Finance Bill 2023-24 in the House of Commons

After the Public Bill Committee’s scrutiny of the Finance Bill it moved to the the House of Commons for further consideration – the report stage – before heading to the House of Lords.

At this stage MPs considered amendments and new clauses brought by the government as well as those tabled by the opposition parties.

Supporting business

The government intends to grow the economy for the good of everyone and the ‘tax system is a key part of that’ said financial secretary to the Treasury Nigel Huddleston as he opened the debate.

He emphasised that the tax system must support business and reminded MPs about the tax incentives already in the Finance Bill including permanent full expensing and a ‘generous’ new regime for research and development (R&D). However the government was going ‘further to encourage even more investment by introducing new...