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Finance (No. 2) Act 2024

ICAEW representations and responses to proposed legislation, along with TIINS, explanatory notes and external commentary on the Bill and Act.

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The Finance (No. 2) Act 2024 received Royal Assent on 24 May 2024. On this page you can find parliamentary papers, ICAEW representations and other commentary on the Bill's progress into law.

The Finance Act

Finance (No. 2) Act 2024
The Act received Royal Assent on 24 May 2024.

The Finance Bill

Finance (No. 2) Bill 2023-24
Text of the of the Bill as introduced on 13 March 2024, accompanied by explanatory notes, subsequent versions, amendment papers, and record of its progress through parliament.

Spring Finance Bill 2024
Collection of supporting documents for the Finance Bill, including measures with effect from 6 March 2024.

Latest tax news

New VAT guidance for private schools
  • Article
  • 11 Oct 2024
HMRC has published guidance for private schools on the implications of charging VAT on fees, including if, when and how they must register for VAT.
Finance (No. 2) Act 2024 receives Royal Assent
  • Article
  • 28 May 2024
Some of the changes announced at the Spring Budget 2024 have now become law, including an increase in the thresholds for the high income child benefit charge for 2024/25.
Families should reconsider claiming child benefit from 6 April
  • Article
  • 19 Mar 2024
Approximately 180,000 families are encouraged to reconsider claiming child benefit in light of changes to the high income child benefit charge, which apply from 6 April 2024.
Draft legislation published for some Spring Budget 2024 measures
  • Article
  • 18 Mar 2024
The Spring Finance Bill contains legislation which increases the thresholds for the high income child benefit charge and abolishes multiple dwellings relief for SDLT.

Timeline of drafts and ICAEW representations

Spring Budget 2024

ICAEW REP 12/24: 'Resilience and renewal': Budget 2024 representation
24 January 2024, ICAEW
ICAEW representation submitted to HM Treasury ahead of the Spring Budget 2024. It outlines recommendations on tax, productivity, skills and innovation, sustainability, resilience, trust, and trade.

Spring Budget 2024
The Chancellor of the Exchequer presented his Spring Budget 2024 to Parliament on 6 March 2024.

ICAEW hub: Spring Budget 2024
See ICAEW's analysis of key announcements and news. Also includes ICAEW's letter to the Chancellor ahead of Budget and letters to the Treasury.

Tax measures included in Spring Finance Bill 2024
6 March 2024, HMRC
Document setting out the detail of each tax policy measure announced at Spring Budget 2024 and of previously announced measures that will be included in Spring Finance Bill 2024.

Fiscal Insight: Spring Budget 2024
9 April 2024, ICAEW
ICAEW publication analysing the numbers in the Spring Budget presented to Parliament on 6 March 2024, and the accompanying March 2024 Economic and Fiscal Outlook (EFO) published by the Office for Budget Responsibility (OBR).

Spring Finance Bill 2024 and ICAEW responses

Finance (No. 2) Bill 2023-24
Published on 13 March 2024.

ICAEW REP 48/24: Finance (No.2) Bill 2023-24: Clause 22 – transfers of assets abroad
21 May 2024, ICAEW
Representation by the ICAEW Tax Faculty, briefing MPs on the Finance Bill. It argues that the legislation will make the transfer of assets abroad (ToAA) code even more complex than it is currently, and give rise to income tax liabilities for those whom it may not be the intention to tax under the rules.

Commentary from firms and other external resources

Tax experts have produced analysis of various clauses of the Bill. A selection of commentary resources is set out below.

Research briefing: Budget 2024 and Finance (No. 2) Bill 2023-24
A guide produced by the House of Commons Library, highlighting key publications and information sources relating to the Budget 2024 and Finance (No. 2) Bill 2023-24. 

KPMG Tax Matters Digest
A bi-weekly newsletter covering UK tax developments with KPMG's analysis. Key commentary on the Spring Finance Bill 2024 includes:

Articles and books in the ICAEW Library collection

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

Archive

The Library holds an extensive collection of Finance Acts (from the 19th century onwards), Finance Bills (from 1951 onwards), debates on the Finance Bill as recorded in Hansard, and Standing Committee Debates on the Finance Bills. Alongside this you can also find many publications from the ICAEW and other bodies on the Finance Bills and Acts.

For full details of our holdings in this area, see our guide to Finance Acts and Bills in the Library collection.

We also maintain an online archive of links and resources for Finance Acts 1980–1995 and for Finance Acts 1996–.

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The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online. Contact us for expert help with your enquiries and research.

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