United Kingdom Lower House Considers Autumn Finance Bill 2023-24

The United Kingdom House of Commons Nov. 27 accepted for consideration Autumn Finance Bill 2023-24. The bill includes measures to: 1) permanently implement full expensing relief for expenditures on qualifying plants and machinery incurred on or after April 1, 2023, by removing the April 1, 2026, expiration date; 2) merge the R&D Expenditure Credit (RDEC) and small and medium enterprise (SME) regimes, for accounting periods beginning on or after April 1, 2024; 3) implement a general RDEC rate of 20 percent, and a reduced 19 percent tax rate for loss-makers; 4) introduce the undertaxed profits rule for large multinational corporations, …