Finance Act 2022: Contents

A handy index to the Finance Act 2022. 

Finance Act 2022 received Royal Assent on 25 February 2022. This is a summary of its contents.

Our summary of the bill is found in our Tax Update and Rolling Tax Planner 2022-23.

The actual legislation is available here.

CONTENTS

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 (RPDT)

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 OTHER TAXES

67 Public interest business protection ta

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 5 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 86, 87 and 88: 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

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

Office of Tax Simplification

102 Increase in membership of the Office of Tax Simplification

Final

103 Interpretation

104 Short title

Schedules

Schedule 1 — Abolition of basis periods 

Schedule 2 — Qualifying asset holding companies QAHC 

Schedule 3 — Real Estate Investment Trusts

Schedule 4 — Cross-border group relief 

Schedule 5 — Insurance contracts: change in accounting standards 

Schedule 6 — Dormant assets Schedule 

Schedule 7 —RPDT (residential property developer tax) Reliefs

Schedule 8 — Management of RPDT

Schedule 9 — RPDT Miscellaneous provision

Schedule 10 —Public Interest Business Protection

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

Schedule 17 — Large businesses: notification of uncertain tax treatment 

Schedule 18— Vehicle CO2 emissions certificates