The Finance (No. 2) Bill is a government bill intended to give statutory effect to the tax measures announced in the spring budget 2023, as well as other previously announced policies. These include:

  • the introduction of full expensing of capital expenditure on plant and machinery from 2023 to 2026
  • the abolition of the lifetime allowance of tax relievable pension savings
  • the freezing of fuel duty rates for 2023/24

The bill had its second reading in the House of Commons on 29 March 2023. The bill was considered in a committee of the whole House on 18 and 19 April 2023, before moving to public bill committee. It completed committee stage on 18 May 2023 and passed its remaining stages in the House of Commons on 20 June 2023.

The bill was introduced to the House of Lords on 21 June 2023 and its second reading and all remaining stages are due to take place on 4 July 2023.

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