The annual Finance Bill encompasses all the changes to be made to tax law for the year. Its formal description is "a Bill to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.”
In fact, this Bill is the second Finance Bill of the current Session. Its purpose is to enact a series of technical tax measures inherited from the previous Labour government's Budget on 24 March 2010. The timing of the 2010 General Election saw the Labour Government introduce a shortened Bill, with the intention of introducing a second Bill after the election.
In its first Budget on 22 June the Coalition Government announced that it would introduce one short Finance Bill before the summer recess to implement its key priorities, and a second Bill in the autumn to clear these inherited measures.