Simpson Wood Limited Autumn Statement 2022

Tax conditionality: licensing in Scotland and Northern Ireland The requirement to make the renewal of certain licences in Scotland and Northern Ireland conditional on applicants completing checks to confirm they are appropriately registered for tax will now come into force for licence renewals from October 2023 rather than April 2023. Investment zones The government will refocus the investment zones programme to create a limited number of high potential clusters, working with local stakeholders, to be announced in the coming months. Existing expressions of interest will not be taken forward. Tariff suspensions Tariffs on over 100 imported goods will be removed for two years to help reduce costs for UK producers. EU regulations By the end of next year, the government will decide and announce changes to EU regulations in the UK’s growth industries: digital technology, life sciences, green industries, financial services and advanced manufacturing. Solvency II In its consultation response the government said it would introduce a "simpler, clearer and much more tailored regime". The required risk margin would be reduced significantly, with a 65% cut for long term life insurance business. Bank corporation tax (CT) surcharge The proposed changes to the bank CT surcharge will go ahead, following the decision to proceed with the CT main rate increase to 25% from April 2023. This means that banks will be charged an additional 3% on their profits above £100 million. Diverted profits tax The rate of diverted profits tax (on profits diverted out of the UK) will increase from 25% to 31% from April 2023, maintaining a six percentage points differential above CT. 9 17 November 2022 l AUTUMN STATEMENT