The Spring Finance Bill 2023 has now been published – see our separate news story here for a complete overview.
The Spring Finance Bill 2023 is the official description of “the vehicle for renewing annual taxes, delivering new tax proposals and maintaining administration of the tax system” (see https://www.gov.uk/government/collections/spring-finance-bill-2023).
Care is needed this year, as the draft Finance Bill published for consultation on 20 July 2022 has been the victim of the political turmoil of late 2022. The previous draft legislation and supporting documents are available here.
Full coverage of the Spring Budget 2023 (15 March 2023) is provided on the gov.uk site here.
Three policy papers were published on 15 March 2023:
- Amendments to Corporate Interest Restriction
- Raising standards in tax advice: protecting customers claiming tax repayments: Rendering void assignments of income tax repayments
- Restriction of Charitable Reliefs to UK Charities and Community Amateur Sports Clubs
Also on 15 March 2023, HMRC published various “notes on resolutions“. In general, these are of very limited use to tax professionals as they are at the most basic level only. In relation to income tax (main rates), for example, they state simply that the resolution “provides for the main rates of income tax in the 2023 to 2024 tax year”.
The notes on resolutions do comment in more depth on the territorial extent and application of the resolutions in the UK.