On 5 February 2024, the report stage and third reading for Finance Bill 2023-2024 took place in the House of Commons. As expected, some government amendments tabled to the research and development (R&D) and creative industries provisions in the Bill were passed as well as a government tabled new clause to introduce the new investment exemption for the electricity generator levy. No other amendments were made. The Bill has now moved to the House of Lords but, as it is a ‘Money Bill’, this is a formality only and no further changes can be made. This means that, for UK GAAP and IFRS purposes, the Finance Bill is ‘substantively enacted’.
HMRC published explanatory notes for the government amendments on 29 January 2024. These amendments cover three topics.