Finance Bill: HL Bill 45 of 2023–24
The bill was introduced to the House of Lords on 6 February 2024. Its second reading and all remaining stages are due to take place on 21 February 2024.
The Finance Bill is a government bill intended to give statutory effect to the tax measures that have previously been announced by the government. The majority of the measures included in the bill were announced at the 2023 autumn statement. However, measures announced at the 2023 spring budget, as well as a selection of measures announced independently outside the usual cycle of fiscal events, are also included. Key measures include:
- permanent full expensing, allowing companies to recoup the cost of expenditure on plant and machinery
- reforms to creative industry tax reliefs to boost certain sectors such as films, high-end TV and video games
- reforms to research and development (R&D) tax reliefs to support R&D‑intensive small and medium enterprises
The bill had its second reading in the House of Commons on 13 December 2023. The bill was considered in a committee of the whole House on 10 January 2024, before moving to a public bill committee. It completed committee stage on 16 January 2024 and completed its remaining stages in the House of Commons on 5 February 2024.