Finance Bill 2022-23 draft legislation released
20 July 2022
Her Majesty’s Revenue and Customs (HMRC) and Her Majesty’s (HM) Treasury have released draft tax legislation for the 2022-23 Finance Bill for consultation before it is laid before parliament.
Items in the following areas have been published:
- Income Tax draft legislation
- Corporation Tax draft legislation
- Capital Gains Tax draft legislation
- Inheritance Tax draft legislation
- Air Passenger Duty draft legislation
- Insurance premium tax draft legislation
- Customs duties and levies draft legislation
- Aggregates Levy draft legislation
- Miscellaneous draft legislation
Items under income tax particularly relevant to the payroll profession are:
- Low earners anomaly: pensions relief relating to net pay arrangements – The proposed remedy for workers who do not receive tax relief as their nominal tax rate is 0%. This will take form as a reimbursement in 2024-25 onwards
- Pension schemes: amendment to taxation of collective money purchase schemes – legislation to allow payments from a collective money purchase pension scheme to be treated as authorised payments during the wind-up period.
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