Report stage and third reading of Finance Bill 2024-25 took place last week. In advance, a number of government amendments were tabled and updated explanatory notes published. The Bill’s passage through the House of Commons has now been completed and all Government amendments (and no others) were passed. As the Bill has now moved to the House of Lords, it is considered to be ‘substantively enacted’ for accounting purposes (specifically UK GAAP and IFRS) as Finance Bills cannot be amended by the House of Lords and will only be debated. As this is a formality, the Bill is also now considered to be in its final form.
The Government amendments were as follows:
- Minor changes to the scope of the new residence based inheritance tax regime and to the new temporary repatriation facility including that this will be available on offshore income gains in trusts,
- Additional relief for visual effects expenditure, and
- Clarifications to the conditions to be satisfied for payments into decommissioning funds to be treated as decommissioning expenditure for ring fence tax purposes.
In other legislative news, the House of Lords agreed amendments to the National Insurance Contributions (Secondary Class 1 Contributions) Bill at report stage on 25 February 2025. This Bill will implement the changes to employer national insurance contributions announced in the 2024 Autumn Budget. The Bill has now had third reading in the House of Lords and will return to the House of Commons.
LOADING...