Finance Act 2022
Finance Act 2022 (2022 c. 3)
- Finance Act 2022 (2022 c. 3)
- PART 1 Income tax, corporation tax and capital gains tax
- Income tax charge, rates etc
- 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
- Banking surcharge
- 6 Rate of surcharge and surcharge allowance
- Trading and property income
- 7 Abolition of basis periods
- 8 Profits of property businesses: late accounting date rules
- Pensions
- 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
- Capital allowances
- 12 Extension of temporary increase in annual investment allowance
- 13 Structures and buildings allowances: allowance statements
- Reliefs for investments
- 14 Qualifying asset holding companies
- 15 Real Estate Investment Trusts
- Creative reliefs
- 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
- Capital gains tax: disposals of UK land etc
- 23 Returns for disposals of UK land etc
- International matters
- 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
- Changes in accounting standards etc
- 29 Insurance contracts: change in accounting standards
- 30 Deductions allowance in connection with onerous or impaired leases
- Expanded dormant assets
- 31 Provision in connection with the Dormant Assets Act 2022
- PART 2 Residential property developer tax
- Introduction
- 32 Introduction
- Charge to tax
- 33 Charge to RPDT
- Key concepts
- 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”
- Profits and losses
- 39 Adjusted trading profits and losses
- 40 Attributable joint venture profits and losses
- 41 RPDT reliefs
- 42 Restrictions on RPDT reliefs
- Allowance
- 43 Allowance
- 44 Allowance: joint venture companies
- Application of corporation tax provisions, management etc
- 45 Application of corporation tax provisions and management of RPDT
- 46 Requirement to provide information about payments
- 47 Non-profit housing companies: exit charge
- Miscellaneous
- 48 Groups
- 49 Miscellaneous provision
- 50 Interpretation etc
- Commencement and transitional provisions
- 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
- Stamp duty and stamp duty reserve tax
- 68 Securitisation companies and qualifying transformer vehicles
- Value added tax
- 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
- Insurance premium tax
- 73 Identifying where the risk is situated
- Import duty
- 74 Transitioned trade remedies: decisions by Secretary of State
- 75 Reference documents: amount of import duty
- Fuel duties
- 76 Restriction of use of rebated diesel and biofuels
- Tobacco products duty
- 77 Rates of tobacco products duty
- Vehicle taxes
- 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
- Gaming duty
- 81 Amounts of gross gaming yield charged to gaming duty
- Penalties relating to excise duty
- 82 Excise duty: penalties
- Environmental taxes
- 83 Rates of landfill tax
- 84 Plastic packaging tax
- PART 6 Miscellaneous and final
- Avoidance
- 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
- Free zones and freeports
- 94 Treatment of goods in free zones
- 95 Freeport tax site reliefs: provision about regulations
- Uncertain tax treatment
- 96 Large businesses: notification of uncertain tax treatment
- Discovery assesments etc
- 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
- Temporary powers in disaster or emergency
- 100 Power to make temporary modifications of taxation of employment income
- Emissions certificates for vehicles
- 101 Vehicle CO2 emissions certificates
- ...
- 102 Increase in membership of the Office of Tax Simplification
- Final
- 103 Interpretation
- 104 Short title
- SCHEDULES
- SCHEDULE 1 Abolition of basis periods
- PART 1 Main amendments of ITTOIA 2005
- Chapter 2 (income taxed as trade profits)
- Chapter 3A (trade profits: cash basis)
- Chapter 15 (basis periods)
- PART 2 Other amendments of ITTOIA 2005
- Part 2 (trading income)
- Part 5 (miscellaneous income)
- Part 6A (income charged under ITTOIA 2005: trading and property allowances)
- Part 7 (rent-a-room and qualifying care relief)
- Part 9 (partnerships)
- Part 10 (general provisions)
- Schedule (abbreviations and defined expressions)
- PART 3 Amendments of other Acts
- Taxes Management Act 1970
- Capital Allowances Act 2001
- Income Tax Act 2007
- Taxation (International and Other Provisions) Act 2010
- PART 4 Commencement
- PART 5 Transitional provision: new trades etc
- Application of this Part of this Schedule
- Basis period for the tax year 2023-24
- PART 6 Transitional provision: continuing trades etc
- Application of this Part of this Schedule
- Basis period for tax year 2023-24
- Relevant maximum for purposes of cash basis election
- Late accounting date rules
- Deductions for overlap profit allowed under this Part of this Schedule
- Trade profits if there is no transition part of the basis period for the tax year 2023-24
- Trade profits if there is a transition part of the basis period for the tax year 2023-24
- Treatment of losses arising from deduction for overlap profit
- Spreading of transition profits
- Election to accelerate charge
- Transition profits ignored in averaging of profits of farmers and creative artists
- Calculation of income tax liability on amount of transition profits
- Other modifications
- PART 7 Transitional provision: notional businesses
- Application of this Part of this Schedule
- Basis period for tax year 2023-24
- Deductions for overlap profit allowed under this Part of this Schedule
- Deducted overlap profits in excess of other profits of tax year 2023-24
- SCHEDULE 2 Qualifying asset holding companies
- PART 1 Introduction and conditions for being a QAHC
- Introduction
- Conditions for being a qualifying asset holding company
- Ownership condition
- Only direct and certain indirect interests to constitute “relevant interests”
- Determining relevant interests
- Determining relevant interests: transparent entities
- References to voting power
- Category A investors
- Qualifying funds
- Relevant qualifying investors
- Intermediate company
- Requirement of QAHC to monitor compliance with ownership condition
- Activity condition and investment strategy condition
- PART 2 Becoming a QAHC
- Entry notification
- Entry into regime
- Ownership condition treated as met for initial period
- Corporation tax consequences of becoming a QAHC
- Application of paragraph 17(2) to formerly non-resident companies
- Adjustment of gains to avoid double charge
- Ring fencing of QAHC business
- Disapplication of Part 7ZA of CTA 2010
- Assets entering and leaving the ring fence
- Adjustment of gains to avoid double charge on assets crossing the ringfence
- Information to be provided for accounting periods
- PART 3 Ceasing to be a QAHC
- Exit notification
- Requirement to notify when conditions no longer met
- Curing of certain breaches
- Wind-down period
- Exiting the regime
- Timings of transactions that lead to breach of ownership condition
- Corporation tax consequences of ceasing to be a QAHC
- Certain interest payments made around exit to be treated as made by a QAHC
- PART 4 Groups
- Acquisition of assets into and out of QAHC ring fence business from other member of group
- Continuity of substantial shareholdings between group members
- ...
- Gain or loss arising where section 179 of TCGA 1992 applies in relation to transfer of assets
- PART 5 Close companies, exchange gains and basis of accounting
- Non-close QAHCs treated as close companies for certain purposes
- Exchange gains
- Amortised cost basis not required for certain connected companies relationships
- PART 6 Transfer pricing and corporate interest restriction rules
- Transfer pricing: participation condition always met for investors in a QAHC etc
- Transfer pricing: no small and medium-sized enterprise exemption
- Application of corporate interest restriction rules (non-consolidation of certain subsidiaries)
- Application of corporate interest restriction rules (consolidation of QAHC stacks)
- PART 7 Treatment of certain amounts payable by a QAHC
- Treatment of certain distributions
- Application of hybrid and other mismatches rules where paragraph 44 applies
- Payments of distributions etc to individual to whom the remittance basis applied or who makes a foreign income or gain claim
- Purchase of own shares
- Disapplication of paragraph 47 during cure period for certain non-category A investors
- Transactions in securities rules
- Late interest
- Deeply discounted securities
- PART 8 Overseas property income
- Overseas property income of a QAHC
- PART 9 Disposals of overseas land and certain shares
- No chargeable gain on disposal of overseas land or certain shares
- PART 10 Stamp duty and stamp duty reserve tax
- Stamp duty and SDRT exemption for repurchase of own shares or loan capital
- PART 11 Exemption from section 874 of ITA 2007 (withholding tax)
- PART 12 Supplementary
- Minor and consequential amendments
- Making of notifications and returns
- Interpretation
- Alternative finance arrangements
- SCHEDULE 3 Real Estate Investment Trusts
- Conditions for companies in relation to UK REITs
- Requirements for financial statements
- Balance of business test
- Holders of excessive rights
- Application and commencement
- SCHEDULE 4 Cross-border group relief
- PART 1 Consequential amendments
- CTA 2010
- FA 2013
- Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689)
- PART 2 Commencement
- SCHEDULE 5 Insurance contracts: change in accounting standards
- PART 1 Power to make provision in connection with IFRS 17
- PART 2 Amendments in connection with IFRS 17
- SCHEDULE 6 Dormant assets
- Amendment to TCGA 1992
- Amendment to FA 2008
- Amendments to the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008 (S.I. 2008/2682)
- Exemption for reclaim amounts in respect of individual investment plans
- Power to make provision for the purposes of the Income Tax Acts and TCGA 1992 in relation to dormant assets
- Commencement
- SCHEDULE 7 RPDT reliefs
- PART 1 RPDT loss relief
- Introduction
- Carry forward of a trading loss to next accounting period
- Carry forward of trading losses to subsequent accounting periods
- PART 2 RPDT group relief
- Introduction
- Surrender of company’s losses for an accounting period
- Claims for RPDT group relief
- Giving of RPDT group relief
- Limitation on amount of RPDT group relief to be given
- Arrangements for transfer of companies
- PART 3 RPDT group relief for carried-forward losses
- Introduction
- Surrender of company’s carried-forward losses for an accounting period
- Claims for RPDT group relief for carried-forward losses
- Giving of RPDT group relief for carried-forward losses
- Limitation on amount of group relief for carried-forward losses to be given
- PART 4 Supplementary provision
- Payments for relief
- Change in company ownership
- Meaning of “relief group”
- Meaning of “adjusted trading loss”
- SCHEDULE 8 Management of RPDT
- Amendments of TMA 1970
- Amendments of FA 1998
- SCHEDULE 9 Miscellaneous provision
- Residential property developer tax to be ignored for corporation tax purposes
- Payments made for RPDT reliefs to be ignored for corporation tax purposes
- Provision made or imposed between RPD activities and other activities of the same company
- Provision made or imposed between an RP developer and another person under the same control
- SCHEDULE 10 Public interest business protection tax
- PART 1 Charge
- Charge on value of assets held for qualifying purposes
- Meaning of “public interest business” and “special measures”
- Adjusted value of assets
- PART 2 Joint and several liability
- Liability of associated companies
- Joint and several liability of connected persons and others who may benefit
- Qualifying interests in company, partnership or unincorporated association
- Claim for relief
- PART 3 Administration
- Requirement to file return and pay tax chargeable under paragraph 1
- Notice to file return in respect of joint and several liability under paragraph 4 or 5
- Time limits in relation to assessment under paragraph 9
- Amendments and corrections of return
- HMRC to determine tax where no return made in time
- Enquiry into return
- Completion of enquiry
- Amendment of return by taxpayer during enquiry
- Amendment of return during enquiry by HMRC to prevent loss of tax
- Date by which payment to be made after amendment or correction of self-assessment
- Discovery assessment
- Assessment procedure
- Time limits for assessments
- Appeals
- Duty to preserve records
- Collection and recovery
- Overpaid tax
- Claims under this Schedule
- Penalty for failure to submit return
- Penalties for errors
- Failure to pay public interest business protection tax on time
- Interest
- Application of information, inspection and data-gathering powers
- Documents
- Disclosures to persons who are joint and severally liable to tax
- Application of public interest business protection tax to partnerships and trusts
- Territorial application of tax
- Power to provide for reliefs etc
- PART 4 Supplementary
- Anti-avoidance
- No deduction for public interest business protection tax
- Information sharing
- Application of the Provisional Collection of Taxes Act 1968
- Power to apply, disapply or modify provisions of relevant tax legislation
- Regulations
- Interpretation of Schedule
- Commencement and expiry
- SCHEDULE 11 Restriction of use of rebated diesel and biofuels
- PART 1 Amendments to HODA 1979
- PART 2 Amendments to FA 2021
- SCHEDULE 12 Plastic packaging tax
- No charge for persons below de minimis
- Time of importation
- Reliefs for persons enjoying certain immunities and privileges
- Records
- Groups
- Secondary liability and assessment notices etc: acting in the course of a related business
- SCHEDULE 13 Penalties for facilitating avoidance schemes involving non-resident promoters
- Liability to penalty
- Amount of penalty
- Procedure for assessing penalty etc
- Appeals
- Application of provisions of TMA 1970
- Application of information and inspection powers
- Application
- Interpretation
- SCHEDULE 14 Electronic sales suppression
- PART 1 Introductory
- Meaning of “electronic sales suppression tool” etc
- PART 2 Liability to a penalty
- Penalty for making an electronic sales suppression tool
- Penalty for supplying an electronic sales suppression tool
- Penalty for promoting use of a tool to suppress an electronic sales record
- Amount of a penalty under paragraph 2, 3 or 4
- Penalty for possession etc of an electronic sales suppression tool
- Daily default penalties
- PART 3 Supplementary provision
- Legitimate activity
- Double jeopardy
- Special reduction
- Assessment
- Appeal
- Enforcement
- Application of provisions of TMA 1970
- Power to change amount of penalty
- Interpretation
- PART 4 Information
- Application of Schedule 36 to FA 2008 (information and inspection powers)
- General modifications of Schedule 36 to FA 2008 as applied
- Specific modifications of Schedule 36 to FA 2008 as applied
- SCHEDULE 15 Treatment of goods in free zones
- SCHEDULE 16 Freeport tax site reliefs: provision about regulations
- PART 1 First-year allowance for plant and machinery
- PART 2 Structures and buildings allowances
- PART 3 Stamp duty land tax
- SCHEDULE 17 Large businesses: notification of uncertain tax treatment
- PART 1 Key definitions
- “Company” and “qualifying company”
- “Group”
- “Partnership” and “qualifying partnership”
- “Relevant tax” and “relevant return”
- “Financial year”
- “Turnover” and “balance sheet total”
- PART 2 Requirement to notify HMRC of uncertain tax treatment
- Requirement to notify
- Deadline for notification
- Uncertain tax treatment
- Threshold test
- “Tax advantage” in relation to income tax or corporation tax
- “Tax advantage” in relation to VAT
- Value of a tax advantage
- The “expected amount”
- Relevant period
- Related amounts
- General exemption
- Exemption for certain group transactions
- PART 3 Penalties
- Penalty for non-compliance with paragraph 8
- First, second and further failures
- Reasonable excuse
- Assessment of penalties
- Appeal
- Enforcement
- Power to change amount of penalty
- “Tribunal”
- PART 4 Supplementary
- Regulations
- Application of provisions of TMA 1970
- Interpretation
- PART 5 Consequential Amendments
- PART 6 Commencement
- SCHEDULE 18 Vehicle CO2 emissions certificates
- PART 1 Amendments of CAA 2001
- PART 2 Amendments of ITEPA 2003
- PART 3 Amendments of VERA 1994
- PART 4 Power to make consequential provision
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