skip to navigationskip to main content

Draft legislation published for Finance Bill 2023-24

Legislation Day (L-Day), 18 July 2023, was the date when the government published the draft legislation for Finance Bill 2023-24. This Finance Bill will be colloquially referred to as Finance Bill 2024. Alongside the publication of the draft legislation the government published accompanying explanatory notes, tax information and impact notes on each measure.

There is a consultation on draft clauses that is intended to ensure that the legislation works as intended. The consultation will close on 12 September 2023.

The publication of the draft Finance Bill is in line with the current approach to tax whereby the government committed to publishing most tax legislation in draft for technical consultation before the legislation is laid before Parliament.

This Finance Bill will see the introduction of a number of measures including:

  • Enterprise management incentives: extension of the time limit to submit a notification of a grant of options.
  • Abolishing the pensions lifetime allowance.
  • Pensions tax relief — amendments to the relief at source legislation.
  • Corporation Tax draft legislation.
  • Additional tax reliefs for research and development (R&D) intensive small and medium-sized enterprises and potential merged R&D scheme.
  • Creative industry tax reliefs: administrative changes.
  • Clarifications of the rules for cultural tax reliefs.
  • Reform of audio-visual creative tax reliefs to expenditure credits.
  • Increasing the capital allowance limits for leasing into tonnage tax.
  • Changes to the geographical scope of agricultural property relief and woodlands relief for Inheritance Tax.
  • Increasing the maximum prison term for tax fraud.

Working with you

Whether you're starting from scratch or have been in business for years you'll benefit from working with D.R.E. & Co. advice on how to take you to the next level.


About us

We work closely with our clients and act for a broad range of business....


Get in touch

Simple way to contact us. Just fill in a simple form.


Our services

Find out details about what we can do
for you.