The Autumn 2022 Finance Bill has completed its passage through the House of Commons and the House of Lords and has received Royal Assent. The Bill is now known as the Finance Act 2023.
The legislation covers the following subjects:
- the energy (oil and gas) profits levy, including the rate of tax, the reduction in the amount of additional investment expenditure and the extension of the period for which tax has effect;
- corporation tax relief for expenditure on research and development;
- The income tax basic rate limit and personal allowance for 2026-27 and 2027-28;
- the threshold at which the additional rate of income tax is charged;
- the income tax dividend nil rate;
- the capital gains tax annual exempt amount;
- the inheritance tax rate bands for 2026-27 and 2027-28;
- the removal of the vehicle excise duty exemption for electrically propelled vehicles, etc.; and
- the taxable benefits percentage for cars with a CO2 emissions figure.
Another financial statement, the Budget, is expected in the spring and will be followed by a second Finance Bill.