Finance Bill 2021/22, which legislates for the tax changes announced by the Chancellor in October’s Autumn Budget 2021, was published last month together with explanatory notes which includes details of the tax measures and their implementation dates.

The Government’s response to the consultation on basis period reform, which the Autumn Budget confirmed is proceeding to move to a tax year basis from April 2024 (2023/2024 will be a transitional year) was also published.

Implementation of the changes had already been delayed a year as recommended by the Institute in both its response to the original consultation and a letter to the Financial Secretary to the Treasury (“FST”). The Institute recently wrote again to the FST and submitted evidence to the House of Lords Finance Bill Sub-Committee in relation to these changes.

The second reading of Finance Bill 2022 (official title Finance (No.2) Bill 2021–22) took place last month and was followed by a committee of the whole house which debated selected clauses from the Bill at the beginning of December.

The clauses which were debated were set out in a programme motion and included, amongst others, the legislation on basis period reform.

After the committee of the whole house debate, the Bill then moved to Public Bill Committee stage which is expected to be concluded by mid-January 2022. Further dates for the remaining stages of the Bill have not yet been published.