The Autumn Finance Bill 2023 has been published to enshrine tax changes into law.
Measures in the Bill include helping businesses invest for less and making full expensing- an effective corporate tax cut - permanent.
In March 2021, the former Chancellor announced the super-deduction, under which companies saved up to 25p in each pound they invested. Then at Spring Budget 2023, the now Chancellor introduced temporary full expensing, a three-year capital allowances policy which also delivered up to a 25p saving for every £1 invested.
To provide certainty, when announcing full expensing, the Chancellor was clear that his ambition was to make it permanent when fiscal conditions allowed. At the Autumn Statement, the Chancellor has delivered on this by confirming he will make full expensing permanent.
The Bill also simplifies R&D and extends the Enterprise Investment Scheme and Venture Capital Trust schemes by an extra ten years each to 2035, ensuring younger companies can attract the finance they need today to become the unicorns of tomorrow.
The changes to National Insurance, which will take effect on 6 January 2024 for employees and 6 April for self-employed people, is being legislated through a separate Bill to the Autumn Finance Bill 2023. The majority of tax changes in the Bill will take effect from April 2024.
See: Finance Bill publications - Parliamentary Bills - UK Parliament