliament.
This Finance Bill will see the introduction of a number of measures including:
- Enterprise management incentives: extension of the time limit to submit a notification of a grant of options
- Abolishing the pensions lifetime allowance
- Pensions tax relief — amendments to the relief at source legislation
- Corporation Tax draft legislation
- Additional tax reliefs for research and development (R&D) intensive small and medium-sized enterprises and potential merged R&D scheme
- Creative industry tax reliefs: administrative changes
- Clarifications of the rules for cultural tax reliefs
- Reform of audio-visual creative tax reliefs to expenditure credits
- Increasing the capital allowance limits for leasing into tonnage tax
- Changes to the geographical scope of agricultural property relief and woodlands relief for Inheritance Tax
- Change to data HMRC collects from customers
- Dealing with promoters of tax avoidance
- Increasing the maximum prison term for tax fraud