Legislation – Finance Act 2022

PART 1
Income tax, corporation tax and capital gains tax

1 Income tax charge for tax year 2022-23

2 Main rates of income tax for tax year 2022-23

3 Default and savings rates of income tax for tax year 2022-23

4 Increase in rates of tax on dividend income

5 Freezing starting rate limit for savings for tax year 2022-23

6 Rate of surcharge and surcharge allowance

7 Abolition of basis periods

8 Profits of property businesses: late accounting date rules

9 Liability of scheme administrator for annual allowance charge

10 Increase of normal minimum pension age

11 Public service pension schemes: rectification of unlawful discrimination

12 Extension of temporary increase in annual investment allowance

13 Structures and buildings allowances: allowance statements

14 Qualifying asset holding companies

15 Real Estate Investment Trusts

16 Film tax relief: films produced to be television programmes

17 Temporary increase in theatre tax credit

18 Theatrical productions tax relief

19 Temporary increase in orchestra tax credit

20 Orchestra tax relief

21 Temporary increase in museums and galleries exhibition tax credit

22 Museums and galleries exhibition tax relief

23 Returns for disposals of UK land etc

24 Cross-border group relief

26 Amendments of section 259GB of TIOPA 2010

27 Application of section 124 of TIOPA 2010 in relation to diverted profits tax

28 Diverted profits tax: closure notices etc

29 Insurance contracts: change in accounting standards

30 Deductions allowance in connection with onerous or impaired leases

31 Provision in connection with the Dormant Assets Act 2022

PART 2
Residential property developer tax

32 Introduction

33 Charge to RPDT

34 Meaning of “residential property developer”

35 Meaning of “residential property development activities”

36 Residential property development activities: “interest in land”

37 Residential property development activities: “residential property”

38 Meaning of “residential property developer profits or losses”

39 Adjusted trading profits and losses

40 Attributable joint venture profits and losses

41 RPDT reliefs

42 Restrictions on RPDT reliefs

44 Allowance: joint venture companies

45 Application of corporation tax provisions and management of RPDT

46 Requirement to provide information about payments

47 Non-profit housing companies: exit charge

49 Miscellaneous provision

50 Interpretation etc

51 Commencement

52 Anti-forestalling: accelerated profits

PART 3
Economic crime (anti-money laundering) levy

53 Economic crime (anti-money laundering) levy

54 Charge to the levy

55 UK revenue: amount

56 Relevant accounting period

57 UK revenue: determination

58 Assessment, payment, collection and recovery

59 Payments into Consolidated Fund

60 Application to partnerships

61 Collection of information

62 Disclosure of information

63 Power to make consequential provision

65 Interpretation

66 Commencement

PART 4
Public interest business protection tax

67 Public interest business protection tax

PART 5
Other taxes

68 Securitisation companies and qualifying transformer vehicles

69 Interim operation of margin schemes for used cars etc: Northern Ireland

70 Margin schemes and removal or export of goods: VAT-related payments

71 Margin schemes and removal or export of goods: zero-rating

72 Relief on the importation of dental prostheses

73 Identifying where the risk is situated

74 Transitioned trade remedies: decisions by Secretary of State

75 Reference documents: amount of import duty

76 Restriction of use of rebated diesel and biofuels

77 Rates of tobacco products duty

78 Rates for light passenger or light goods vehicles, motorcycles etc

79 Vehicle excise duty: exemption for certain cabotage operations

80 HGV road user levy: extension of suspension

81 Amounts of gross gaming yield charged to gaming duty

82 Excise duty: penalties

83 Rates of landfill tax

84 Plastic packaging tax

PART 6
Miscellaneous and final

85 Winding-up petitions by an officer of Revenue and Customs

86 Publication by HMRC of information about tax avoidance schemes

87 Freezing orders: England and Wales

88 Warrants for diligence on the dependence: Scotland

89 Freezing injunctions: Northern Ireland

90 Sections 87, 88 and 89: interpretation etc

91 Penalties for facilitating avoidance schemes involving non-resident promoters

92 Electronic sales suppression penalties

93 Tobacco products: tracing and security

94 Treatment of goods in free zones

95 Freeport tax site reliefs: provision about regulations

96 Large businesses: notification of uncertain tax treatment

97 Discovery assessments for unassessed income tax or capital gains tax

98 Notification of liability to income tax and capital gains tax

99 Calculation of income tax liability for certain charges relating to pensions

100 Power to make temporary modifications of taxation of employment income

101 Vehicle CO emissions certificates

102 Increase in membership of the Office of Tax Simplification

103 Interpretation

104 Short title

SCHEDULES

SCHEDULE 1 Abolition of basis periods

SCHEDULE 2 Qualifying asset holding companies

SCHEDULE 3 Real Estate Investment Trusts

SCHEDULE 4 Cross-border group relief

SCHEDULE 5 Insurance contracts: change in accounting standards

SCHEDULE 6 Dormant assets

SCHEDULE 7 RPDT reliefs

SCHEDULE 8 Management of RPDT

SCHEDULE 9 Miscellaneous provision

SCHEDULE 10 Public interest business protection tax

SCHEDULE 11 Restriction of use of rebated diesel and biofuels

SCHEDULE 12 Plastic packaging tax

SCHEDULE 13 Penalties for facilitating avoidance schemes involving non-resident promoters

SCHEDULE 14 Electronic sales suppression

SCHEDULE 15 Treatment of goods in free zones

SCHEDULE 16 Freeport tax site reliefs: provision about regulations

SCHEDULE 17 Large businesses: notification of uncertain tax treatment

SCHEDULE 18 Vehicle CO emissions certificates

Which version?
Latest available (Revised)
Original (As enacted)

SCHEDULES

SCHEDULE 1Abolition of basis periods

PART 6Transitional provision: continuing trades etc

Treatment of losses arising from deduction for overlap profit

71

(1)

This paragraph applies if, by virtue of a deduction for overlap profit allowed and made under this Part of this Schedule (see paragraphs 68 and 69(2) and Step 3 of the calculation in paragraph 70(2))—

(a)

the trader makes a loss for the tax year 2023-24 where the trader would (but for the deduction) have made a profit, or

(b)

the trader makes a loss for the tax year 2023-24 that is greater than it would have been had the deduction not been made.

(2)

Sections 89 to 91 of ITA 2007 (terminal trade loss relief) apply in relation to the trader as if—

(a)

the trader had permanently ceased to carry on the trade on 5 April 2024, and

(b)

the amount of the loss mentioned in sub-paragraph (1)(a), or the amount by which the loss mentioned in sub-paragraph (1)(b) is increased as a result of the deduction being made, were a terminal loss made in the trade in the final tax year.

(3)

Nothing in this paragraph is to be taken to affect the further application of sections 89 to 91 of ITA 2007 in relation to the trade.