47881_Budget_2015_Web_Accessible

2.191 Simplified expenses: legislative amendments – The government will amend thesimplified expenses regime introduced in Finance Act 2013 to ensure that partnerships can fullyaccess the provisions in respect of the use of a home and where business premises are also ahome. (Future Finance Bill)2.192 Government response to the OTS review of tax penalties – In response to the OTSreview of tax penalties, the government is consulting about changing the way in which penaltiesare applied. The current consultation will close on 11 May 2015.2.193 Review of loan relationships and derivative contracts legislation – Followingthe review announced at Budget 2013, the government will make wide-ranging changes toupdate, simplify and rationalise the legislation on corporate debt and derivative contracts. Thesewill include a clearer and stronger link between commercial accounting profits and taxation,basing taxable amounts on items of accounting profit or loss. It will also include introduction ofa new relief for companies in financial distress and new rules to protect the regime against taxavoidance. (Future Finance Bill)2.194 OTS review of partnerships: publication of final report – The governmentwelcomes the final report of the OTS review of partnerships. The government will consider ortake forward over 70% of its recommendations and has already completed work on many ofthese.2.195 Simplifying the ATED administrative burden – As announced at Autumn Statement2014, the government will introduce changes to the filing obligations and informationrequirements with respect to properties within the ATED that are eligible for a relief. Thesechanges will take effect from 1 April 2015. (Finance Bill 2015)Tax avoidance and evasionTax evasion and fraud2.196 Laying of regulations to implement the Automatic Exchange of InformationAgreements – The government will lay the regulations to implement the UK’s AutomaticExchange of Information Agreements and adopt the updated EU Directive on AdministrativeCo‐operation shortly after Budget 2015.2.197 Common Reporting Standard: new disclosure facility – In advance of the receiptof data under the Common Reporting Standard in 2017, the government will offer a new timelimited disclosure facility from 2016 to mid-2017 on less generous terms than existing facilities.(25)2.198 Closing the Liechtenstein Disclosure Facility early – In advance of a new disclosureopportunity, the existing Liechtenstein Disclosure Facility will close at the end of 2015, instead ofApril 2016.2.199 Closing the Crown Dependencies Disclosure Facilities early – In advance of a newdisclosure opportunity, the existing Crown Dependencies Disclosure Facilities will close at the endof 2015, instead of September 2016. (25)2.200 Financial Intermediaries notifying their customers in advance of receipt of dataunder the Common Reporting Standard – The government will take a power in legislationunder which financial intermediaries can be required to notify their UK resident customers withUK or overseas accounts, to inform them about the Common Reporting Standard, the penaltiesfor evasion and the opportunities to disclose.90 Budget 2015