- On 4 November 2021, Government published the Finance Bill 2021-22 which legislates for the tax changes announced by the Chancellor at the Budget on 27 October 2021.
- Government’s publication can be found here and the Finance Bill can be viewed here.
Some of the key measures are detailed below;
- Increasing the dividend rates by 1.25% from 6 April 2022 and introducing a Health and Social Care Levy. Our Budget news sets out the new rates which will be applicable.
- Part 5 of the Bill includes measures announced in the Budget to clamp down on tax avoidance;
- Section 84 gives HMRC the power to wind up a company where they consider it is necessary in the public interest. A Revenue officer may present a petition to the court for the winding up of the body.
- Section 85 allows for HMRC to arrange for the publication of any information (including documents) the officer considers appropriate for the purposes of informing taxpayers about risks associated with, or concerns the officer has about, the proposal or arrangements, or protecting the public revenue.
- Section 86 provides the power for HMRC to freeze the assets of a promoter of tax avoidance so that the penalties for which they are liable are paid.
- Schedule 12 of the Bill makes provision for and about penalties for facilitating avoidance schemes involving non-resident (offshore) promoters. Schedule 12 will also see amendment to Schedule 13 of the Finance Act 2020 (joint and several liability of company directors etc), whereby in paragraph 5(6) after paragraph (e) the following paragraph will be inserted;
"(f) Schedule 12 to FA 2022 (penalties for facilitating avoidance schemes involving non-resident promoters).”
- Increasing the normal minimum pension age from 55 to 57, effective from 6 April 2028. This is the age at which most pension savers can access their pensions without incurring an unauthorised payments charge.
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