Finance Bill to get second reading on 20 December 2022

13 December 2022

The Finance Bill was introduced into the House of Lords earlier this month, but is expected to have its second reading and general debate on 20 December 2022.

The bill will bring legislation for:

  • energy profit levies
  • corporation tax
  • income tax
    • thresholds frozen for an additional 2 years up to 2027/28
    • additional rate tax threshold
    • dividend nil rate
    • annual exemption amounts
  • inheritance tax
  • taxation of vehicles
    • changing benefit percentages for electric vehicles

With many items in the Autumn Statement requiring legislation to bring them into effect, the bill passing through parliament is essential to the measures being introduced. The discussion between the House of Lords and the House of Commons may change the nature of some measures and is therefore worth paying attention to.

We anticipate the expected spring statement early next year which will give us a better understanding of how new tax year financial measures will be introduced.

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