The House of Lords Finance Bill Sub-Committee today invites contributions to its inquiry on the draft Finance Bill 2023-24.
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 the following areas within the draft Finance Bill 2023-24:
- The measures dealing with promoters of tax avoidance and increasing the maximum prison term for tax fraud;
- The reforms which merge the two existing Research and Development (R&D) schemes as well as providing tax relief for R&D intensive SMEs;
- The measure requiring certain taxpayers to provide additional data to HMRC.
The Sub-Committee is seeking to understand how the measures listed above will impact various taxpayers and companies and is particularly interested in hearing about the views of SMEs.