Part 1 Charge
Finance Act 2022 (2022 c 3) | Legislation

SCHEDULE 10 Public Interest Business Protection Tax

Section 67

Part 1 Charge

Charge on value of assets held for qualifying purposes

1

(1)     Where—

(a)     a person (“P”) takes disqualifying steps in relation to an asset in disqualifying circumstances, and

(b)     the £100 million threshold condition is met in relation to the person (whether before, at the same time as or after those steps were taken),

P is liable to pay a tax equal to 75% of the asset's adjusted value (see paragraph 3).

(2)     The tax is to be known as public interest business protection tax and the Commissioners for Her Majesty's Revenue and Customs are responsible for its collection and management.

(3)     P takes disqualifying steps in relation to an asset in disqualifying circumstances if—

(a)     it is reasonable to conclude that the asset was held by P wholly or partly for the purposes of it being used or being available for use for the benefit of a public interest business carried on by P or by a person connected to P,

(b)     steps are taken by P, or by P together with others, that result in the asset not being used to some

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