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
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
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
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
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
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
52 Anti-forestalling: accelerated profits
PART 3
Economic crime (anti-money laundering) levy
53 Economic crime (anti-money laundering) levy
58 Assessment, payment, collection and recovery
59 Payments into Consolidated Fund
60 Application to partnerships
63 Power to make consequential provision
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
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
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 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
PART 5Other taxes
Insurance premium tax
73Identifying where the risk is situated
(1)
In Schedule 7A to FA 1994 (insurance premium tax: contracts that are not taxable), paragraph 8 (contracts relating to risks outside the United Kingdom) is amended as follows.
(2)
In sub-paragraph (2) for the words from “regulations made under section 424(3) of the Financial Services and Markets Act 2000” to the end substitute “the Table in sub-paragraph (3)”
.
(3)
“(3)
This is the Table referred to in sub-paragraph (2)—
Where—
The risk is situated in—
the contract relates to a building, to some or all of the contents of a building or to a building and some or all of its contents
the country or territory in which the building is situated
the contract relates to vehicles of any type
the country or territory in which the vehicle is registered
the contract covers travel or holiday risks and has a duration of four months or less
the country or territory in which the policyholder entered into the contract
the contract does not fall within any of the previous entries and the policyholder is an individual
the country or territory in which the policyholder is habitually resident on the date on which the contract is entered into
the contract does not fall within any of the previous entries
the country or territory in which the establishment of the policyholder to which the contract relates is situated on the date on which the contract is entered into.
(4)
For the purposes of the last entry in the Table, “establishment”, in relation to a policyholder (“P”), means—
(a)
P’s head office or any of P’s agencies or branches, or
(b)
any permanent presence of P (which need not take the form of a branch or agency and, for example, may consist of an office managed by P’s staff or by a person who is independent of P but who has permanent authority to act for P as if the person were an agency).”
(4)
The amendments made by this section have effect in relation to contracts of insurance entered into on or after the day on which this Act is passed.