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Legal Terms - Finance Bill
A monetary law addressing taxes issues, presented to Parliament annually to implement the Budget plans. Income tax and corporation tax are yearly levies, necessitating a bill each year to establish a tax obligation for that year. The Finance Bill is released several weeks following the Budget and subsequently undergoes committee stages in the House of Commons, after which it is presented for a formal reading in the House of Lords, as the House of Lords constitutionally lacks the authority to change a money bill. The Finance Bill subsequently obtains royal approval and is enacted as the Finance Act for the year.
A monetary law addressing taxes issues, presented to Parliament annually to implement the Budget plans. Income tax and corporation tax are yearly levies, necessitating a bill each year to establish a tax obligation for that year. The Finance Bill is released several weeks following the Budget and subsequently undergoes committee stages in the House of Commons, after which it is presented for a formal reading in the House of Lords, as the House of Lords constitutionally lacks the authority to change a money bill. The Finance Bill subsequently obtains royal approval and is enacted as the Finance Act for the year.
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