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estrict travel and subsistence relief for workers engaged through an employmentintermediary, such as an umbrella company or a personal service company, and underthe supervision, direction and control of the end-user. This will take effect from April2016 following a consultation on the detail of the changes. It will level the playing field betweenemployment businesses that seek to lower their costs by using these arrangements and thosethat do not.1.251 Stakeholders have also raised concerns that individuals do not understand how theirtake-home pay is affected by these arrangements. The government wants employmentintermediaries to provide workers with greater transparency on how they are employed, andwhat they are being paid. The Department of Business Innovation and Skills will consult on theseproposals on transparency later this year.Capital gains tax1.252 The government is committed to supporting entrepreneurs and wants to ensure thatcapital gains tax entrepreneurs’ relief is well targeted. The government will therefore addressuse of the entrepreneurs’ relief rules for tax planning which is not in keeping with the policyintention. The government will target structures set up so that people with only asmall indirect stake in a trading company can benefit from the relief. The governmentwill also ensure that entrepreneurs’ relief on the disposal of personal assets used ina business is only available when someone is making a meaningful withdrawal fromthat business.Tobacco1.253 Raw tobacco represents an increasing risk to excise duty revenues, but under current law,raw tobacco can only be seized when officers can prove an intention to fraudulently evade dutyat the time of seizure. To prevent raw tobacco being diverted into the illegal market,the government will introduce a registration scheme for users and dealers of rawtobacco before the end of 2016.1.254 Smoking imposes costs on society and it is fair to ask tobacco manufacturers andimporters to make a greater contribution towards these costs. However it is essential that thisis done in the most effective way. At Autumn Statement 2014, the government announced aconsultation on a tobacco levy. The responses revealed issues that the government would like toexplore further, and so the consultation will be continued informally with stakeholders in orderto develop detailed policy proposals.62 Budget 2015
2 Budget policy decisions2.1 Chapter 1 explains how the measures announced in this Budget advance the government’slong-term economic plan. This chapter provides a brief description of all Budget policy decisions.There are decisions on tax measures, National Insurance contributions (NICs), measures thataffect Annually Managed Expenditure (AME), changes to Departmental Expenditure Limits (DEL)and other policy measures. Unless stated otherwise, measures in this chapter are measuresannounced at this Budget. The tables in this chapter set out the cost or yield of all Budget policydecisions with a fiscal impact in the years up to 2019-20.Fiscal impacts of Budget policy decisions2.2 Alongside this Budget, the Office for Budget Responsibility (OBR) has published anindependent forecast of the public finances and the economy, incorporating Budget policydecisions. To produce the Budget forecast, the OBR has certified the government’s assessmentof the direct cost or yield of Budget policy decisions that affect the economy and public financeforecasts and has made an assessment of the indirect effects of Budget measures on theeconomy.2.3 Table 2.1 shows the cost or yield of all new Budget 2015 decisions with a direct effect onpublic sector net borrowing. This includes tax measures, changes to allocated DEL, and measuresaffecting AME, including the total fiscal impact of the measures affecting the welfare cap.2.4 Consistent with its commitment to transparency, the government is also publishing themethodology underlying the calculation of the fiscal impact of each policy decision. This isincluded in the supplementary document ‘Budget 2015 policy costings’ published alongside thisBudget. 12.5 The supplementary document ‘Overview of Tax Legislation and Rates’, published alongsidethis Budget, provides a more detailed explanation of tax measures included in this chapter and asummary of their impacts. 21‘Budget 2015 policy costings’, HM Treasury, Department for Work and Pensions, and HM Revenue and Customs,March 20152‘Overview of Tax Legislation and Rates’, HM Treasury and HM Revenue and Customs, March 2015Budget 201563
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BUDGET 2015HC 1093March 2015
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© Crown copyright 2015This publica
Page 6 and 7:
Executive SummaryWhen this Parliame
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Public sector net debt is forecast
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Chapter 2 sets out all measures ann
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Budget Report
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monetary policy and measures to sup
Page 16 and 17: Chart 1.2: International comparison
Page 18 and 19: developed countries. 19 The recent
Page 20 and 21: 1.27 The UK economy faces a number
Page 22 and 23: 1.39 Inflation fell markedly to 0.5
Page 24 and 25: Financial sector and other asset sa
Page 26 and 27: Fiscal forecast1.57 As set out in T
Page 28 and 29: Chart 1.6: Consolidation in the cyc
Page 30 and 31: shocks to the economy, even though
Page 32 and 33: and focus their budgets on providin
Page 34 and 35: of options to integrate spending ar
Page 36 and 37: Devolution1.95 The government conti
Page 38 and 39: Growth1.103 The UK economy had the
Page 40 and 41: Supporting business through the tax
Page 42 and 43: a 21 st century economy. The terms
Page 44 and 45: 1.124 The broadband connection vouc
Page 46 and 47: country to get onto the property la
Page 48 and 49: network of high quality rail connec
Page 50 and 51: to support tourism in the North Eas
Page 52 and 53: South East1.174 Housing: Housing re
Page 54 and 55: 1.185 The government will also prov
Page 56 and 57: Infrastructure Investment Bank (AII
Page 58 and 59: Fairness1.205 The government’s lo
Page 60 and 61: National Minimum Wage1.213 As annou
Page 62 and 63: 1.225 The government will allow ISA
Page 64 and 65: 1.235 Young people can develop ment
Page 68 and 69: Table 2.1: Budget 2015 policy decis
Page 70 and 71: Table 2.2: Measures announced at Au
Page 72 and 73: Public SpendingTotal Managed Expend
Page 74 and 75: Table 2.5: Departmental Expenditure
Page 76 and 77: 2.19 Integrating services for peopl
Page 78 and 79: Midlands2.40 High Speed Rail Invest
Page 80 and 81: International development2.63 Antim
Page 82 and 83: 2.78 Social investment - The govern
Page 84 and 85: new rules to target avoidance throu
Page 86 and 87: ••RAF Biggin Hill Chapel Memori
Page 88 and 89: materials incorporated in products
Page 90 and 91: 2.147 Tobacco Duty rates - As annou
Page 92 and 93: Environment and energy taxes2.170 A
Page 94 and 95: 2.191 Simplified expenses: legislat
Page 96 and 97: ••strengthen the descriptions o
Page 98 and 99: 2.226 Smart ATMs - The government w
Page 100 and 101: 2.242 Promoting the use of task-sha
Page 102 and 103: 2.264 Science grand challenge fundi
Page 104 and 105: 2.286 Northern powerhouse trade mis
Page 106 and 107: 102 Budget 2015
Page 108 and 109: Gilt issuance by maturity, type and
Page 110 and 111: Illustrative future gross financing
Page 112 and 113: Table C.1: Detailed summary of OBR
Page 114 and 115: Table C.3: Current Receipts: OBR fo
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Table C.5: OBR forecast of the head
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Table C.8: Changes to the OBR’s f
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EISEPSRCEREUFBCFCAFCERMFCOFITsFLSFP
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LIST OF TABLESExecutive Summary1 Su
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HM Treasury contactsThis document c
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