Current Consultations from HMRC and HM Treasury and measures heading for the 2015 Finance Bill.
HM Revenue and Customs
- Offshore anti-avoidance: new proposals to toughen up sanctions include making a failure to declare offshore income or gains a criminal offence
- Legislating Extra Statutory Concession D33
- Strengthening the Tax Avoidance Disclosure Regimes
- Implementing agreements under the global standard on automatic exchange of information
- Internationally mobile employees and earnings related securities
- Inheritance Tax: exemption for emergency service personnel
- Annual Tax on Enveloped Dwellings: reducing the administrative burden for business
- Stamp Duty Land Tax rules for property investment funds
- Marketable employment related securites: new proposals will postpone upfront income tax charge
- Employee Shareholding Vehicles: consultation on designing a modern statutory EBT
- Improving the operation of the Construction Industry Scheme (CIS)
- Employee benefits and expenses: abolition of the £8,500 threshold for lower paid employment and form P9D
- Employee benefits and expenses: exemption for paid or reimbursed expenses
- Employee benefits and expenses: trivial benefits exemption
- Employee benefits and expenses: real time collection of tax on benefits in kind and expenses through voluntary payrolling
- VAT: Prompt Payment Discounts
HM Treasury Consultations
- Travel and subsistence review: few details are given there seems to be concern that the employee rules are being abused
- Restricting non-residents’ entitlement to the UK personal allowance
- Stamp Duty Land Tax rules for property investment funds
- New employee shareholding vehicle: see above
- Tax-advantaged venture capital schemes: ensuring continued support for small and growing businesses
Key closed consultations: expected in Finance Bill 2015
- Direct Recovery of Tax Debts - the Government's unpopular proposals for HMRC to raid taxpayer's bank accounts without court sanction.
- A capital gains tax charge on non-residents - more detail expected in Autumn 2015, possible end to second home "flipping", loss of PRR for non-residents.
- Inheritance Tax: proposals to restrict the nil-rate band - when the settlor makes a number of settlements.
