ÀÏ˾»úÎçÒ¹¸£Àû

Tax News

Brexit Bulletin—Retained EU Law (Revocation and Reform) Bill introduced

Published on: 23 September 2022
Published by a

Specialist Tax Regulatory Materials

news-detailpage-img

Article summary

On 22 September 2022, the government introduced the Retained EU Law (Revocation and Reform) Bill 2022 to Parliament. Previously referred to as the ‘Brexit Freedoms Bill’, the legislation is intended to ‘put the UK statute book on a more sustainable footing’ post-Brexit, by ending the special status of retained EU law under UK law. Announcing the Bill, the government noted that retained EU Law ‘was never intended to sit on the statute book indefinitely’. Accordingly, the Bill makes provision for abolishing the special status of retained EU law in UK law from the end of 2023 and will enable the government to specify, amend, repeal and replace retained EU law more easily via secondary legislation. The Bill contains provisions on sunsetting the majority of retained EU law, ending the principle of supremacy of retained EU law and associated EU law principles in UK law, creating a new category of ‘assimilated law’, facilitating departures from retained EU case law, allowing easier modification of retained EU legislation, and further powers relating to EU...

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Popular Articles

BPR ― trading and investment businesses

BPR ― trading and investment businessesIntroductionThe basic qualification rules for business property relief (BPR) are illustrated in the Flowchart ― trading or investment business for BPR purposes.For an overview of BPR, see the BPR overview guidance note.Relevant business propertyThe main

14 Jul 2020 15:36 | Produced by Tolley Read more Read more

Non-trading deficits on loan relationships

Non-trading deficits on loan relationshipsOverview of non-trading deficits (NTDs)When a company’s debits on its non-trading loan relationships and derivative contracts in an accounting period exceed the credits on its non-trading loan relationships and derivative contracts in the same period (the

14 Jul 2020 12:17 | Produced by Tolley Read more Read more

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more Read more