Alongside his reversal of most of the mini-Budget tax proposals, the new chancellor confirmed that several measures would be going ahead as planned:
Scrapping of the health and social care levy: the Health and Social Care Levy (Repeal) Bill received Royal Assent on 25 October 2022. This means that the health and social care levy is abolished from 25 October and will now not come into force. The Act also removes the 1.25 percentage point increase in NICs with effect from 6 November and sets out blended rates for contributions which are charged on an annual basis.
Reduction in stamp duty land tax rates: The Stamp Duty Land Tax (Reduction) Bill was introduced into Parliament on 24 October and received its second reading on the same day. All stages of the Bill had originally been expected to be dealt with in one day, but remaining Parliamentary stages have been delayed (until a date to be announced). The changes made by the Bill will have effect from 23 September 2022.
Economic Crime and Corporate Transparency Bill: the Bill is now being considered by a Public Bill Committee which is due to report back to the House of Commons by 29 November at the latest. The bill aims to tackle the use of company structures by organised criminals by giving greater powers to the Registrar of Companies and law enforcement agencies, particularly around the checking and sharing of information together with new powers to seize cryptoassets. The Committee has launched a call for evidence, inviting views on the Bill. The consultation page also includes a helpful summary of the different Parts of the Bill.
Alongside his reversal of most of the mini-Budget tax proposals, the new chancellor confirmed that several measures would be going ahead as planned:
Scrapping of the health and social care levy: the Health and Social Care Levy (Repeal) Bill received Royal Assent on 25 October 2022. This means that the health and social care levy is abolished from 25 October and will now not come into force. The Act also removes the 1.25 percentage point increase in NICs with effect from 6 November and sets out blended rates for contributions which are charged on an annual basis.
Reduction in stamp duty land tax rates: The Stamp Duty Land Tax (Reduction) Bill was introduced into Parliament on 24 October and received its second reading on the same day. All stages of the Bill had originally been expected to be dealt with in one day, but remaining Parliamentary stages have been delayed (until a date to be announced). The changes made by the Bill will have effect from 23 September 2022.
Economic Crime and Corporate Transparency Bill: the Bill is now being considered by a Public Bill Committee which is due to report back to the House of Commons by 29 November at the latest. The bill aims to tackle the use of company structures by organised criminals by giving greater powers to the Registrar of Companies and law enforcement agencies, particularly around the checking and sharing of information together with new powers to seize cryptoassets. The Committee has launched a call for evidence, inviting views on the Bill. The consultation page also includes a helpful summary of the different Parts of the Bill.
