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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...

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UK tax: analysis of key measures from Autumn Statement 2015, Budget 2016 and Finance Bill to Finance Act 2016 (archived)

Published by a LexisNexis Tax expert
Practice notes
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ARCHIVED : This Practice Note has been archived and is not maintained.

This Practice Note brings together detailed analysis of the principal milestones in the 2015/16 Budget and Finance Bill process. It also offers commentary on Autumn Statement 2015, the draft Finance Bill 2016, Budget 2016 and Finance Bill 2016. For a detailed explanation of the annual Budget and Finance Bill process, including procedural aspects of enacting a Finance Act, see: Practice Note: The Budget and Finance Bill process.

Finance Act 2016

Royal Assent to the Finance Act 2016 was formally granted on 15 September 2016, after its passage through the House of Lords concluded on 13 September 2016.

Finance Bill 2016

Finance Bill 2016 (formally, Finance (No.2) Bill 2015–16) was issued, along with explanatory notes, on Thursday, 24 March 2016.

For comprehensive tracking of the Finance Bill measures, including summaries and analysis of the principal tax provisions, see Practice Note: Finance Act 2016—progress through Parliament...

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Web page updated on 22/05/2026

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