Draft legislation for Finance Bill 2023-24: What You Need To Know

Enterprise Management Incentives (EMIs):
The government plans to extend the deadline for submitting a notification of a grant of EMIs. This is beneficial for businesses as it offers them increased flexibility in incentivising and retaining key employees.

Pension Changes:
Two significant amendments are being introduced – abolishment of the pensions lifetime allowance and alterations to the pensions tax relief legislation. These changes may affect your retirement planning and it’s crucial to seek professional advice to understand these better.

Corporation Tax:
Changes to the Corporation Tax legislation have also been proposed, though the specific details are yet to be unveiled. Stay tuned as we continue to monitor developments in this area.

Boost for R&D and Creative Industry:
There’s good news for SMEs involved in Research & Development and the Creative Industry. The government is planning to introduce additional tax reliefs for R&D-intensive SMEs, changes to creative industry tax reliefs, and a reformation of audio-visual creative tax reliefs to expenditure credits.

Inheritance Tax Reforms:
The Finance Bill 2023-24 proposes changes to the geographical scope of agricultural property relief and woodlands relief for Inheritance Tax, potentially affecting those who own such assets.

Tougher Stance on Tax Fraud:
In a bid to crack down on tax evasion, the maximum prison term for tax fraud will be increased.