The Finance Act 2022, Schedule 10 (Public Interest Business Protection Tax) (Substitution of Date) Regulations 2022

Schedule 10 to the Finance Act 2022 (c. 3) provides for a tax called the public interest business protection tax. (“PIBPT”). In summary, a person is liable to PIBPT where a specified type of business enters any one of a number of prescribed insolvency procedures (referred to in the Act as “special measures”) and that person has taken steps which deprive the business of the use of its assets and which materially contributed to the business entering special measures or to a significant increase in the cost of the business.