Jurisdiction(s):
United Kingdom

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Key definition

Budget definition

What does Budget mean? In legal practice, Budget describes the government’s annual fiscal statement setting out the economic outlook and proposed changes to tax and public spending, which practitioners track for rate, relief and compliance changes and commencement rules. United Kingdom: The Chancellor of the Exchequer delivers the Budget to the House of Commons, now typically in the Spring (the Spring Budget). Alongside the Autumn Statement, it is a principal fiscal event. “Budget” is not defined in legislation; it is a parliamentary convention. Its legal effect arises through Ways and Means resolutions and the ensuing Finance Bill/Finance Act, with certain measures given temporary effect...

Private Client tax 2020–21: Budget, Finance Bill 2020–21/Finance Act 2021, Tax Day 2021 consultations and COVID-19 measures [Archived]

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Practice notes

ARCHIVED

This archived PrACTice Note compiles material on fiscal developments across the 2020–21 tax year, beginning with the Summer economic statement of 8 July 2020, moving through publication of draft measures for Finance Bill 2020–21, and on to the anticipated passage of the Finance Act 2021 (FA 2021) through parliament. For further details on the annual Budget and Finance Bill cycle, refer to Practice Note: The Budget and Finance Bill process. For background on the Finance Bill 2019–20, charting its journey through Parliament to Royal Assent and outlining its principal measures, see Practice Note: Tax—Finance Act 2020—progress through Parliament.

Finance Act 2021

The government released draft clauses on 21 July 2020 for inclusion in Finance Bill 2021 (FB 2021) (formally the Finance Bill (no 2) Bill, as it was the second Finance Bill of the 2020–21 Parliamentary session, and also referred to as Finance Bill 2020–21). FB 2021 was issued on 11 March 2021, obtained Royal Assent on 10 June 2020 and thereby became the Finance Act 2021 (FA 2021). The draft law was supported by explanatory notes, tax information and impact notes, consultation responses and other accompanying papers...

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Web page updated on 21/05/2026

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