2022–23—Budget and Finance Bill

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This Overview signposts analysis and guidance on the 2022–23 Budget and Finance Bill as they affect share incentives. The package, implemented through Finance Act 2023 and Finance (No. 2) Act 2023 and administered by HMRC, adjusts tax parameters and reforms tax‑advantaged regimes, with implications for drafting and compliance under Part 7 ITEPA 2003 and TCGA 1992.

Key points include changes to the Company Share Option Plan: from 6 April 2023 the individual limit doubled to £60,000 and long‑standing class restrictions relaxed, facilitating use in private and venture‑backed companies. Enterprise Management Incentives were simplified: from 6 April 2023 option agreements need not state share restrictions or include a working time declaration (the statutory working time requirement remains). The HMRC notification deadline will move to 6 July after the tax year for grants from April 2024. Wider fiscal measures also affect outcomes on awards and disposals: the dividend allowance and capital gains tax annual exempt amount were reduced from April 2023, and the additional rate income tax threshold was lowered. The corporation tax main rate increased to 25% from April 2023, with valuation and employer deduction consequences.

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