The Finance Act
Finance Act 2024
The Act received Royal Assent on 22 February 2024.
The Finance Bill
Finance Bill 2023–24
Text of the of the Bill as introduced on 29 November 2023, accompanied by explanatory notes, subsequent versions, amendment papers, and record of its progress through parliament.
Finance Bill 2023–24
Collection of supporting documents for the Finance Bill, including draft legislation first published on 18 July 2023 and further draft legislation issued on 14 September 2023.
Latest tax news
Timeline of drafts and ICAEW representations
Draft Finance Bill 2023–24 and ICAEW responses
Draft legislation published for Finance Bill 2023–24
18 July 2023, HM Treasury and HMRC
Draft legislation, supporting documents and tax information and impact notes (TIIN) covering proposed measures on income tax, corporation tax, inheritance tax, vehicle excise duty, and other issues.
ICAEW REP 92/23: Draft Finance Bill: change to data HMRC collects from customers
11 September 2023, ICAEW
ICAEW representation responding to the draft legislation. It recommends that the requirement to provide hours worked information is excluded from the list of information to be gathered by employers.
ICAEW REP 90/23: Draft Finance Bill: abolishing the pensions lifetime allowance
12 September 2023, ICAEW
ICAEW representation responding to the draft legislation. It recommends that a round figure should be chosen for the ‘lump sum allowance’, or, alternatively, that the existing legislation be retained, and the LTA replaced with a higher figure.
ICAEW REP 93/23: Tougher consequences for promoters of tax avoidance
12 September 2023, ICAEW
ICAEW representation responding to the draft legislation. It recommends that disqualification should only apply to individuals who were directors of the company concerned at the time that tax avoidance promotion activity was carried out and who had knowledge of this activity.
ICAEW REP 95/23: R&D Tax Reliefs reform: consultation on a single scheme draft Finance Bill 2023 legislation
14 September 2023, ICAEW
ICAEW representation summarising member comments on the draft legislation for a merged R&D scheme.
ICAEW REP 100/23: Draft Finance Bill 2023-24
3 October 2023, ICAEW
ICAEW representation providing evidence on the Draft Finance Bill 2023-24 to the House of Lords Economic Affairs Finance Bill Sub-Committee. It covers proposed measures relating to R&D, HMRC data requirements, and dealing with promoters of tax avoidance.
Autumn Statement 2023
Autumn Statement 2023
The Chancellor of the Exchequer presented his Autumn Statement to Parliament on 22 November 2023.
ICAEW hub: Autumn Statement 2023
See ICAEW's analysis of key announcements and news. Also includes ICAEW's letter to the Chancellor ahead of Budget and letter to the Treasury.
Finance Bill 2023–24 and ICAEW responses
Finance Bill 2023–24
Published on 29 November 2023.
ICAEW REP 03/24: Finance Bill 23-24 – Clause 2 and Schedule 1: new regime for research and development carried out by companies
5 January 2024, ICAEW
ICAEW representation expressing serious concern that the Finance Bill will not achieve the government’s policy objectives and needs to be reconsidered.
ICAEW REP 04/24: Finance Bill 23-24 – Clauses 32 & 33: promoters of tax avoidance
5 January 2024, ICAEW
ICAEW representation expressing concern that safeguards suggested by ICAEW and other
representative bodies have not been considered by the government in preparing the
proposed legislation, and making a number of recommendations as to how it might be amended.
ICAEW REP 05/24: Finance Bill 23-24 – Clause 35: additional information to be contained in returns under TMA 1970 etc
5 January 2024, ICAEW
ICAEW representation arguing that the Finance Bill — in particular the proposed additional reporting obligation for employers — will not achieve the government’s objectives and needs to be redrafted.
ICAEW REP 06/24: Finance Bill 23-24 – Clause 14: provision in connection with abolition of the lifetime allowance charge, and Schedule 9 pensions
5 January 2024, ICAEW
ICAEW representation arguing that the Finance Bill works contrary to the government’s stated commitment to embedding simplification in the tax system.
Finance Bill 2023-24 — Report Stage
29 January 2024, HMRC
Notes on government amendments and new clauses at the Report Stage of the Finance Bill 2023-24.
Commentary from firms and other external resources
Tax experts have produced analysis of the clauses from the initial release of the draft clauses through to the passage of the Bill through Parliament.
Research briefing: Autumn Statement 2023 and Finance Bill 2023-24
A guide produced by the House of Commons Library, highlighting key publications and information sources relating to the Autumn Statement 2023 and the Finance Bill 2023-24.
KPMG Tax Matters Digest
A bi-weekly newsletter covering UK tax developments with KPMG's analysis. Key commentary on the Finance Bill 2023–24 includes:
- L-Day 2023: Government publishes draft legislation for Finance Bill 2024 and tax related consultations (24 July 2023)
- L-Day: UK UTPR and other amendments to the UK Pillar Two rules (24 July 2023)
- L-Day: Merged R&D tax relief scheme proposed (24 July 2023)
- L-Day: Key measures in the reform of audio-visual creative tax reliefs (24 July 2023)
- L-Day: Cultural tax reliefs – Key technical and administrative changes (24 July 2023)
- FB 2024: Further amendments to MTT and DTT included in the Bill (11 December 2023)
- FB 2024: The pension changes (11 December 2023)
- FB 2024: Construction Industry Scheme (CIS) changes (11 December 2023)
- FB 2024: Off-Payroll Working (OPW) offset confirmed (11 December 2023)
BDO Insights
News and opinion from BDO, including:
- Merging R&D tax relief schemes – how it will work (24 November 2023)
Grant Thornton Insights
Articles and guides from Grant Thornton UK, including:
- What do you need to know about the R&D tax regime (27 September 2023)
- Guide to R&D tax relief reform as UK moves to a merged regime (7 December 2023)
Articles and books in the Library collection
- View a list of articles and books in our collection on the Finance Bill 2023–24 and Finance Act 2024
To find out how you can borrow books from the Library please see our guide to book loans.
You can obtain copies of articles or extracts of books and reports through our document supply service.
Archive
The Library holds an extensive collection of Finance Acts (from the 19th century onwards), Finance Bills (from 1951 onwards), Debates on the Finance Bill as recorded in Hansard, and Standing Committee Debates on the Finance Bills (from 1968 onwards). Alongside this you can also find many publications from the ICAEW and other bodies on the Finance Acts.
We also maintain an online archive of links and resources for Finance Acts 1980–1999 and for Finance Acts 2000–2004.
See LibCat, our online catalogue, for details of our holdings of:
Can't find what you're looking for?
The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online. Contact us for expert help with your enquiries and research.
ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.