The government has today published the 2014 Finance Bill, together with explanatory notes. The Bill is 585 pages long.
Most of the Bill relates to measures that were announced in principle in the 2013 Budget. Consultation exercises were carried out over the following months, and draft legislation reflecting the results of that process was issued for further comment on 10 December 2013.
The Finance Bill, as published, reflects further changes made as a result of that consultation, and a small number of items added as a result of announcements at the time of the 2014 Budget on 19 March. There is still scope for the Bill to be amended further in the course of its consideration by Parliament.
To avoid confusion, it may be helpful to note that the Bill is called the Finance (No 2) Bill, because it is the second Finance Bill of the current parliamentary session, but it will become the Finance Act 2013 (not the Finance (No 2) Act), because it will be the first Finance Act of the calendar year
The most significant areas covered by the Bill are listed below.
Corporation tax and business tax
Inheritance tax and trusts
Value added tax
Business tax team
Private client tax team