It has been a turbulent week for British politics, with new Prime Minister Theresa May in place earlier than expected, along with her a new Cabinet. New Chancellor of the Exchequer Phillip Hammond has already announced that he does not intend to hold the post-Brexit emergency Budget which previous Chancellor George Osborne had suggested before the vote. Amid all of this, readers of Tax Matters Digest could be forgiven for taking their eye off the progress of the Finance Bill. However, much like Ms. May, the Committee Stage of the Bill was ahead of schedule and is now complete, with only the Report Stage and Third Reading left before the Bill is substantively enacted.
Parliament is now due to rise for summer recess on 21 July 2016, and to return on 5 September 2016. The Report Stage of the Finance Bill will also commence on 5 September 2016. With the House due to rise shortly after this on 15 September 2016 to 10 October 2016 for party conference season, it remains to be seen how much further the Bill will progress in this short period.
Once the Report Stage is complete, the Bill will receive its Third Reading in the House of Commons, and after this will be considered substantively enacted. Following this, the Bill will progress through the House of Lords, although as the House of Lords cannot amend the Finance Bill, this stage usually progresses very quickly. The Bill will then receive Royal Assent, the date of which is not announced in advance. However, Royal Assent must be received within seven months of the Budget Resolutions, which gives a deadline of mid-October.
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