47881_Budget_2015_Web_Accessible

••strengthen the descriptions of schemes which must be disclosed and to expand the coverageof Inheritance Tax (IHT), to include schemes seeking to avoid IHT charges during a person’slifetime and following death. (ab)Business tax2.208 Accelerated Payments group relief – As announced at Autumn Statement 2014, thegovernment will introduce legislation to ensure that the Accelerated Payments legislation workseffectively where avoidance arrangements give rise to losses surrendered as group relief. (FinanceBill 2015) (ad)2.209 Employment intermediaries: penalties – As announced at Autumn Statement2014, the government will make a minor amendment to correct legislation underpinning thepenalty regime for the late filing or non‐submission of quarterly returns from employmentintermediaries. This will take effect from 6 April 2015. (Finance Bill 2015)2.210 Corporation Tax loss refresh prevention – The government will introduce antiavoidancelegislation, effective from 18 March 2015, to prevent companies from obtaining a taxadvantage by entering contrived arrangements to turn historic tax losses of restricted use intomore versatile in-year deductions. (Finance Bill 2015) (28)2.211 Capital Allowances – As announced on 26 February 2015, the government willintroduce legislation, with effect from 26 February 2015, to clarify the effect of capitalallowances anti-avoidance rules where there are transactions between connected parties or saleand leaseback transactions. (Finance Bill 2015)Personal tax2.212 Miscellaneous loss relief – As announced at Autumn Statement 2014, thegovernment will legislate to counter the avoidance of Income Tax through miscellaneous lossrelief by introducing anti-avoidance rules from 3 December 2014. From 6 April 2015 it will alsolimit the miscellaneous income against which a miscellaneous loss can be claimed. (Finance Bill2015) (x)2.213 Special purpose share schemes – As announced at Autumn Statement 2014, thegovernment will legislate to remove the unfair tax advantage provided by special purposeshare schemes, commonly known as ‘B share schemes’. From 6 April 2015 all returns made toshareholders through such a scheme will be taxed in the same way as dividends. (Finance Bill2015) (w)2.214 Private equity management fee planning – As announced at Autumn Statement2014, the government will introduce legislation, effective from 6 April 2015, to ensure that sumswhich arise to investment fund managers for their services are charged to Income Tax. It willaffect sums which arise to managers who have entered into arrangements involving partnershipsor other transparent vehicles, but not sums linked to performance, often described as ‘carriedinterest’, nor returns which are exclusively from investments by partners. (Finance Bill 2015) (v)Financial services2.215 Digital currencies – The government is today announcing its intention to apply antimoneylaudering regulation to digital currency exchanges in the UK, to support innovation andprevent criminal use. The government is also launching a new research initiative which will bringtogether the research councils, Alan Turing Institute and Digital Catapult with industry in orderto address the research opportunities and challenges for digital currency technology, and willincrease research funding in this area by £10 million to support this. Finally, the government willwork with the British Standards Institution and the digital currency industry to develop voluntarystandards for consumer protection.92 Budget 2015