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Finance Act 2022

ICAEW representations and responses to draft legislation, along with TIINS, explanatory notes and external commentary on the Bill and Act.

The Finance Act 2022 received Royal Assent on 24 February 2022. On this page you can find parliamentary papers, ICAEW representations and other commentary on the Bill's progress into law.

The Finance Act

Finance Act 2022
The full text of the Act as enacted on 24 February 2022.

The Finance Bill

Finance (No. 2) Bill 2021
Text of the of the Bill as introduced on 4 November 2021, accompanied by explanatory notes, subsequent versions, and record of its progress through parliament.

Finance Bill 2021–22
Collection of supporting documents for Finance Bill 2021–22, including draft legislation first published on 20 July 2021 on income tax, corporation tax, insurance premium tax, and anti-avoidance. Also includes measures with effect from 27 October 2021 on diverted profits tax.

Timeline of drafts and ICAEW representations

Draft Finance Bill 2021–22 and ICAEW responses

Draft legislation published for Finance Bill 2021–22
20 July 2021, HM Treasury and HMRC
Draft legislation, supporting documents and tax information and impact notes (TIIN) covering proposed measures on income tax, corporation tax, insurance premium tax, anti-avoidance, and other issues.

ICAEW REP 77/21: Basis Period Reform
27 August 2021, ICAEW
ICAEW representation responding to the draft legislation. It urges the government not to implement proposals, and warns that the proposed reform is likely to increase costs, complexity and uncertainty for those businesses affected and could damage the UK’s attractiveness as a place for the location of international service firms.

ICAEW REP 85/21: Promoters of tax avoidance schemes
14 September 2021, ICAEW
ICAEW representation responding to the draft legislation. It points out that the legislation includes subjective terms and tests which are open to interpretation, and recommends that they are amended or that HMRC creates guidance outlining its interpretation to avoid confusion.

ICAEW REP 86/21: Notification of uncertain tax treatments
14 September 2021, ICAEW
ICAEW representation responding to the draft legislation. It concludes that the proposed measures will introduce additional complexity and not provide the clarity needed by taxpayers.

ICAEW REP 99/21: Residential property developer tax draft legislation
13 October 2021, ICAEW
ICAEW representation response. It discusses concerns and makes recommendations on clauses regarding RPD activities, joint venture companies, and groups.

ICAEW REP 123/21: Finance (No.2) Bill 2021–22 CL 94 Sch15: Notification of uncertain tax treatments
12 October 2021, ICAEW
ICAEW written submission to the House of Lords Economic Affairs Committee Finance Bill Sub-Committee on basis period reform and notification by large businesses of uncertain tax treatment.

Autumn Budget 2021

Chancellor launches vision for future public spending
7 September 2021, HM Treasury
The Chancellor announces that the government will publish Autumn Budget 2021 on 27 October 2021, alongside Spending Review 2021.

ICAEW hub: Autumn Budget 2021
See ICAEW's analysis of key announcements, explainer webinars, and news. Also includes ICAEW's letter to the Chancellor ahead of Autumn Budget 2021 and representation to the Treasury.

Notes on Finance Bill 2021–22 resolutions
27 October 2021, HMRC
Explanatory notes giving a brief description of each Finance Bill resolution.

Finance (No. 2) Bill

Finance (No. 2) Bill
Published on 4 November 2021.

Note on new Finance Bill resolution at Second Reading
17 November 2021, HM Treasury
A brief note on diverted profits tax and corporation tax closure notices.

ICAEW REP 122/21: Finance (No.2) Bill 2021–22 CL 94 Sch15: Notification of uncertain tax treatment
7 December 2021, ICAEW
ICAEW representation response. It raises concerns and makes recommendations relating to discovery assessments, quantification of tax advantage, transfer pricing, and notification of uncertainties.

Finance Act 2022

The Bill received Royal Assent on 24 February 2022 and became the Finance Act 2022.

Commentary from firms and other external resources

Tax experts have produced analysis of the clauses from the initial release of the draft clauses through to the passage of the Bill through Parliament.

BDO Insights
News and opinion from BDO, including:

KPMG Tax Matters Digest
A bi-weekly newsletter covering UK tax developments with KPMG's analysis. Key commentary on the Finance Bill 2021–22 include:

RSM UK Weekly tax brief
Regular feature of RSM's blog commenting on tax issues and news. Articles on the Finance Bill 2021–22 include:

Articles and books in the Library collection

To find out how you can borrow books from the Library please see our guide to book loans.

You can obtain copies of articles or extracts of books and reports through our document supply service.


The Library holds an extensive collection of Finance Acts (from the 19th century onwards), Finance Bills (from 1951 onwards), Debates on the Finance Bill as recorded in Hansard, and Standing Committee Debates on the Finance Bills (from 1968 onwards). Alongside this you can also find many publications from the ICAEW and other bodies on the Finance Acts.

We also maintain an online archive of links and resources for Finance Acts 1980–1999 and for Finance Acts 2000–2004.

See LibCat, our online catalogue, for details of our holdings of:

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