Financial Secretary to the Treasury to give evidence to Finance Bill Sub-Committee
Tuesday 28 November 2023
At 10.45am on Wednesday 29 November the House of Lords Finance Bill Sub-Committee will be taking evidence from Nigel Huddleston MP, Financial Secretary to the Treasury, as part of its inquiry on the draft Finance Bill 2023-24.
Topics likely to be covered in this session include:
- The measures dealing with promoters of tax avoidance and increasing the maximum prison term for tax fraud.
- The reforms which merge the two existing Research and Development (R&D) schemes as well as providing tax relief for R&D intensive SMEs.
- The measure requiring certain taxpayers to provide additional data to HMRC.
The meeting will be held in Committee Room 2 of the House of Lords. It will also be streamed on Parliament Live.
About this inquiry
The sub-committee’s inquiry is focussing on four areas within the draft Finance Bill 2023-24:
- The measures dealing with the promoters of tax avoidance and increasing the maximum prison term for tax fraud, are two separate measures which aim to crack down on tax fraud by dealing with the most persistent and determined promoters of tax avoidance and discouraging egregious tax practices.
- The reforms which merge the two existing Research and Development (R&D) schemes as well as providing tax relief for R&D intensive SMEs, propose a single R&D relief and a higher rate of payable tax credit for loss-making R&D intensive SMEs. The measure aims to simplify the tax system and provide further support to R&D intensive SMEs.
- The measure which requires certain taxpayers to provide additional data to HMRC aims to improve the quality of data collected by HMRC to provide better outcomes for taxpayers and businesses, as well as improving compliance.
