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


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


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)


Insurance Premium Tax 


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