Finance Bill 2023 (the Bill) published on 9 March includes the legislative provisions for the tax measures announced as part of the Government’s recent Cost-of-Living package.
The Bill is brief, especially when compared to the more normal Finance Bills, and provides for the additional proposed changes to the Temporary Business Energy Support Scheme (TBESS) and VAT changes as well as some amendments in relation to the agriculture sector. The temporary changes announced to the Benefit in Kind (BIK) calculations for company vehicles are expected to be included at Committee Stage of the Bill.
A number of changes to the TBESS were introduced by way of Ministerial Order; extension to 30 April 2023, and increases in the monthly aid limits. In addition to these changes, a number of further enhancements to the scheme are provided for in the Bill; subject to State Aid approval.
The temporary measures announced this week to BIK on company vehicles are expected to be provided for at Committee Stage of the Bill. The key changes announced and effective for 2023 are:
The Bill includes a number of amendments relating to the agricultural sector.
The main amendments include: