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Finance (No. 2) Bill 2024Spring Finance Bill published

Article Posted date25 March 2024

3 min read

Finance (No. 2) Bill 2024 (widely referred to as the Spring Finance Bill) was published on 14 March 2024. The second reading of the Bill in Parliament has been scheduled for 17 April 2024, but at the time of writing, no date had been published for the commencement of the committee stage. This article provides an overview of the key measures in the Bill, many of which were featured in the Chancellor’s recent Spring Budget. It should be noted that the National Insurance changes announced at the Spring Budget will not be legislated via the Finance Bill. They were included in the National Insurance Contributions (Reduction in Rates) (No. 2) Bill which received Royal Assent on 20 March 2024.

The Finance (No. 2) Bill was, as usual, accompanied by explanatory notes. Some of the more notable measures were covered in the last edition of Tax Matters Digest including additional support for the creative industry sectors and the abolition of the Stamp Duty Land Tax Multiple Dwellings Relief. In this edition of Tax Matters Digest, we have also published articles on Reserved Investor Funds and the changes to the Transfer of Assets Abroad provisions.

Some other measures of interest are discussed briefly below.

Energy Security Investment Mechanism (ESIM)

This measure was announced on 9 June 2023 and effectively disapplies the Energy Profits Levy (EPL) where average oil and gas prices fall below certain thresholds. The legislation published largely follows what was already communicated by the Government. The ESIM operates via reference to the average price of oil and gas over a six month period (‘reference period’). For reference periods ending with 31 March 2024, the threshold price is set at $71.30 per barrel for oil and £0.54 per therm for gas. For reference periods beginning after 31 March 2024, the threshold price is set at $74.21 per barrel for oil and £0.57 per therm for gas. These threshold prices are adjusted by reference to the Consumer Price Index each year. Where the price of oil and gas both fall below the thresholds for two successive reference periods, the ESIM will disapply the EPL. The ESIM is legislated to apply in line with the end of the EPL which is currently set to end on 31 March 2028 although the Government announced in the recent Spring Budget that this would be extended another year to 31 March 2029

That's was modes originally company's house name

Maybe in light of the bitcoin market they may be looking to have fresh investment and relaunch as a crypto exchange/ digital wallet that can link to any uk banking app 😀

BTC @/80k one rerate when they relaunch the crypto imo

I see this too plus India buy Russian oil Wto and sell it to the uk even more when production falls in north sea. Conservatives sold out the country main services in health and energy to other countries in the promise of wealth injections and cash investment the start of net 0 which is crumblelimg all uk production in all markets and labour now giving control to the ellete and power to net 0 . Britain is now at 0 they got there wish. Trump is the only hope to force the hand and our foolish public got duped into all these lies when we could of been a proud self standing nation and crime free

Back in the 20s when drilling restarts 2nd December

Someone abovious out to sabotage this deal clearly not doing a good job from what I read

Https://www.thetimes.com/business-money/companies/article/auditors-raise-questions-about-firm-in-redwood-banks-listing-bid-6dvxcgnr3

If oil prices stay below the windfall threshold I predict the government will announce that it will be scrapped fir the foreseeable future December announcement

All the 7s lucky £7 lol

Oil in place they can easily go to money market

50p ??

This preliminary economic evaluation indicates that the P50 discovered volume is more than twice the minimum economic field size and in the proposed assumed development scenario, Selene would have a post-tax NPV10, net to Deltic, of $61M (50 pence/share equivalent) which supports Deltic's decision to support the entry into the second term of Licence P2437 and progress the work required to reach FID.

I see that very shakey ground now military in power

Imo after the 4th quarter in December it could be announced in January that windfall with be removed due to the stable market prices

EPL was introduced in May 2022 to temporarily increase the tax rate for oil and gas companies from 40% to 75%. The tax was intended to fund cost-of-living support for UK families in response to rising energy prices due to Russia's invasion of Ukraine. The EPL was originally scheduled to expire at the end of 2025, but was extended to March 2028 in the 2022 Autumn Statement. The tax was then extended again to March 2029 in the 2024 Spring Budget.

The UK government announced the EPL will end if the oil and gas prices fall below the threshold levels for two consecutive quarters. The tax rate will then return to 40%, the level before the EPL was introduced. The Treasury made this announcement after receiving warnings from the energy industry that the EPL was causing companies to cut back on investment.

Market is trying to guess where resolute share of the mail government will take that's all could be hefty bet they wish they kept ravenswood mine in Oz less risky

Tell that to labour and north sea oil

Junta politicians I said have risk on strategy

Windfall tax was a tool meant for taking money of the energy sector to lower the bills of the general public due to an increased profits due to wars . Remember this is part of the wef collaboration to destroy European within that will come apart very soon with trump in