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

The UK government recently announced the draft legislation for the upcoming Finance Bill 2023-24, also known as Finance Bill 2024, on Legislation Day (L-Day), 18 July 2023. Accompanied by explanatory notes, tax information, and impact notes for each measure, the bill seeks to incorporate a series of changes to existing financial policies. In line with our commitment to keeping you updated on significant financial matters, we’re breaking down what this bill means for individuals and businesses.

The consultation on draft clauses closes on 12th September 2023, and we recommend interested parties to provide their feedback. Keep an eye on our blog for updates as we’ll be posting regular insights on the progress and implications of the Finance Bill 2024.

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Key Measures of the Finance Bill 2023-24

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

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

Need Assistance from an Accountant?

The proposed Finance Bill 2023-24 is set to introduce several changes that could impact both individuals and businesses. As these legislative changes can significantly influence your financial decisions, it’s essential to stay informed and plan accordingly. For professional advice tailored to your specific circumstances, please feel free to reach out to our team at CIGMA Accounting.

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