The first version of the Finance Bill 2014 was published on 27 March 2014. It includes measures confirmed in the 2014 Budget, such as a reduction in the private residence relief final exempt period, the introduction of transferable tax allowances for married couples and simplifications to the inheritance tax regime applying to relevant property trusts.

We have published Practice note, Finance Bill 2014 as published: private client tax measures, which contains a table listing all of the measures of interest to private client practitioners. We are reviewing the relevant Finance Bill 2014 clauses and will update the table to indicate whether there are any substantive changes to the draft legislation or (if no draft legislation was published) to the measure as announced. The table links to the relevant sections of Private client tax legislation tracker 2013-14 in which you can follow the progress of each measure. If we publish a legal update on a particular measure, we will add it to the tracker.

We refer to this Bill as the Finance Bill 2014 because it will become the Finance Act 2014 on Royal Assent. However, its official title when published was the Finance (No 2) Bill 2013-14, because it was the second Finance Bill introduced in this Parliament.

At the time of writing, the explanatory notes to the Bill are not yet available, nor is an HTML version of the Bill.

The Finance Bill's second reading is now scheduled for 1 April 2014 (not 26 March as previously indicated, see Legal update, Finance Bill 2014: Budget Resolutions and first Commons reading). The Committee of the Whole House, which will debate a handful of key provisions, is scheduled for 8 and 9 April 2014.

We will review the Bill and publish further legal updates in the coming weeks about:

We will also update all relevant Practical Law Private Client maintained resources to reflect the contents of the Bill.