The bill was introduced to the House of Lords on 6 February 2024. Its second reading and all remaining stages are due to take place on 21 February 2024.
Finance Bill (347 KB , PDF)
The Finance Bill is a government bill intended to give statutory effect to the tax measures that have previously been announced by the government. The majority of the measures included in the bill were announced at the 2023 autumn statement. However, measures announced at the 2023 spring budget, as well as a selection of measures announced independently outside the usual cycle of fiscal events, are also included. Key measures include:
The bill had its second reading in the House of Commons on 13 December 2023. The bill was considered in a committee of the whole House on 10 January 2024, before moving to a public bill committee. It completed committee stage on 16 January 2024 and completed its remaining stages in the House of Commons on 5 February 2024.
Finance Bill (347 KB , PDF)
In the autumn budget the chancellor announced changes to inheritance tax reliefs. From April 2026, taxes would apply to agricultural assets over £1mn (or up to £3mn in certain circumstances). The government has said this will just affect the wealthiest landowners and disincentivise buying agricultural land to avoid tax. Farming groups have argued the policy is a threat to the future of family farming.
In February 2024 the House of Lords Communications and Digital Committee published a report on large language models and generative AI. It highlighted the opportunities and risks this technology offers, and recommended actions the government should take to support the market while mitigating risks. The new government has said it will legislate to address safety risks arising from generative AI.
On 30 October 2024, Chancellor Rachel Reeves delivered her first budget which included the details of the settlement for the Department for Culture, Media and Sport. It also contained more general measures which relate to the cultural sector. This briefing gives an overview of how the cultural sector is currently funded, what was said in the budget in this area and what the sector has said in reaction to the announcements.
