47881_Budget_2015_Web_Accessible

2.182 Business Rates: local newspapers – The government will consult on whether tointroduce a Business Rates relief for local newspapers in England.2.183 Stamp Duty Land Tax: treatment of shared ownership properties – As announcedat Autumn Statement 2014, the government will extend the Stamp Duty Land Tax (SDLT)multiple dwellings relief to include superior interests in residential property, such as sharedownership. This will apply where the transaction is part of a lease and leaseback arrangement, ifacquired from a qualifying body such as a housing association. The change will take effect fromthe date on which Finance Bill 2015 receives Royal Assent. (Finance Bill 2015)2.184 Stamp Duty Land Tax: application to certain authorised property funds – Asannounced at Autumn Statement 2014, the government intends to introduce a seeding relieffor Property Authorised Investment Funds (PAIFs) and Co-ownership Authorised ContractualSchemes (CoACSs) and intends to make changes to the SDLT treatment of CoACSs investing inproperty so that SDLT does not arise on the transactions in units, subject to the resolution ofpotential avoidance issues. (Future Finance Bill) (42)2.185 Stamp Duty Land Tax: alternative property finance reliefs – As announced atAutumn Statement 2014, the government will change the definition of a ‘financial institution’for the purposes of the SDLT alternative property finance reliefs to include all persons authorisedto provide Home Purchase Plans. The change will take effect from the date on which Finance Bill2015 receives Royal Assent. (Finance Bill 2015)2.186 Annual Tax on Enveloped Dwellings – As announced at Autumn Statement 2014,the government will increase the annual charges of the Annual Tax on Enveloped Dwellings(ATED) by 50% above inflation for residential properties worth more than £2 million for thechargeable period 1 April 2015 to 31 March 2016. (Finance Bill 2015)Tax simplification2.187 Making tax easier: the end of the tax return – The government will transform thetax system over the next Parliament by introducing digital tax accounts to remove the needfor individuals and small businesses to do annual tax returns. Further details on the policy andadministrative changes needed to deliver this will be published later in 2015.2.188 Making tax easier: new payments process – The government will consult overthe summer on a new payment process to enable tax and NICs to be collected through digitalaccounts, instead of self assessment. (Future Finance Bill)2.189 Office of Tax Simplification (OTS) review of employment status – The governmentwelcomes the publication of the OTS’s significant report on employment status and will respondto the recommendations made in the next parliament.2.190 Simplification of employee benefits and expenses – As announced at AutumnStatement 2014, the government will simplify the administration of employee benefits andexpenses. From April 2015 the government will provide a statutory exemption for trivial benefitsin kind costing less than £50. Following technical consultation, an annual cap of £300 will alsobe introduced for office holders of close companies and employees who are family membersof those office holders. From April 2016, the government will remove the £8,500 thresholdbelow which employees do not pay Income Tax on certain benefits in kind and replace it withnew exemptions for carers and for ministers of religion. It will also exempt certain reimbursedexpenses and introduce a statutory framework for voluntary payrolling. The new exemption forreimbursed expenses will not be available if used in conjunction with salary sacrifice. (Finance Bill2015) (aa)Budget 201589