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
