The Spring Finance Bill was published on 23 March 2023 and received its formal second reading in the House of Commons on Wednesday 29 March.
Running to 456 substantive pages the Bill brings together much of the draft legislation that was originally published on 20 July 2022 (‘Legislation Day’). The Bill also sets out new provisions not previously announced, including:
changes to the transfer pricing documentation requirements applicable to large multinationals.
Budget Resolutions, which enable changes to be brought into force in the interim period before the bill is given Royal Assent, and the usual detailed explanatory notes, are also available from the UK ‘Bills Before Parliament’ web pages.
Pillar two
In a client briefing, EY notes that the provisions on the UK implementation of the Pillar Two rules build on the draft legislation published last July, in addition to providing some major key developments that are intended to reflect the OECD Administrative Guidance published on 2 February 2023. The firm highlights the following key technical developments include:
The Spring Finance Bill was published on 23 March 2023 and received its formal second reading in the House of Commons on Wednesday 29 March.
Running to 456 substantive pages the Bill brings together much of the draft legislation that was originally published on 20 July 2022 (‘Legislation Day’). The Bill also sets out new provisions not previously announced, including:
changes to the transfer pricing documentation requirements applicable to large multinationals.
Budget Resolutions, which enable changes to be brought into force in the interim period before the bill is given Royal Assent, and the usual detailed explanatory notes, are also available from the UK ‘Bills Before Parliament’ web pages.
Pillar two
In a client briefing, EY notes that the provisions on the UK implementation of the Pillar Two rules build on the draft legislation published last July, in addition to providing some major key developments that are intended to reflect the OECD Administrative Guidance published on 2 February 2023. The firm highlights the following key technical developments include: