‘Legislation Day’ (‘L-Day’) took place on 18 July 2023, with the Government publishing draft legislation for Finance Bill 2023-2024 (commonly referred to as Finance Bill 2024), together with explanatory notes, new consultations and responses to several closed consultations. These publications had been previously trailed and include draft legislation for consultation on a proposed new single Research & Development (R&D) tax relief scheme; reforms to creative sector reliefs; draft legislation amending the recently enacted UK Pillar Two rules and providing detail on the UK undertaxed profits rule; and changes to the data HMRC collects from taxpayers. This article provides an overview of what was announced.
You can find detailed commentary on the following key L-Day announcements in this edition of Tax Matters Digest: