47881_Budget_2015_Web_Accessible

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••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
2.216 Payment Systems Regulator – The Payment Systems Regulator will open for businesson 1 April 2015, with powers to promote innovation, competition and the interests of end usersin the UK payments sector.2.217 Promoting competition in SME lending – The British Business Bank will shortlyinvite expressions of interest from Credit Reference Agencies and finance platforms that wishto be designated by HM Treasury to receive data from banks under powers contained in theSmall Business, Enterprise and Employment Bill currently before Parliament. This is a key part ofthe implementation strategy for the government’s reforms to improve competition in the SMElending market.2.218 Trade credit data – The government welcomes a Bank of England study to quantify theeconomic benefit of improving access to credit data for trade creditors. If, as is expected, thisdemonstrates significant potential benefits, the government expects that industry will quicklymake the necessary changes to allow these benefits to flow to businesses.2.219 Midata – The government announced at Autumn Statement 2014 that the Midatainitiative would launch by the end of March 2015. The government is today announcing thatGocompare will launch their personal current account comparison tool on 26 March 2015. Thiswill enable customers, for the first time, to identify which personal current account could suitthem best and help to drive switching in the current account market.2.220 Application Programming Interfaces (APIs) in banking – The government hastoday confirmed its commitment to deliver an open API standard in UK banking and, workingwith the banking and FinTech industries, set out a detailed framework for its design by the endof 2015. This will enable FinTech firms to make use of bank data on behalf of customers in avariety of helpful and creative ways, and ensure the UK remains at the forefront of developmentsin financial technology and innovation.2.221 Mortgage fee transparency – As set out at Autumn Statement 2014, the Council ofMortgage Lenders (CML) and Which? have today published their interim report on mortgagelenders’ plans to standardise and improve the transparency of their fees and charges. This willincrease comparability, empower consumers and make it easier for borrowers to choose thebest mortgage deals. The CML and Which? will publish firm conclusions in July 2015, and thegovernment expects the majority of the industry to have made the necessary changes by the endof the year.2.222 Banking apprenticeships – The British Bankers’ Association will produce a central list,published online, of all the apprenticeships available through UK banks. This will make it quickerand easier for people to understand the apprenticeships available to them and give them theinformation they need to apply.2.223 Asset management apprenticeships – The government welcomes Investment 2020’snew online portal, which lists apprenticeships and traineeships available in the investmentmanagement industry.2.224 Improving access to banking – Alongside other measures to improve access tobanking for all consumers, the government expects that the banking industry will, by the end ofMarch 2015, reach an agreement to work with the Post Office to deliver a standard approach tocounter services for personal current account customers and business account customers in PostOffice branches.2.225 Deregulation of instalment credit – The government has deregulated monthlyinstalment credit repaid over up to twelve months with no interest and charges, to removeregulatory burdens on businesses and facilitate the availability of payments by instalments forconsumers.Budget 201593
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BUDGET 2015HC 1093March 2015
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© Crown copyright 2015This publica
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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
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Chart 1.2: International comparison
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developed countries. 19 The recent
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1.27 The UK economy faces a number
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1.39 Inflation fell markedly to 0.5
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Financial sector and other asset sa
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Fiscal forecast1.57 As set out in T
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Chart 1.6: Consolidation in the cyc
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shocks to the economy, even though
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and focus their budgets on providin
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of options to integrate spending ar
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Devolution1.95 The government conti
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Growth1.103 The UK economy had the
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Supporting business through the tax
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a 21 st century economy. The terms
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1.124 The broadband connection vouc
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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
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Page 58 and 59: Fairness1.205 The government’s lo
Page 60 and 61: National Minimum Wage1.213 As annou
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Page 64 and 65: 1.235 Young people can develop ment
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Page 72 and 73: Public SpendingTotal Managed Expend
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Page 78 and 79: Midlands2.40 High Speed Rail Invest
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Page 94 and 95: 2.191 Simplified expenses: legislat
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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
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Page 110 and 111: Illustrative future gross financing
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