2023–24—Budget and Finance Bill

ARCHIVED: This subtopic has been archived and is not maintained. It states that 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,

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Latest Private Client News

Question of the week: Where a trust of a life policy otherwise falls within the definition of an 'excluded trust' set out in paragraph 4 of Schedule 3A of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, does it lose that excluded trust status if it opens a non-interest bearing bank account in order to pay insurance premiums for the policy?

This Q&A considers whether a trust of a life policy, which otherwise falls within the definition of an 'excluded trust' as set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Sch 3A, para 4 loses its excluded trust status if it opens a non-interest bearing bank account to pay insurance premiums for the policy.

Tax update spring 2025—Tax analysis

Tax analysis: On 28 April 2025, the government announced a package of technical tax policy proposals aimed at simplifying and reforming the tax system and improving tax administration. These announcements included the publication of draft legislation, new consultations, various technical papers and responses to consultations, as well as updates on previously announced measures together with new initiatives.

Sizeable refunds could follow taxpayer’s FTT win as HMRC directed to issue enquiry closure notices in ten-year dispute (Refinitiv Ltd v HMRC)

Tax analysis: In Refinitiv Ltd v HMRC, the First-tier Tax Tribunal (FTT) directed that HMRC issue closure notices in respect of enquiries into 2018 corporation tax returns, averring that it had not met the burden of proof required for the enquiries to be kept open.

High Court makes order regarding funeral arrangements where two executors disagree (Patel v Patel)

Private Client analysis: The High Court has resolved a dispute between two executors over the funeral arrangements for their father, a devout Hindu. In a sensible and sensitive decision which reviewed and applied settled principles, the judge (HHJ Paul Matthews) considered the various factors which favoured cremation in England over burial in India. These included the wishes of the deceased, the views of his family, the strength of his connections to the UK and India, and practicalities such as cost and delay. While the relevant factors and their relative weight will inevitably be fact-sensitive, similar factors are likely to recur in many such cases. What is clear is that no single factor (in particular, the deceased’s own wishes) will necessarily be conclusive, so that the court must weigh all relevant factors with care. Written by Kyle Bonnell, barrister at XXIV Old Buildings.