The House of Lords version of Finance (No 2) Bill 2023 was published on 21 June 2023, incorporating all changes agreed during the Bill’s passage through the Commons.
All UK government amendments to the Bill were passed at report stage in the House of Commons on 20 June 2023. All other amendments were either not called or were voted down (including the Treasury Committee amendments which would have halted abolition of the OTS).
The final version of the Bill has been scheduled for consideration in the House of Lords on 4 July 2023 (according to the House of Lords calendar). Finance Bills are ‘money bills’, which means the Lords have no power to make amendments.
As to when the Finance Bill will be enacted, an EY client briefing reports: ‘It seems likely therefore that royal assent will be given before the Parliamentary recess begins on 20 July, and indeed may take place before 14 July. The question of whether royal assent takes place before 14 July will be significant for companies within the scope of the new electricity generator levy (EGL), as large companies with quarterly instalment payments due after royal assent would need to take into account EGL liabilities’.
The House of Lords version of Finance (No 2) Bill 2023 was published on 21 June 2023, incorporating all changes agreed during the Bill’s passage through the Commons.
All UK government amendments to the Bill were passed at report stage in the House of Commons on 20 June 2023. All other amendments were either not called or were voted down (including the Treasury Committee amendments which would have halted abolition of the OTS).
The final version of the Bill has been scheduled for consideration in the House of Lords on 4 July 2023 (according to the House of Lords calendar). Finance Bills are ‘money bills’, which means the Lords have no power to make amendments.
As to when the Finance Bill will be enacted, an EY client briefing reports: ‘It seems likely therefore that royal assent will be given before the Parliamentary recess begins on 20 July, and indeed may take place before 14 July. The question of whether royal assent takes place before 14 July will be significant for companies within the scope of the new electricity generator levy (EGL), as large companies with quarterly instalment payments due after royal assent would need to take into account EGL liabilities’.
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