Finance Act 2022 gets Royal Assent

The Finance Act 2022 has achieved Royal Assent, and includes the economic crime levy.  It sets out:

  • the powers of FCA, HMRC and the Gambling Commission to collect it;
  • how to assess whether a person is subject to the levy on the basis of being medium, large or very large;
  • the levy amounts as £10,000, £36,000 and £250,000 respectively;
  • Treasury’s powers to make legislation on the mechanics of collection;
  • how the “Consolidated Fund” into which the payments will be made works; and
  • the commencement provisions – which is that the requirements have effect for the financial year beginning April 2022 and subsequent years.

Emma Radmore