`The Chartered Institute of Payroll Professionals
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Published: 9 November 2022 Emailed: 9 November 2022 Following the implementation of the Economic Crime (Transparency and Enforcement) 2022 Act, the UK government is moving forward with a further bill to tackle economic crime.
The Economic Crime and Corporate Transparency Bill seeks to deliver in these key areas:
reforms to Companies House
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• reforms to prevent the abuse of limited partnerships • additional powers to seize and recover suspected criminal cryptoassets • reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime • new intelligence gathering powers for law enforcement and removal of nugatory burdens on business.
Companies house reforms include:
• introducing identity verification for all existing company directors as well as new directors, people with significant control and those delivering documents • broadening the registrar’s powers to effectively gatekeep the date input onto the system • allowing Companies House access to more effective investigation and enforcement powers, cross checking data with other public sector bodies • enhance protections of personal information held on the system • reforms to clamp down on the misuse of corporate entities. These reforms and changes, aimed at illicit financial crime, will surely have an impact on the operations of a large number of businesses across the UK. Accountancy firms with large client bases may need to review processes to ensure resiliency when these reforms come into place.
The Bill as introduced can be read here.
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Autumn Finance Bill 2022 published and had first reading Published: 24 November 2022 Emailed: 30 November 2022
Following the Autumn Statement, many of the measures announced require legislation to bring them into law.
The Bill was introduced on 22 November 2022 into the house of commons and is due to get its second reading on 28 November 2022. Following this it will go to committee and report stage on 30 November, as long as no amendments to the bill are required.
The bill introduces measure for:
the energy profits levy
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• amending the threshold for the additional rate of income tax • reducing the dividend allowance • changes to the vehicle excise duty and company car tax rates • freezing income tax thresholds for a further 2 years • research and development tax relief reforms.
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Employment Relations (Flexible Working) Bill Published: 5 December 2022 Emailed: 7 December 2022
cipp.org.uk
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