Legislation – Finance Act 2022

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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:

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PART 6Miscellaneous and final

Avoidance

86Publication by HMRC of information about tax avoidance schemes

(1)

If an authorised officer suspects that a proposal or arrangements are a relevant proposal or relevant arrangements the officer may arrange for the publication of any information (including documents) the officer considers appropriate for the purposes of—

(a)

informing taxpayers about risks associated with, or concerns the officer has about, the proposal or arrangements, or

(b)

protecting the public revenue.

(2)

The information that may be published includes information (including documents) identifying or about any person—

(a)

who is or has been, or who the officer suspects is or has been—

(i)

a promoter in relation to the proposal or arrangements,

(ii)

a connected person in relation to the proposal or arrangements or to a person within sub-paragraph (i), or

(iii)

a member of a promotion structure any member of which has or has had, or is suspected by the officer of having or having had, a role in relation to making the proposal or arrangements available for implementation, or

(b)

who has or has had, or who the officer suspects has or has had, any other role in relation to making the proposal or arrangements available for implementation.

(3)

No information may be published under this section that identifies a person—

(a)

who is not within subsection (2), or

(b)

where there are reasonable grounds for believing that the person’s role in relation to the proposal or arrangements is limited to activities subject to legal professional privilege.

(4)

Information may be published under this section in such manner as the officer considers appropriate, including by communicating it to particular persons.

(5)

If an authorised officer intends to publish information under this section that identifies a person, an officer of Revenue and Customs must—

(a)

notify the person, and

(b)

give the person 30 days from that notification in which to make representations about whether or not the information should be published.

(6)

Before arranging for the publication of information under this section identifying a person, an authorised officer must have regard to any representations received in accordance with subsection (5).

(7)

An authorised officer must amend or withdraw information published under this section if the officer subsequently considers it to be incorrect or misleading in a significant respect.

(8)

Nothing in this section authorises a disclosure of information if the disclosure would contravene the data protection legislation or would be prohibited by the investigatory powers legislation (but in determining whether a disclosure would do either of those things, the power conferred by this section is to be taken into account).

(9)

In subsection (8)—

“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);

“the investigatory powers legislation” means Parts 1 to 7 and Chapter 1 of Part 9 of the Investigatory Powers Act 2016.

(10)

Nothing in this section limits the circumstances in which information may be disclosed under section 18(2) of the Commissioners for Revenue and Customs Act 2005 or under any other enactment or rule of law.

(11)

For the purposes of this section, a person is a connected person in relation to a proposal or arrangements, or a person within subsection (2)(a)(i), if the person is—

(a)

involved in the promotion of the proposal or arrangements;

(b)

in the case of a proposal or arrangements that involve a trust, a settlor, trustee or beneficiary of the trust, or other person involved in the administration of the trust;

(c)

a director, manager, secretary or other similar officer of the person within subsection (2)(a)(i);

(d)

a person who controls or has significant influence over (within the meaning of Part 2 of Schedule 34 to FA 2014) the person within subsection (2)(a)(i);

(e)

an employee or shareholder of the person within subsection (2)(a)(i).

(12)

In this section “authorised officer” means an officer of Revenue and Customs who is, or is a member of a class of officers who are, authorised by the Commissioners for the purposes of this section.

(13)

Expressions used in Part 5 of FA 2014 have the same meaning in this section as in that Part, unless the contrary intention appears (and, in particular, see sections 234 and 235 of FA 2014 for the meanings of “relevant proposal”, “relevant arrangements” and “promoter” and Schedule 33A to that Act for the meaning of “promotion structure”).