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Legislation day: draft Finance Bill 2024

On Legislation Day 18 July 2023 the government published draft provisions proposed for Finance Bill 2024 (FB 2024 also known as Finance Bill 2023/24) for technical consultation together with accompanying explanatory notes other supporting documents and any relevant consultation responses. Some new consultations were also published. This analysis brings together the key business tax measures explains the changes being made and includes comment and reaction from tax experts.

The consultation on the draft legislation will run until 12 September 2023. FB 2024 is expected to be introduced to Parliament in autumn 2023 and to receive royal assent in spring 2024.

The majority of the key business tax provisions were either previously announced at Spring Budget 2023 including the higher 14.5% rate of payable tax credit for loss-making research & development (R&D) intensive SMEs or follow-on from recently concluded...

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