2021–22—Budget and Finance Bill

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ARCHIVED: This Overview has been archived and is not maintained.

This subtopic draws together content on the fiscal events throughout the tax year 2021–22 starting with the publication of draft provisions for Finance Bill 2022 (also known as Finance Bill 2021–22) to the passage through parliament of Finance Act 2022 (FA 2022). For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process.

All the analysis produced in this topic will be collected in Practice Note: 2021–22—Budget and Finance Bill—Tax analysis [Archived].

Finance Bill 2022

Finance Bill 2022 (FB 2022) (officially known as the Finance (No 2) Bill, because it is the second Finance Bill of the 2021–22 Parliamentary

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Latest Tax News

FTT dismisses appeal finding that taxpayer was ‘receiving or entitled’ to income (Smart v HMRC)

Tax analysis: In Smart v HMRC, the First-tier Tax Tribunal (FTT) dismissed the taxpayer’s appeal against assessments and a closure notice charging income tax on distributions paid by entities forming part of a multinational group in one part of which the taxpayer was a partner in an LLP. The FTT held that he was the person ‘receiving or entitled’ to the income and rejected his alternative argument that it should act on the basis that a court would have ordered rescission of various documents under which the income was paid.

FTT refuses HMRC permission to appeal against case management decisions requiring explanation of £96m PAYE determinations (BGC Services Holdings LLP v HMRC)

Tax analysis: In BGC Services Holdings LLP v HMRC, the First-tier Tribunal (FTT) refused HMRC permission to appeal to the Upper Tribunal (UT) against two case management decisions (i) refusing HMRC’s request for further and better particulars from the taxpayer, and (ii) requiring HMRC to particularise in its statement of case how salaried members rules conditions were met for which partners, how the determinations of over £96m were calculated, and the basis for alleging deliberate or careless behaviour on the part of the taxpayer. HMRC now has the right to appeal directly to the UT for permission to appeal the decisions.

UT holds that taxpayers did not have a main purpose of obtaining an income tax advantage (Osmond and Allen v HMRC)

Tax analysis: In Osmond and Allen v HMRC, the Upper Tribunal (UT) allowed the taxpayers’ appeal that the First-tier Tax Tribunal (FTT) erred in law in concluding that, given the taxpayers’ stated purpose of entering into share buybacks in order to secure enterprise investment scheme (EIS) disposal relief, it necessarily followed that they had a main purpose of obtaining an income tax advantage (within the meaning of section 687 of the Income Tax Act 2007).

FTT finds VAT assessment was not made within statutory time limit (Conservatory Insulations Northwest Ltd v HMRC)

Tax analysis: In Conservatory Insulations Northwest Ltd v HMRC, the First-tier Tax Tribunal (FTT) refused HMRC’s application to strike out the taxpayer’s appeal, and allowed that appeal. The appeal concerned a question of fact: whether a VAT assessment had been issued to the appellant within the statutory time limit, and the FTT agreed with the appellant that it had not been made in time.

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