Finance Act 2022 received royal assent on 24 February 2022. Key measures include the new tax regimes for qualifying asset holding companies and residential property developers as well as a new economic crime levy a public interest business protection tax and the abolition of basis periods for trades professions and vocations from 2024/25.
With effect from royal assent HMRC will have the power to present a winding-up petition to the court for companies and partnerships operating against the public interest – including those involved in the promotion management and facilitation of tax avoidance (s 85).
HMRC will be able to publish information on tax avoidance schemes suspected promoters those connected to them and others who make such schemes available. The aim is to inform taxpayers and protect the public revenue. If a person is to be identified they must be given...
