UK HM Treasury has announced the publication of the Finance Bill 2021-22 on 4 November 2021, which provides for the implementation of the measures announced as part of the UK Autumn Budget and Spending Review 2021.
Finance Bill 2021-22 published
The Finance Bill 2021-22 was published today (4 November 2021), legislating for tax changes announced by the Chancellor at last week's Budget.
It will extend tax reliefs for museums, galleries, theatres and orchestras, implement the new residential property developer tax, and introduce reforms to tonnage tax, among other changes.
Many changes will come into effect for the next tax year starting in April 2022.
Financial Secretary to the Treasury Lucy Frazer said:
This year's Finance Bill will help us to continue on our mission to deliver a stronger economy for the British people – through stronger growth, jobs and public finances.
The Finance Bill 2021-22 brings forward a number of tax measures from last week's Budget. The Bill helps support a stronger economy for the British people by helping to deliver stronger public finances, tackling tax avoidance and evasion, and contributing towards a simpler and more sustainable tax system.
It does this through:
The Overview of Tax Legislation and Rates (OOTLAR) document, published at Autumn Budget 2021, confirmed the measures going forward in the Bill.
The Finance Bill 2021-22 had its First Reading in Parliament on Tuesday 2 November and will now follow the normal passage through Parliament.