SPRING FINANCE BILL SETS SHAPE FOR TAX CHANGES TO COME

You have probably digested the main news by now from the Spring Budget. Now comes the next stage: the Spring Finance Bill. The bill was published on 14 March, ensuring that the measures announced in the Budget take their next steps towards becoming reality.

Whenever a government announces new taxation in a Budget or Spring or Autumn Statement, these plans require statutory (or legislative) authority. A number of tax changes will now be enshrined into law if the bill passes as expected.

Cuts to National Insurance contributions and the abolition of so-called ‘non-dom‘ tax breaks were among the biggest headline grabbers in Jeremy Hunt‘s Budget. The changes to National Insurance, which will take effect on 6 April 2024 for employees and self-employed people are being legislated through a separate Bill.

The Bill received its first reading in Parliament on 13 March. It will now follow the normal passage through Parliament, with a second reading on 17 April.

The Bill also legislates for several tax changes that have been previously announced and consulted upon, including maintaining the current rates for income tax and corporation tax and the Starting Rate for Savings.

A summary of the major announcements from the Budget:

  • cut to property capital gains tax
  • rise in VAT registration threshold
  • full expensing to apply to leased assets
  • new British ISA
  • rise in child benefit threshold
  • freeze on fuel duty

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