Last month Finance (No.2) Bill 2021-22 received Royal Assent and became Finance Act 2022. Royal Assent is the final stage and followed on from completion of the second and third readings in the House of Lords.
Finance Act 2022 includes legislation on a number of tax changes including basis period reform, notification of uncertain tax treatment for large businesses and the new residential property developer tax.
In respect of the 1.25 per cent increase in NIC from 6 April 2022, we understand that HMRC has emailed employers ‘strongly encouraging” them to label the increased National Insurance contributions rate on employee’s payslips as being ‘for the NHS’.
HM Treasury has also released a consultation on whether the UK should implement an online sales tax. No decision has been made on this hence the Government is keen to hear the views of businesses on this issue by the closing date of 20 May 2022.
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