Finance (No 2) Act 2023 was given Royal Assent on 11 July 2023. To date, the Act itself has not been published by the government.
Finance (No2) Bill 2023 was first published on 23 March 2023 as part of the 2023 Budget documents. After various amendments along the way, it was substantially enacted on 20 June 2023 and granted Royal Assent on 11 July 2023.
The key measures covered by the Finance Act include:
- Full expensing for companies purchasing qualifying assets between 1 April 2023 and 31 March 2026.
- The abolition of the Pensions lifetime allowance charge from April 2023.
- Increase to the pension Annual allowance from £40,000 to £60,000 from April 2023.
- Abolition of the Office of Tax Simplification from the date of Royal Assent.
- Provision for new multinational and domestic top-up taxes for companies to apply to accounting periods commencing on or after 31 December 2023.
With Finance Bill 2023-24 having been published as part of legislation day on 18 July 2023, Finance (No2) Act 2023 has still not been put into the public domain; we will provide a link to the final act once it does become available!
Useful guides on this topic
Finance Act 2023: tax update & rolling planner 2023-24
This rolling planner tracks the key tax announcements that impact the 2023-24 tax year and beyond. This planner is updated on an ongoing basis.
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