Print

A set of draft legislation, together with policy papers and consultations were published on 20 July 2021, for inclusion in Finance Bill 2021-22. These are our edited highlights of the proposed new legislation.

Further details of other ongoing consultations and proposals see our 2021 Tax Planner and Rolling Update 2021-22.


Income Tax 

See Consultation: Income Tax Basis Period reform


Pensions 

Increasing the normal minimum pension age

See Pensions: Unauthorised payment charges

Pension Scheme Pays reporting: information and notice deadlines

See Pensions: tax charge for excess contributions


Capital allowances

Amendment to allowance statement for structures and buildings allowance


Corporation Tax

These initial proposals are unlikely to affect most Small to Medium-sized Enterprises (SMEs) and OMBs. They include:

Changes to the definition of asset holding companies in alternative fund structures

Amendments to REITS

Amendments to hybrid and other mismatches rules

Large business: notification of uncertain tax treatment


Anti-avoidance 

New proposals to clamp down on promoters of tax avoidance

Following an April 2021 consultation, proposed legislation for Finance Bill 2022 will give HMRC new powers to:

 

Powers to tackle Electronic Sales Suppression (ESS)


Other

Insurance Premium Tax 

Tobacco


Squirrel ad


Are you enjoying our content? 

Thousands of accountants and advisers and their clients use www.rossmartin.co.uk as their primary TAX resource.

Register with us now to receive our unique FREE Tax Planning Tips and Advice Guide & our FREE OMB Newsletter.