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.