2023-24—Budget and Finance Bill

This subtopic draws together content on the fiscal events throughout the tax year 2023–24, starting with the Spring Budget on 15 March 2023.

All the analysis produced in this subtopic will be collected in Practice Note: 2023–24—Fiscal events, including Spring Budget 2023 and Spring Finance Bill 2023—Private Client analysis.

For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process.

Spring Budget 2023

The Spring Budget 2023 was delivered by the Chancellor of the Exchequer, Jeremy Hunt, on Wednesday 15 March 2023.

Spring Finance Bill 2023

Spring Finance Bill 2023 was published on 23 March 2023 and is expected to lead to the second Finance Act of 2023,

The first Finance Act of 2023 (known as Finance Act 2023 or FA 2023) was enacted on 10 January 2023.

Tax Administration and Maintenance Day (TAMD) 2023

TAMD took place on 27 April 2023.

For more information on the announcements and publications from TAMD 2023, see:

•
Tax Administration and Maintenance Day: Spring 2023—Private Client analysis
•
Tax Administration and Maintenance Day—27

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Latest Private Client News

Finance Bill 2025 update: Public Bill Committee to begin in January

The Public Bill Committee is expected to begin scrutiny of the Finance Bill on 28 January 2025. Comments on the Bill are invited before then, and revised explanatory notes have been issued to cover the Government’s proposed Pillar 2 amendments.

Private Client weekly highlights—19 December 2024

This week’s edition of Private Client highlights includes: (1) HMRC updates form IHT100f; (2) Knight v Barnsley, which held that the Court of Protection did have jurisdiction to determine a dispute over a claimant’s deputy’s release from reverse indemnity undertakings; (3) Manolete Partners Plc v White, in which the Court of Appeal held that occupation pension benefits are generally inalienable; (4) Hannah v Revenue and Customs Commissioners, where the First Tier Tribunal (Tax) permitted the amendment of grounds of appeal to include ground that the transfer of assets abroad regime is incompatible with EU law; (5) Hirachand v Hirachand, a decision of the Supreme Court which makes it clear that success fees cannot be included in awards for financial provision under the Inheritance (Provision for Family and Dependants) Act 1975; and (6) the Chancellor has confirmed that the Spring Forecast will take place on 26 March 2025.

Question of the week: Does the inheritance tax exemption for transfers between spouses apply where both spouses are non-UK domiciled and make a transfer of UK situs assets between them?

This Q&A considers the exemption from inheritance tax on a transfer between spouses who both have non-UK domicile status.

Supreme Court unanimously allows appeal (Hirachand v Hirachand and another)

The Supreme Court has unanimously allowed the Inheritance (Provision for Family and Dependants) Act 1975 (I(PFD)A 1975) appeal and excluded from the order, in favour of the daughter, any sum for the success fee. Richard Dew, barrister at Ten Old Square, comments that the decision that costs cannot be recovered as part of the award restores the position to what it ought to have been and Brie Stevens-Hoare KC of Gatehouse Chambers highlights that the decision will ensure that applicants who use conditional fee agreements to access justice pay the price of their costs being conditional. Oliver Ingham of 3 Paper Buildings further notes the Supreme Court has made clear that success fees remain the responsibility of the claimant, preserving the integrity of the wider costs regime and ensuring consistency across civil litigation.