ey-global-tax-policy-outlook-for-2015

United Kingdom
2.5 Fiscal stimulus in 2015
2.6 Political landscape
• A general election will be held during May 2015.
• There is a public focus on the “fair tax” debate and tax
transparency to the tax authority.
• Scotland voted to remain part of the UK in the referendum
on independence in September 2014. Subsequently, Lord
Smith’s Commission on Scotland set out proposals for the
devolution of income tax rates and thresholds but not for the
devolution of corporation tax.
•
devolve corporation tax setting powers to Northern Ireland
provided that the Northern Ireland executive can show that
stamp duty changes, will prompt calls for more reform in
Scotland.
•
business rates) is also being pursued.
2.7 Current tax policy and tax administration
leaders
Tax policy leaders
2.8 Key tax policy changes in 2014
• The Finance Act 2014 received Royal Assent on 17 July
2014 and legislated for the following tax changes:
• Increasing the tax-free personal allowance to £10,000 in
2014–15
• Introducing a new, transferable tax allowance for married
couples and civil partners from 2015–16 where neither
partner is a higher or additional rate taxpayer and one
partner has not used up his or her full allowance
• Reducing the starting rate of income tax on savings from
10% to 0%
• Measures related to giving individuals greater choice about
from April 2015
• Increasing the annual investment allowance to £500,000
investments in plant and machinery
•
making small and medium-sized enterprises (SMEs)
• Enabling HMRC to issue a “Notice to Pay” to taxpayers for
tax in dispute
• Extending the annual tax on enveloped dwellings
for residential properties to be held as investments in
corporate “envelopes” and left unoccupied
• Tackling the avoidance of employment taxes, by taking
action to prevent employment intermediaries from
disguising employment as false self-employment
•
•
•
• Priti Patel, Exchequer Secretary to the Treasury
• Andrea Leadsom, Economic Secretary to the Treasury
•
Treasury
Tax administration leaders
• Lin Homer, Chief Executive and Permanent Secretary at HM
• Edward Troup, Tax Assurance Commissioner and Second
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