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On Wednesday 20 June the Treasury published the draft legislation which will form the basis of Finance Bill 2023. The consultation period on the draft clauses is underway and will close on 14 September. The bill is expected later this autumn.
With the disruption caused by the Tory leadership challenge the timetable is potentially subject to change and the final contents of the bill will eventually be decided by the chancellor at the next Budget.
The content of the announcements fall into two categories: new and previously announced.
The new categories are:
- Dormant assets scheme – which will be extended to include assets from other financial services sectors ensuring they can be transferred without tax implications.
- Double taxation relief restriction – to ensure that no extended time limit claim for double tax relief may be made for a credit calculated by reference to a...
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