Weekly tax highlights ― 8 November 2021

Produced by Tolley

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Weekly tax highlights ― 8 November 2021
  • Finance Bill
  • Finance Bill 2022 published
  • Coronavirus (COVID-19)
  • SEISS ‘non-filers’ letter
  • Direct taxes
  • Designated freeport tax sites
  • HMRC clarifies requirements for loss carry-back allocation statements for group companies
  • NIC ― UK agreement with Switzerland
  • Indirect taxes
  • More...

Weekly tax highlights ― 8 November 2021

Finance Bill

Finance Bill 2022 published

Finance Bill 2022 was published on 4 November 2021.

Running to 185 pages of substantive legislation, with 102 clauses and 16 Schedules, the Bill is available on the UK Parliament website. Formally known as ‘Finance (No 2) Bill’ (as the second Finance Bill this year within the same Parliamentary session), the Bill will become Finance Act 2022 following Royal Assent which is expected before the start of the 2022/23 tax year.

Explanatory Notes are also available alongside the Bill as usual (under the ‘Publications’ tab).

Second Reading of the Bill has been scheduled for 16 November 2021, following the House of Commons November recess (10 to 14 November).

To track the Finance Bill as it makes its way through the Parliamentary process, see Tolley’s Finance Bill Tracking Service, Finance Bill 2022.

Coronavirus (COVID-19)

SEISS ‘non-filers’ letter

HMRC is writing to taxpayers who claimed the first, second and / or third grants under the self-employment income support scheme (SEISS), and who either have yet to file their tax return for 2019/20 or have not yet completed the self-employment or partnership pages.

The letter advises taxpayers to file their 2019/20 returns or complete the relevant pages within 30 days. HMRC will then check their eligibility for the SEISS grant(s) claimed. The letter is not being copied to agents but suggests that recipients show the letter to their tax adviser if they have one.

Direct taxes

Designated freeport tax sites

The Treasury has issued the following Regulations which designate various locations as freeport

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