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21.12.2022

United Kingdom: HMRC publish ‘Guidelines for compliance’

With the surge in energy prices, the increased cost of living and rising interest rates, there are challenging economic times ahead both for the UK and globally. The International Monetary Fund has predicted that one third of the global economy will fall into recession over the next year or so. The UK Autumn Statement 2022 issued by Chancellor Jeremy Hunt, reverses much of the changes introduced by the Truss government and seeks to put the UK economy back on track.

The main business-related outcomes from the Autumn Statement 2022 are identified in the table below:

 

Pre-Autumn
2022 Statement

Post-Autumn
2022 Statement

Corporation Tax

19%

23% from April 2023

Banking Corporation Tax Surcharge

8%

3% (for banks with profits over £100 million) from April 2023

Energy (Oil and Gas) Profits Levy (EPL) & Investment Allowance (IA)

EPL – 25%

IA – 80%

EPL – 35% from Jan 2023

IA – 29% from Jan 2023

Electricity Generator Levy

 

45% from Jan 2023

New levy for extraordinary returns from low-carbon UK electricity generation.

Research and Development Expenditure Credit (RDEC)

13%

20%

(The Government will introduce legislation to reform R&D tax reliefs by expanding qualifying expenditure to refocusing support towards UK innovation and to target abuse and improve compliance.)

Diverted Profits Tax

25%

31% from April 2023

Transfer pricing documentation

 

From April 2023, large multinational businesses will need to keep all transfer pricing documentation in a ‘prescribed and standardised’ format (OECD’s Transfer Pricing Guidelines - Master File and Local File).

Investment zones

 

The government’s new proposal to set up dedicated geographic areas with specific tax and regulatory rules intended to drive economic growth. The rules are still to be confirmed.


Over the next five years the government will also be investing £79 million in HMRC to resource investigations into serious tax fraud offences, as well as address tax compliance among wealthy taxpayers. The investment is likely to result in returns of circa £725 million of additional tax revenue.

If you wish to discuss this topic, please contact: Hansuke Consulting, London

Read the WTS Global Financial Services Newsletter here.

WTS Global Financial Services Newsletter #27/2021
News from nine European countries with a focus on the international Financial Services industry
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