2022–23—Spring Statement, Budget and Finance Bill

ARCHIVED: This Overview has been archived and is not maintained.

This subtopic draws together content on the fiscal events throughout the tax year 2022–23 starting with the Spring Statement on 23 March 2022 to the passage through Parliament of the Finance (No 2) Act 2023. For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process.

All the analysis produced in this subtopic will be collected in Practice Note: 2022–23—Spring Statement, Budget and Finance Bill—Tax analysis [Archived].

For further information on Autumn Finance Bill 2022, which became Finance Act 2023, and Spring Finance Bill 2023, which became Finance (No 2) Act 2023, including both Bills’ progress through Parliament towards Royal Assent and describing their key provisions, see: Tax—Finance Act 2023 and Finance (No 2) Act 2023—progress through Parliament [Archived].

Spring Budget 2023

The Chancellor of the Exchequer delivered his Spring Budget on Wednesday, 15 March 2023.

Our analysis includes:

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Spring Budget 2023—Tax

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Latest Tax News

Tax weekly highlights—21 November 2024

This week's edition of Tax weekly highlights includes: (1) the Supreme Court decision in Refinitiv concerning the interaction between the diverted profits tax and an advance pricing agreement, and (2) the Supreme Court decision in Cobalt Data Centre on the scope of the enterprise zone allowance.

UT finds FTT made errors when setting aside HMRC best judgment assessment (HMRC v Sintra Global)

Tax analysis: In Sintra Global, the Upper Tribunal (UT) set aside the decision of the First-tier Tax Tribunal (FTT) insofar as it related to a notice HMRC had issued to an individual making him liable for the payment of a civil evasion penalty charged against a company he was a director of. The UT found that the FTT had failed to follow the guidance provided by the Court of Appeal in Pegasus Birds in relation to the assessment the penalty was based on.

Supreme Court rules on the scope and limitations of the enterprise zone tax incentive (R (oao Cobalt Data Centre) v HMRC)

The Supreme Court unanimously dismissed the taxpayers’ argument that the relevant expenditure fell within section 298(1) of the Capital Allowances Act 2001 (CAA 2001) and concluded that, based on the proper interpretation of that provision, the expenditure was not incurred under a contract executed prior to the conclusion of the initial ten-year period, as required. Adam Craggs, partner at RPC, discusses the implications that the judgment has on taxpayers going forward.

Consultation on expanding tax conditionality to new sectors

Environment analysis: On 30 October 2024, HM Revenue and Customs (HMRC) issued a consultation on ‘Tackling the hidden economy: expanding tax conditionality to new sectors’. The consultation runs to 21 January 2025. Angus Evers, partner at Shoosmiths, comments on the consultation.