According to a written statment in Hansard, a number of clauses which had been intended for inclusion in Finance Bill 2015 have been deferred "as a result of discussions with the Opposition in the context of the end-of-Parliament wash up process". They are:
- A new tax exemption for travel expenses of members of local authorities (announced July 2014).
- A new statutory exemption from Income Tax for trivial benefits in kind, implementing a recommendation of the Office of Tax Simplification’s review of employee benefits and expenses (announced at Budget 2014).
- Simplifying link company requirements for consortium claims under Corporation Tax (announced Autumn Statement 2014).
- Changes to scheme rules for the Enterprise Investment Scheme and Venture Capital Trusts (announced at Budget 2015) - on which draft legislation has just been published and which are subject to EU State aid approval.
- A separate rate of excise duty for aqua methanol (announced at Budget 2014).
The government says that it intends that measures deferred to a future bill will be legislated at the earliest opportunity in the new parliament.
What's new? Budget 2015 at a glance