There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 2022. Any changes that have already been made by the team appear in the content and are referenced with annotations.
(1)The levy is charged for a financial year if—
(a)a person carries on a regulated business at any point during the financial year, and
(b)the person’s UK revenue for the financial year is medium, large or very large (see section 55).
(2)The amount charged for a financial year is—
(a)in the case of a person whose UK revenue for the financial year is medium, £10,000;
(b)in the case of a person whose UK revenue for the financial year is large, £36,000;
(c)in the case of a person whose UK revenue for the financial year is very large, [F1£500,000].
(3)The amounts specified in subsection (2) are to be proportionately reduced in the case of a person who carries on a regulated business only for part of the financial year.
(4)No amount of payment made in respect of the levy is to be taken into account in calculating profits or losses for the purposes of income tax or corporation tax.
Textual Amendments
F1Sum in s. 54(2)(c) substituted (1.4.2024 for the financial year beginning with April 2024 and subsequent financial years) by Finance (No. 2) Act 2024 (c. 12), s. 21
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
