Institute submission to House of Lords draft Finance Bill 2023/24 inquiry

In early October, the Institute responded to the House of Lords Finance Bill Sub-Committee’s inquiry into draft Finance Bill 2023/24. As the Committee has now accepted this as evidence, the submission is available to read in the Tax Representations section of our website.

The Institute’s submission was focused on two specific areas of concern in the draft Finance Bill:-

• The proposal to restrict the geographical scope of agricultural property relief and woodlands relief for inheritance tax to UK land and property only from 6 April 2024 – in August the Institute wrote to the Financial Secretary to the Treasury on the same issue; and 

• The proposal to potentially merge the UK’s SME and “large” company R&D tax relief regimes from 1 April 2024.   

You can read the Institute’s recommendations in relation to both of these areas in the submission.