Special report: legislation day 2022

The initial draft clauses for the 2023 Finance Bill were published on 20 July 2022 and include more detail on previously announced proposals. Whilst the government refers to it as draft legislation for Finance Bill 2022/23 in this commentary for clarity it is referred to as draft Finance Bill 2023 (FB 2023). The final contents of the Bill will be subject to confirmation at the next Budget which is likely to be this Autumn.

Business taxes

Collective money purchase schemes

Collective money purchase schemes (CMP) were introduced in the Pension Scheme Act 2021 and enabled employers to provide a new form of pension scheme. CMPs allow financial risks to be shared between employers and employees. They are therefore intended to be less expensive for the employer to run and fund.

It was always intended that payments from a CMP in the process of winding up ...

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