Current Consultations from HMRC and HM Treasury and measures heading for the 2015 Finance Bill.

HM Revenue and Customs

  1. Offshore anti-avoidance: new proposals to toughen up sanctions include making a failure to declare offshore income or gains a criminal offence
  2. Legislating Extra Statutory Concession D33
  3. Strengthening the Tax Avoidance Disclosure Regimes
  4. Implementing agreements under the global standard on automatic exchange of information
  5. Internationally mobile employees and earnings related securities
  6. Inheritance Tax: exemption for emergency service personnel
  7. Annual Tax on Enveloped Dwellings: reducing the administrative burden for business
  8. Stamp Duty Land Tax rules for property investment funds
  9. Marketable employment related securites: new proposals will postpone upfront income tax charge
  10. Employee Shareholding Vehicles: consultation on designing a modern statutory EBT
  11. Improving the operation of the Construction Industry Scheme (CIS)
  12. Employee benefits and expenses: abolition of the £8,500 threshold for lower paid employment and form P9D
  13. Employee benefits and expenses: exemption for paid or reimbursed expenses
  14. Employee benefits and expenses: trivial benefits exemption
  15. Employee benefits and expenses: real time collection of tax on benefits in kind and expenses through voluntary payrolling
  16. VAT: Prompt Payment Discounts

HM Treasury Consultations 

  1. Travel and subsistence review: few details are given there seems to be concern that the employee rules are being abused
  2. Restricting non-residents’ entitlement to the UK personal allowance
  3. Stamp Duty Land Tax rules for property investment funds
  4. New employee shareholding vehicle: see above
  5. Tax-advantaged venture capital schemes: ensuring continued support for small and growing businesses

Key closed consultations: expected in Finance Bill 2015

    1. Direct Recovery of Tax Debts - the Government's unpopular proposals for HMRC to raid taxpayer's bank accounts without court sanction.
    2. 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.
    3. Inheritance Tax: proposals to restrict the nil-rate band - when the settlor makes a number of settlements.