Wednesday 2 March 2022

UK: The Finance Act 2022

A copy of the Finance Act 2022, which received Royal Assent last month, has been published: see here or  here (pdf). The materials accompanying the Act when it was, as a Bill, before Parliament are available here.

Amongst the provisions in the Act, the following are - for me - particularly noteworthy: sections 7 and 8 (replacing the current system of basis periods, and introducing a new method through which self-employment income/profits are allocated to tax years); sections 53 to 66 (the framework introducing the new Economic Crime (Anti-Money Laundering) levy); section 85 (providing HMRC officers with the power to seek the winding-up of a company, in the public interest, to protect the public revenue); and section 96 (the introduction of a new disclosure requirement, for large businesses, in respect of the 'uncertain tax treatment' of items in a tax return). 

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