Legislation – Finance Act 2022

New Search

Introduction

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

25 Tonnage tax

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

43 Allowance

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

48 Groups

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

64 Regulations

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 CO2 emissions certificates

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2022, Section 50. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

PART 2Residential property developer tax

Miscellaneous

50Interpretation etc

(1)

In this Part—

“adjusted trading losses” and “adjusted trading profits” have the meaning given by section 39;

“control” has the same meaning as in section 1124 of CTA 2010 (“control”);

“development of residential property”, in relation to any activities, has the meaning given by section 35;

“group”, and terms related to groups, have the meanings given by section 48;

“HMRC” means Her Majesty’s Revenue and Customs;

“HMRC Commissioners” means the Commissioners for Her Majesty’s Revenue and Customs;

“interest in land”, in relation to an RP developer, has the meaning given by section 36;

“non-profit housing company” has the meaning given by section 34;

“relevant joint venture company” has the meaning given by section 40;

“residential property” has the meaning given by section 37;

“residential property developer” or “RP developer” has the meaning given by section 34;

“residential property developer losses” or “RPD losses” has the meaning given by section 38;

“residential property developer profits” or “RPD profits” has the meaning given by section 38;

“residential property development activities” or “RPD activities” has the meaning given by section 35;

“RPDT” has the meaning given by section 32;

“substantial interest”, in relation to a relevant joint venture company, has the meaning given by section 40;

“ultimate parent” has the meaning given by section 48;

“wholly owned subsidiary” has the same meaning as in section 1159 of the Companies Act 2006 (meaning of “subsidiary” etc).

(2)

Chapter 6 of Part 5 of CTA 2010 (equity holders and profits or assets available for distribution), other than sections 169 to 182, applies for the purposes of references in this Part to equity holders and beneficial entitlement to assets or profits of a company available for distribution to its equity holders, subject to subsection (3).

(3)

In applying Chapter 6 of Part 5 (other than sections 169 to 182) and Chapter 3 of Part 24 of CTA 2010 for the purposes mentioned in subsection (2), they are to be read with all modifications necessary to ensure that—

(a)

they apply to a company which does not have share capital, and to holders of corresponding ordinary holdings in such a company, in a way which corresponds to the way they apply to companies with ordinary share capital and holders of ordinary shares in such companies,

(b)

they apply to a company which is an unincorporated association in a way which corresponds to the way they apply to companies which are bodies corporate,

(c)

they apply in relation to ownership through an entity (other than a company), or any trust or other arrangement, in a way which corresponds to the way they apply to ownership through a company, and

(d)

for the purposes of achieving paragraphs (a) to (c), profits or assets are attributed to holders of corresponding ordinary holdings in unincorporated associations, entities, trusts or other arrangements in a manner which corresponds to the way profits or assets are attributed to holders of ordinary shares in a company which is a body corporate.

(4)

In subsection (3) “corresponding ordinary holding” in an unincorporated association, entity, trust or other arrangement means a holding or interest which provides the holder with economic rights corresponding to those provided by a holding of ordinary shares in a body corporate.

(5)

Chapter 3 of Part 24 of CTA 2010 (subsidiaries) applies for the purposes of references in this Part to subsidiaries, subject to subsection (6).

(6)

In applying Chapter 3 of Part 24 of CTA 2010 for the purposes mentioned in subsection (5)—

(a)

share capital of a registered society is to be treated as if it were ordinary share capital, and

(b)

a company (“the shareholder“) that directly owns shares in another company is to be treated as not owning those shares if a profit on their sale would be a trading receipt of the shareholder.