The impact of this year’s General Election on the Parliamentary timetable has meant that Royal Assent to the Finance Bill came barely a week after the Budget. In his Budget speech, the Chancellor focused on the ongoing economic themes of the coalition Government and their progress over the past 5 years. While the Chancellor had a lot to say about the economy, and announced several investment decisions across the country, there were only a few major tax changes announced at the Budget. As expected, the Budget changes were, on the whole, fiscally neutral, with winners and losers to some extent at least determined by the upcoming election.
In contrast to the relatively quiet Budget, the Finance Bill (now Finance Act 2015) has brought in some substantial changes to the UK tax regime, including the new Diverted Profits Tax and the extension of the Capital Gains Tax regime to non-UK residents disposing of UK residential property (both key features of last year’s Autumn Statement). Significant elements of the draft legislation published last December, though, including the rewritten corporate debt provisions, the proposed tax exemption for trivial benefits in kind and the majority of the expected changes to the Inheritance Tax rules, did not make it into this Bill and will have to wait for a new Government to take forward. To supplement our Budget commentary, some of the key measures in (and, indeed, not in) the Act are considered in more detail below.
Budget 2015 Webinars
KPMG hosted a Webinar on 19 March covering the Chancellor's Budget and what the changes mean for you.
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Chancellor’s post election Budget - Wednesday 8 July 2015
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Tax Policy Cycle
Finance Act 2015
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