Finance (No. 2) Bill 2023 - Income Tax

In addition to legislating for the changes to USC bands and rates and income tax bands and credits, the following new measures were introduced:

Tax on share options

With effect from 1 January 2024, gains realised on the exercise, assignment or release of a right to acquire shares or other assets will be taxed under the PAYE system and no longer be assessed under self-assessment.

Pension amendments

Existing anti-avoidance measures in relation approved retirement funds (ARFs) are extended to impose an income tax charge where a loan is made to a close company where the individual beneficially entitled to the assets of the ARF, or any person connected with that individual, is a participator in that close company.

Return to Finance (No.2) Bill 2023 Commentary

Team Members

Jackie Masterson

Head of Tax, Tax Partner

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