Finance (No. 2) Act 2023 received Royal Assent on 11 July 2023. On 20 July 2023, the Act in its final form was published in full. 

On 23 March 2023, as part of the 2023 Budget documents, Finance (No. 2) Bill 2023 was first released. 

After various amendments, it was substantially enacted on 20 June 2023 and granted Royal Assent on 11 July 2023, when it became Finance (No. 2) Act 2023.

As the full wording of the Act has now been published, we have summarised its content list here: Finance (No. 2) Act 2023: Contents

  • A link to the detailed provisions of the Act can be found in External links, below. 

The key measures covered by the Finance Act include:

  • Full expensing for companies purchasing qualifying assets between 1 April 2023 and 31 March 2026.
  • The abolition of the Pensions lifetime allowance charge from April 2023.
  • Increase to the pension Annual allowance from £40,000 to £60,000 from April 2023.
  • Abolition of the Office of Tax Simplification from the date of Royal Assent.
  • Provision for new multinational and domestic top-up taxes for companies to apply to accounting periods commencing on or after 31 December 2023. 

Useful guides on this topic

Finance Act 2023: tax update & rolling planner 2023-24
This rolling planner tracks the key tax announcements that impact the 2023-24 tax year and beyond. This planner is updated on an ongoing basis. 

External link

Legislation: Finance (No. 2) Act 2023

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