UK and International Tax news
Spring Finance Bill 2023 Published
Friday 14th April 2023
The Spring Finance Bill 2023 was published on 23 March 2023, had its second reading on 29 March and has now moved forward to the committee stage, scheduled to start on 18 April.
The Bill, officially titled the Finance (No 2) Bill (Session 2022-23) runs to 352 clauses, 24 Schedules and 478 pages. Explanatory notes running to 680 pages have also been published.
Key tax announcements made by the Chancellor in his Spring Budget last month have been included in the Bill as follows:
- Increase in the rate of corporation tax and reintroduction of small profits tax and marginal relief
- Introduction of full expensing for qualifying capital expenditure on plant and machinery
- Changes to research and development tax reliefs including reliefs for expenditure on data and cloud computing costs from April 2023
- Changes to certain tax advantaged employee share option schemes
- Reforms to pension tax reliefs including increases in the annual allowance, removal of the lifetime pension limit and removal of the lifetime allowance charge
- Changes to the tax treatment of share exchanges involving non UK incorporated companies
- Introduction of mandatory transfer pricing documentation rules for UK companies of large multinational groups
- Legislation to implement OECD’s Pillar Two in the UK, comprising multinational and domestic top up taxes from April 2023
If you would like more information on the Bill, please contact Keith Rushen on 0207 486 2378.
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