At the time of the 2014 Budget the government indicated its intention to legislate on the following issues in the 2015 Finance Bill. In most of these cases a consultation exercise has been carried out over the course of the year.
The list below includes a number of issues on which the government stated that legislation would be in ‘a future Finance Bill’, but not necessarily in the 2105 Bill. Where this is the case it is indicated. The list also includes a number of cases where the government declared its intention of consulting on the issue in question but without a firm commitment to make changes.Personal tax
- Capital gains tax: to be charged on gains made by non-residents disposing of UK residential property.
- Personal allowances: availability to non-residents reduced (consultation without commitment)
- Enterprise Investment Scheme and Seed Enterprise Investment Scheme: changes to accommodate use of convertible loans (consultation without commitment; if legislation is required it will be in a future Finance Bill).
- Inheritance tax on trusts: simplification of trust charges and dividing a life time settlement nil-rate band between trusts created by the same settlor.
- Inheritance tax active service exemption: extension to emergency service personnel who die in the line of duty, or whose death is hastened by injury incurred in the line of duty.
- Pensions tax: enabling individuals aged 75 and over to claim tax relief on pension contributions (consultation without commitment).
- Employee Benefits and Expenses: changes following the Office of Tax Simplification review:
- removal of the £8,500 income threshold above which benefits in kind are taxed;
- a statutory exemption for trivial benefits;
- voluntary ‘payrolling’ for benefits in kind;
- replacing the expenses dispensation regime with an exemption.
- Travel and subsistence expenses: review of rules (consultation without commitment; consultation does not close until 31 January 2015).
- Company cars: changes to chargeable percentages for 2017/18 to 2019/20.
- Company vans: reduced benefit charge for zero-emission vans.
- Unapproved share schemes: recommendations by the Office of Tax Simplification to introduce an option for taxpayers to choose whether the tax charge arises on acquisition of securities or at the time they become marketable, and a new employee shareholding vehicle (consultation without commitment).
- Enhanced capital allowances: allowances for zero-emission goods vehicles extended to 2018.
- Oil and gas supplementary charge: new ultra high pressure high temperature cluster allowance to replace the existing ultra high pressure high temperature field allowance.
- Review of oil and gas fiscal regime: including encouraging exploration and reducing decommissioning costs (consultation without commitment; if legislation is required it will be in a future Finance Bill).
Value added tax
- Gift Aid digital: enabling legislation for regulations, to establish a framework for allowing non-charity intermediaries to take a greater role in operating Gift Aid.
- Donor benefits: simplification of rules (consultation without commitment; if legislation is required it will be in a future Finance Bill).
- VAT Avoidance Disclosure Regulations (VADR) – various changes, including placing the obligation to disclose primarily on the scheme promoter (future Finance Bill).
- Vehicles adapted for wheelchair users: reform of rules to target the relief better, reduce fraud and ensure that users of lower limb prosthetics can benefit (future Finance Bill).
- Offshore evasion: increased civil penalties, and a new criminal penalty, for understatement or non-disclosure of income arising overseas (announced after the Budget; no timescale for implementation).
- Disclosure of Tax Avoidance Schemes (DOTAS): strengthening HMRC’s powers to deal with non-compliance with the rules (future Finance Bill).
- Direct recovery of debts: HMRC empowered to recover tax and tax credit debts of £1,000 or more directly from taxpayer bank accounts.
- SDLT: changes to treatment of the seeding of property authorised investment funds and of co-ownership authorised contractual schemes (consultation without commitment).
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