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Draft Finance Bill 2023-24

Inquiry

The Finance Bill Sub-Committee is appointed annually by the Economic Affairs Committee to consider the draft Finance Bill from a tax administration, clarification, and simplification point of view.

The Sub-Committee will inquire into four areas within the draft Finance Bill 2023-24.

The measures dealing with the promoters of tax avoidance and increasing the maximum prison term for tax fraud, are two separate measures which aim to crack down on tax fraud by dealing with the most persistent and determined promoters of tax avoidance and discouraging egregious tax practices.

The reforms which merge the two existing Research and Development (R&D) schemes as well as providing tax relief for R&D intensive SMEs, propose a single R&D relief and a higher rate of payable tax credit for loss-making R&D intensive SMEs. The measure aims to simplify the tax system and provide further support to R&D intensive SMEs.

The measure which requires certain taxpayers to provide additional data to HMRC aims to improve the quality of data collected by HMRC to provide better outcomes for taxpayers and businesses, as well as improving compliance.

This inquiry is no longer accepting evidence

The deadline for submissions was Friday 6 October 2023.

Reports, special reports and government responses

View all reports and responses
2nd Report - Research and development tax relief, HMRC data requirements, promoters of tax avoidance and sentencing for tax fraud
Inquiry Draft Finance Bill 2023-24
HL Paper 52
Report
Response to this report
Government response to the Research and Development tax relief, HMRC data requirements, promoters of tax avoidance and sentencing for tax fraud report
HL 52
Government Response

Oral evidence transcripts

View all oral evidence transcripts
29 November 2023
Inquiry Draft Finance Bill 2023-24
Witnesses Nigel Huddleston (Financial Secretary to the Treasury and Member of Parliament for Mid Worcestershire at House of Commons), Doug Stoneham (Deputy Director, Counter-Avoidance Policy and Technical at HMRC), Matthew Henty (Deputy Director, Enterprise and Property Tax at HM Treasury), and Zoë Nettlefield (Deputy Director, Strategic Data Policy at HMRC)
Oral Evidence
20 November 2023
Inquiry Draft Finance Bill 2023-24
Witnesses Dr Andy Summers (Associate Professor of Law at London School of Economics (LSE)), Bill Dodwell (Member at Administrative Burdens Advisory Board), Kevin Hart (Chief Executive Officer at Business Application Software Developers Association), Samantha O'Sullivan (Policy Lead at Chartered Institute of Payroll Professionals), and Mr Joshua Toovey (Senior Research and Policy Officer at Association of Independent Professionals & the Self-Employed (IPSE))
Oral Evidence
20 November 2023
Inquiry Draft Finance Bill 2023-24
Witnesses Colin Hailey (Chair of the Finance and Tax Committee at UK BioIndustry Association), Dr Roger Barker (Director of Policy and Corporate Governance at Institute of Directors), Michael Moore (Chief Executive at British Private Equity and Venture Capital Association (BVCA)), and Gillian Thomson (Group Tax Manager at Skanska)
Oral Evidence
HMRC (DFH0020)
Tom Blenkinsop (Senior Public Affairs Advisor at Federation of Small Businesses (FSB)) (DFH0019)
ICAS (DFH0018)

Other publications

No other publications published.

Contact us

  • Email: financebill@parliament.uk
  • Phone: 020 7219 6225 (committee staff) | 020 7219 6640 (Press Officer)
  • Address: Economic Affairs Finance Bill Sub-Committee, House of Lords, London SW1A 0PW