The Spring Finance Bill 2023 (official title: Finance (No 2) Bill (Session 2022-23)) continues its passage through the parliamentary process with all remaining House of Commons stages completed since out last update, including Committee Stage, Report Stage, and Third Reading in the House of Commons. The Bill has now completed all House of Lords stages and is expected to receive Royal Assent tomorrow, Tuesday 11 July. The Government has also announced that “Legislation Day” will take place on Tuesday 18 July.
On that day, the Government will publish draft legislation for inclusion in Finance Bill 2024, alongside explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. It is expected that the draft clauses will largely cover pre-announced policy changes.
Because the Spring Finance Bill is a ‘Money Bill’ the House of Lords cannot make any changes to it hence the text of the Bill is therefore essentially now final meaning it is substantively enacted for UK GAAP and IFRS purposes.