Finance Acts

What if they forget

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Every year the very first clause of the Finance Act is to renew taxes for the forthcoming year. What happens if they forget one year (which given the state of the current Government in recent years, is not as implausible as it sounds).

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paddle steamer
02nd Oct 2023 16:18

Did something close to this not arise a few years back with a delay with a Finance Act getting passed and the new tax year fast approaching?

I think there was an auto set to prevailing rates but my memory is terrible so that could be total nonsense.

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By Wanderer
02nd Oct 2023 16:22

They do that provisional passing just after the end of the budget speech. Presumably this covers them?

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Replying to Wanderer:
By richard thomas
02nd Oct 2023 17:59

Yes, but only for seven months or on the happening of certain events.

But they've got to remember to introduce and pass the Budget resolutions. They are taken very seriously by Parliamentary Counsel and the House authorities, often more so than the Bill, as they have to be right first time.

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