UK Infrastructure Bank set-up

The UK Infrastructure Bank Bill, announced as part of the measures in the Queen’s speech, represents the final step in setting up the UK Infrastructure Bank as an operationally independent institution. The new Bank officially opened for business in June 2021 but the Bill will remove legal obstacles so the Bank can lend directly to local authorities and the Northern Ireland Executive for infrastructure projects.

The Bank, headquartered in Leeds, is tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK. The establishment of the Bank is expected to result in a long-lasting public institution helping to drive growth across the UK.

Since its launch, the Bank has completed five deals, including financing the UK’s largest solar farm in South Wales, investing £100 million to provide high-capacity broadband to around 500,000 properties in hard-to-reach UK premises and a further £50 million to improve digital connectivity for rural homes and businesses across Northern Ireland.

The bank started with an initial financial capacity of £22bn made up of £12bn in capital and £10bn in government guarantees. This is expected to unlock more than £40 billion of overall investment in local government lending and to the private sector.

Source: HM Treasury Tue, 17 May 2022 00:00:00 +0100

Latest articles

CGT during divorce or separation

If you are part of a couple that is about to separate or divorce, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in your mind it is important that the tax

Taxpayers who return to the UK

There are tax implications that you will need to consider if you previously left the UK to live abroad and are now either returning to live and work in the UK or are considering such a move.

In most cases, if you have returned to live in the UK you

Corporation Tax – marginal relief from 1 April 2023

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 ensuring these

Claiming Child Trust Fund cash

HMRC has published their latest statistics on Child Trust Funds which reveal that whilst 320,000 accounts have now matured, 175,000 funds that have matured remain unclaimed.

If you turned 18 on or after 1 September 2020 there may be cash waiting for