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Autumn Finance Bill published

By December 1, 2023No Comments

Following last week’s Autumn Statement for Growth, the Autumn Finance Bill 2023 has been published to enshrine a raft of landmark tax changes into law.

Measures in the Bill back British business by cutting and simplifying tax to help them invest for less, making full expensing permanent – an effective £11 billion a year corporate tax cut.

It 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 majority of tax changes in the Bill will take effect from April 2024.

As a reminder, other measures include:

include:

  • Changes worth £280 million a year to simplify and improve R&D tax reliefs. The government will merge the current R&D Expenditure Credit and SME schemes.
  • Legislating for more generous support for loss-making R&D intensive SMEs as announced in spring.
  • Expanding the ‘cash basis’ – a simplified way for over four million smaller, growing traders to use a simpler method of calculating their profits and pay their income tax.
Dawn