The Spring Finance Bill 2023 (official title: Finance (No 2) Bill (Session 2022-23)) continues its passage through the parliamentary process and is now at committee stage.
A Committee of the Whole House sitting took place on 18 and 19 April 2023 when MPs scrutinised and voted on proposed amendments made to selected clauses of the Bill. The topics debated included the UK’s Pillar 2 rules, pensions savings tax changes, capital allowances and R&D tax reliefs. Minor amendments tabled by the Government were accepted which centred around Pillar 2 and R&D tax relief.
The first of three Public Bill Committee stages took place on 16 and 18 May. The third and final part of this stage is due to take place tomorrow, Tuesday 23 May 2023, when the Public Bill Committee is expected to complete its deliberations. The Bill will then move on to Report Stage. No firm dates have been published as yet for this stage. Supporting documents for the Bill 2023 were updated recently.
HMRC has published a newsletter on the changes to the lifetime allowance (“LTA”) rules announced in the Spring Budget and contained in the Spring Finance Bill. The newsletter sets out additional information about the interaction between the pensions changes and LTA protections that were applied for before 15 March 2023. Reforms to the UK’s R&D tax relief regime were also confirmed in the Spring Budget. HMRC has now published the final guidance on these changes
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