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Summer Finance Bill: Your guide to the Bill

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The following summary of the summer Finance Bill 2015 is provided by EY. For further information, contact Chris Sanger ( or Claire Hooper (


The summer Budget provided the chancellor with the opportunity to indicate a direction of travel for taxation over the five year life of the present parliament. This includes reform in a number of areas with a business tax roadmap and more than 30 consultations promised in the near future. 
By comparison, this year’s summer Finance Bill necessarily lags behind the Budget approach. Substantial parts of the Bill are given over to areas consulted on by the coalition government, such as the reform of loan relationships, changes to venture capital trusts and the enterprise investment scheme along with a power for the direct recovery of tax debts. Measures such as the reform of the taxation of ‘non-doms’, the new regime for dividend taxation and the new payment regime for large companies will be addressed in future legislation. 
The Bill does contain the tax lock to prevent the rates of income tax (cl 1) along with the standard rate or reduced rate of VAT from being increased (cl 2). The lock to prevent the rates of class 1 NICs (for employers and employees) from being increased is contained in the National Insurance Contributions (Rate Ceilings) Bill of 14 July 2015. The Finance Bill also contains both the reduction in the main rate of corporation tax to 19% from 1 April 2017 and the reduction to 18% from 1 April 2020. The future interaction of the personal allowance and the national living wage is confirmed.
Of the other new measures announced in the summer Budget, the Bill provides details of the changes to the banking levy and the new bank corporation tax surcharge along with the proposals for the treatment of carried interest, amortisation of newly acquired goodwill and finance costs for landlords, amongst others. 
The second reading of the Bill took place on 21 July and proceedings in the Public Bill Committee are scheduled to conclude by 20 October 2015, though they could finish earlier. As such, it seems that the Bill may not be substantively enacted until October with royal assent some time after that.

Business taxes


Corporation tax rates

The main rate of corporation tax, which applies to all companies subject to corporation tax except for those within the oil and gas ring fence, will be reduced to 19% from 1 April 2017 and 18% from 1 April 2020 (cl 7).
Companies are, under UK GAAP or IFRS, required to measure deferred tax at the rate at which it is most likely to reverse based upon tax rates that have been enacted and substantively enacted at the balance sheet date. Under US GAAP only enacted rates are used. As both the 19% and 18% rate are included within the Bill, for accounting periods ending after the date of substantive enactment or enactment as appropriate, companies will be required to measure deferred tax at differing rates depending upon when deferred tax will reverse. Scheduling of the reversal of timing and temporary differences may therefore become more important as groups aim to quantify the tax impact in future periods.
For interim periods, the tax rate to be used is that as substantively enacted (for UK GAAP and IFRS) or enacted (US GAAP) at the relevant balance sheet date (i.e. the interim period date not the year end date).
The reductions to the corporation tax rate help the UK maintain the competitiveness of its tax system and deliver on its aim to have the lowest rate in the G20. However, it will potentially have an adverse impact on the controlled foreign company (CFC) status of UK subsidiaries of certain non-UK parented groups as well as focusing attention further on the differential between corporation tax and diverted profits tax, currently charged at 25%.

Corporate debt and derivative contracts

A key purpose of the corporate debt and derivative contract changes in the Bill (Sch 7) is to clarify the relationship between tax and accounting and to align taxable loan relationship profits with accounting profit and loss entries.
Discussion on the changes now included in the Bill was started by a consultation on modernising the rules launched by HMRC in 2013 and has been taken forward by working groups in the period since. 
The majority of changes will have effect from accounting periods commencing on or after 1 January 2016. However, the new ‘principles-based’ targeted anti-avoidance rule along with the new rules enhancing the tax reliefs available during corporate rescues will have effect from the date the Bill receives royal assent.
The new ‘principles-based’ targeted anti-avoidance rule seeks to counter arrangements that are entered into with a main purpose of achieving a tax advantage under the loan relationship or derivative contract rules.
Following input from the working groups, the Bill contains a new and an enhanced relief for companies in financial distress which was not included in the December 2014 draft legislation. The new reliefs disapply the deemed release rules in CTA 2009 ss 361 and 362 for certain corporate rescue situations. Both these rules deem that a loan has been released, thus crystallising a taxable profit, in certain situations. Currently, there is no such exception from s 362 and the exception from s 361 requires a change in ownership of the debtor company in the period between one year before and 60 days after the acquisition of the debt. The change in ownership condition is no longer required for the exception from s 361 although there is a similar condition attached to the new s 362 exemption. The old debt-for-debt exception to s 361 has been repealed but the equity-for-debt exception remains. As a result of the new and enhanced reliefs, the anti-avoidance rule in s 363A, that was to have been repealed, is now retained.

Restrictions on use of UK losses against a CFC charge

From 8 July 2015, controlled foreign company (CFC) charges can no longer be reduced by the losses of UK companies, whether the losses are brought forward or from the current year, or losses surrendered as group relief from elsewhere in the group (cl 35). For CFCs with an accounting period that straddles 8 July 2015, the rules will apply to profits treated as accruing from that date on a just and reasonable apportionment. In addition, the rules introduced in FA 2015, which restrict losses in cases involving tax avoidance, will be amended to make clear that they also apply to transactions involving CFCs (cl 36).

Restrictions on corporation tax relief for business goodwill amortisation 

Tax relief is no longer available for amortisation of goodwill and customer-related intangible assets acquired or created by a company, with effect from 8 July 2015 (cl 32). Furthermore, any debits arising on the realisation of such assets will be treated as non-trading in nature. The effect of this and other recent changes is that there will be limited ways in which such debits can be utilised, other than in the year of realisation.
The definition of goodwill and customer-related intangible assets is widely drafted. It includes information which relates to customers or potential customers of a business, a relationship (whether contractual or not) that the transferor has with one or more customers of a business, an unregistered trademark or other sign used in the course of a business, together with a licence in respect of any of the above. This mirrors legislation introduced in FA 2015 (which is now superseded) that restricted relief for goodwill and customer-related intangible assets acquired on incorporation of a business.
The changes do not apply in a case where a relevant asset is acquired before 8 July 2015 (or afterwards provided the acquisition is pursuant to an unconditional obligation existing prior to that date). However, notably no such limitation applies to relevant assets created before 8 July 2015.

Taxation of banks

The new bank corporation tax surcharge of 8% will be introduced with effect from 1 January 2016 (Sch 3). For banks with an accounting period that straddles 1 January 2016, a notional accounting period whose profits will be subject to the surcharge will be treated as starting on that date. The surcharge will be charged separately from corporation tax and the taxable profits for the purposes of the surcharge will not be capable of being reduced by pre-January 2016 losses, non-banking losses or group relief from non-banking companies. An annual surcharge allowance of £25m is available to groups and individual banking companies. For groups containing two or more banking companies, it will be necessary to appoint a nominated banking company who will submit a group allowance allocation statement for each period.
There are rules addressing the offset of foreign tax credits against the surcharge, as well as anti-avoidance provisions. Consequential amendments are also made to the diverted profits tax legislation in order to take account of the introduction of the surcharge. However, in the absence of a specific exclusion as yet, banking companies that currently claim research and development expenditure credit relief will suffer a reduction in the value of that credit as a result of the new surcharge.
The Bill contains provision for the announced reduction in bank levy rates in 2016 and further reductions each year from 2017 to 2021 (Sch 2). However, it does not take forward at this stage the summer Budget announcement that in 2021 the taxable base will be redefined to exclude non-UK balance sheets.
With effect from 8 July 2015 (15 July 2015 in respect of firms with a corporate partner) a tax deduction will not be allowed for expenses incurred by banking companies, wherever located, which relate to relevant compensation payments (cl 18). Furthermore, where a company suffers such a disallowance it is also required to bring in a notional receipt of 10% of the relevant sum in order to reflect the costs associated with making the compensation payment. For the deduction to be disallowed, a disclosure condition must be met. This condition will be met where, broadly, a relevant document indicates that the company is, has been, will or may become liable to pay compensation in respect of a particular matter. 
There are exclusions from the compensation provisions for certain expenses and for certain companies. 

Other measures in the Bill

Some of the other measures included in the Bill are set out below, together with the date they are effective from: 
  • The removal of all requirements relating to the location of a ‘link company’ for the purpose of consortium relief (cl 34) This change applies to accounting periods beginning on or after 10 December 2014, though case law would seem to disapply the previous provision for earlier periods in any event.
  • A new market value override on disposal of trading stock not in the course of a trade and intangible fixed assets not at arm’s length. From 8 July 2015, the market value is to be brought into account for transfers of trading stock or intangible fixed assets between related or connected parties. There is a related provision where trading stock needs to be valued for tax purposes on the cessation of a trade (clauses 37 to 39).
  • A permanent level of £200,000 will be set for the annual investment allowance from 1 January 2016 (cl 8). 

Measures not in the Bill

Some of the key measures for business not included in the Bill are highlighted below, along with the expected next steps: 
  • A business tax roadmap for Budget 2016, once the government knows more about the recommendations coming from the OECD/G20 project on base erosion and profit shifting (BEPS) and has concluded on business rates reform.
  • Implementation of the country by country reporting requirements as part of the BEPS project: This will be taken forward by statutory instrument. 
  • Plans to increase large business tax compliance: A consultation was issued on 22 July 2015 looking at the detail of the new measures, which include a mandatory requirement for large businesses to publish their tax strategy and a voluntary code of practice setting out standards HMRC expects of large business in their relationship with HMRC. These measures will be backed up by a ‘special measures’ regime on which the government is continuing to consult as part of its proposals to address the wider issue of ‘serial’ tax avoiders. The special measures regime is separate from the measures in the consultation document Strengthening sanctions for tax avoidance published on the same day. While entities governed by the code of practice on taxation for banks will not be part of the new code, they will be within the scope of the other proposals announced.
  • The acceleration of corporation tax payment dates for large companies with annual taxable profits of £20m or more (reduced for members of a group): Companies will be required to pay corporation tax in quarterly instalments in the third, sixth, ninth and twelfth months of their accounting period. The measure will apply to accounting periods starting on or after 1 April 2017 and the government will publish draft legislation in the autumn.
  • Details for a new private placement relief from withholding tax: A draft statutory instrument is being informally consulted on. 
  • Companies may also be interested in the wider consultation on the options for deduction of tax from interest (see below, under ‘Personal taxes’).
  • A consultation on company distributions to be launched in autumn 2015.

Employment taxes

Similarly, many of the employment tax changes outlined in the chancellor’s summer Budget were not for inclusion in this Bill but were subject to immediate or future consultation. 
  • Draft PAYE regulations have been published for technical consultation which deliver change with regard to reforming measures in FA 2015 and which are effective from the 2016/17 tax year. These measures were the abolition of the £8,500 threshold for benefits in kind, the introduction of a ‘payrolling’ facility to allow employers to voluntarily report and deduct tax from benefits in real time, and the replacement of the expenses payments ‘dispensation’ system with an exemption for qualifying business expenses. 
  • HMRC has published a consultation document setting out its proposals for amending the rules for tax relief on travel and subsistence for those working through employment intermediaries. It has also published a discussion document setting out a framework for discussions between HMRC and stakeholders to explore options to make the intermediaries legislation – commonly known as IR35 – more effective in protecting the exchequer.
  • Following further input from the Office of Tax Simplification, we can expect additional consultations on the travel and subsistence rules, termination payments and the abolition and reform of class 2 and class 4 NICs.
  • The government will also actively monitor the growth of salary sacrifice arrangements and their effect on tax and NIC receipts. 
  • Finally, regulations will be made to increase the employment allowance from £2,000 to £3,000 from April 2016. Regulations will also set out that from the same date, companies where the director is the sole employee will no longer be able to claim the employment allowance. 

Personal taxes


Personal allowance and higher rate threshold

The Bill sets the income tax personal allowance and the income tax basic rate limit for the 2016/17 and 2017/18 tax years (clauses 5 and 6). It also includes legislation which means that, once the personal allowance reaches £12,500, it will then increase in line with the annual equivalent of an individual working 30 hours per week at the national minimum wage adult rate (clauses 3 and 4).

Pensions changes: high-income individuals

Measures to reduce the annual allowance for ‘high-income individuals’ are included in the Bill (Sch 4). A high-income individual is defined as someone who has ‘adjusted income’ for the tax year of more than £150,000. This is the individual’s net income for income tax purposes, plus any pension inputs, less certain excluded receipts. However, this is subject to an income floor or threshold which applies the provisions only to individuals who have taxable income over £110,000. Anti-avoidance provisions address the impact of salary sacrifice arrangements which are made on or after 9 July 2015, in order to reduce threshold income.
From 6 April 2016, high-income individuals will have their pension annual allowance for the tax year reduced. The annual allowance will be reduced by £1 for every £2 of adjusted income over £150,000. Once adjusted income reaches £210,000, the annual allowance will be reduced to a minimum level of £10,000.

Pensions changes: pension input periods

To support the new annual allowance rules for high-income individuals, Sch 4 of the Bill aligns pension input periods with the tax year. Transitional rules will apply for 2015/16. The way these transitional rules will work ensures that nobody is worse off in 2015/16 and in certain circumstances individuals might benefit from an increased annual allowance for the current tax year.
Previous pension input periods open on 8 July 2015 will end on that date. A second period will then run from 9 July 2015 to April 2016 and all subsequent periods will be for tax year starting with 6 April 2016 to 5 April 2017.
The tax year 2015/16 will be treated as consisting of two years, for annual allowance purposes: the pre-alignment tax year, 6 April 2015 to 8 July and the post-alignment tax year, 9 July to 5 April 2016. For the pre-alignment tax year, the annual allowance is set at £80,000. For the period starting on 9 July, the annual allowance is the unused part of the £80,000 annual allowance from the first period but capped at a maximum of £40,000.
To simplify the calculation of pension input amounts for defined benefit and cash balance arrangements during 2015/16, the pension inputs will be based on a time apportionment of the increase in pension rights across the combined pension input periods ending in 2015/16. For defined contribution schemes the pension input amounts will continue to be the total of any pension contributions paid in each pension input period.

Pensions changes: lump sum death benefits

Provisions are also included to remove the 45% tax charge on prescribed lump sum death benefits paid from a registered pension scheme directly to an individual beneficiary (cl 21). 
New provisions apply where payments to qualifying beneficiaries are made in situations where the pension holder dies over the age of 75 or where the pension holder died under the age of 75 but the scheme administrator did not pay the lump sum within two years of being aware of the death. In those situations tax will be payable at the recipient’s marginal rate of income tax instead. The change has effect for lump sum death benefits paid on or after 6 April 2016. If the pension holder dies under the age of 75, then except in the situation above, lump sum benefits will be exempt from tax.
Lump sum death benefits withdrawals taxed in this way include those taken when a recipient beneficiary has been ‘temporarily’ resident outside the UK but returns within five years of becoming non-resident. Legislation in the Bill also ensures that taxable lump sum death benefits from foreign pension schemes are outside the scope of PAYE (cl 22). 

Inheritance tax on residential property

Included in the Bill are provisions introducing an additional nil rate band, known as a ‘residence nil rate amount’ where an individual has an interest in residential property which is inherited by a direct descendent (cl 9). The property must have been the individual’s residence at some point when it formed part of their estate (subject to an exemption for those with job- related accommodation) and a direct descendant is widely defined to include, for example, step children and foster children. The additional nil rate band will be £100,000 in 2017/18 rising in increments to reach £175,000 by 2020/21, from which point it will increase in line with consumer price inflation. The residence nil rate band will be tapered once an individual’s estate is valued at £2m, with £1 being withdrawn for every £2 of value over that amount.
Legislation to allow individuals to ‘bank’ the residence nil rate amount when they dispose of a property is expected to be included in Finance Bill 2016.

Other inheritance tax measures

New rules designed to prevent the use of multiple trusts, often known as ‘pilot trusts’ as an IHT planning strategy are included in the Bill (Sch 1). The rules apply where property has been added to more than one trust on the same day, such that the value of this property is aggregated when calculating IHT charges for each trust. 
The new rules will apply to all charges arising on or after the date of royal assent to the Bill in respect of trusts created on or after 10 December 2014. The provisions will also apply to trusts created before 10 December 2014 where value is added after this date other than on death. However, there will be a period of grace so the rules do not apply to transfers on deaths before 6 April 2017, provided the will was executed before 10 December 2014.
The Bill also includes further provisions regarding the passing of a life interest to a spouse or civil partner and the administration and calculation of IHT charges for trusts as well as provisions exempting heritage property from the ten year anniversary charge (clauses 12 to 15).

Investment managers

The Bill sets out changes to the way that carried interest payments from partnerships will be taxed with effect from 8 July 2015 (clauses 40 and 41). The changes affect those who provide investment management services as part of an arrangement which involves a partnership. When calculating taxable gains in respect of carried interest, such individuals will only be entitled to deductions for consideration actually paid (in other words they will no longer be able to claim a deduction for base cost shift). 
HMRC published guidance on the proposed legislation on 21 July, pointing out that many of the concepts and terms used in the proposed legislation are based on those contained in the disguised investment management fees rules introduced by FA 2015 s 21. The guidance makes clear that any carry payment received by the individual will be subject either to the disguised management fee provisions or to CGT under these provisions. This includes income amounts which might previously have been thought of as a return of capital. Any income receipts will remain subject to income tax, and a tax credit will be available to set against any capital gains tax due in respect of those amounts.    
In addition, any gains related to carried interest in foreign assets received by non-UK domiciled individuals will be taxable on the arising basis to the extent that they relate to services performed in the UK.
The Bill also contains an amendment to the definition of a reasonable return on investments when determining whether amounts received by investment managers should be taxed as a disguised investment management fee.
The legislation is not intended to affect the treatment of performance linked rewards paid to investment fund managers that are charged to tax as trading income. A separate consultation has been opened into the taxation of performance linked rewards paid to asset managers and comments on proposed legislative definitions of long-term investment activities for the purposes of carried interest are requested by 30 September 2015.

Residential property lettings

Restrictions on the amount of financing costs which can be deducted by individuals, partnerships, trusts and personal representatives when calculating their income from a property business are included in the Bill (cl 24). The amount of mortgage interest or similar which can be deducted is restricted to 75% in 2017/18, then 50% in 2018/19, 25% in 2019/20 and to nil from 2020/21 onwards. Individuals will receive a basic rate tax reduction in respect of financing costs which cannot be deducted as a result of these measures. The withdrawal of the wear and tear allowance announced in the summer Budget and its replacement with a relief for costs actually incurred is to be included in Finance Bill 2016. The proposed increase to rent a room relief with effect from 6 April 2016 has now been made by statutory instrument.

EIS and VCTs

The Finance Bill includes changes to the eligibility criteria for enterprise investment schemes (EIS) and venture capital trusts (VCTs) as well as some amendments to the interaction between seed enterprise investment schemes (SEIS), EIS and VCTs (Schs 5 and 6). The measures are intended to bring UK legislation in line with EU state aid rules and are subject to state aid approval, which the government expects to receive shortly. 

Other measures not in the Bill

Taxation of dividends: From 6 April 2016, the dividend tax credit will be abolished and a tax-free annual dividend allowance of £5,000 will be introduced. The dividend tax rates will also be amended to 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers and 38.1% for additional rate taxpayers. Dividends received in ISAs and pensions will continue to be tax-free
Taxation of non-UK domiciled individuals (non-doms):The scale of the changes proposed to the ‘non-dom’ tax regime in the summer Budget is extensive. From 6 April 2017, the following significant changes will apply.
  • Non-UK domiciled individuals will be deemed domiciled in the UK for tax purposes once they have been resident in the UK for more than 15 out of the past 20 tax years. The general law position will remain the same and, therefore, any children’s domicile status will not be impacted by their parent’s deemed domicile position. Once an individual has become ‘deemed domiciled’ in the UK, he or she will remain so for five years after leaving the UK. 
  • Where an individual with a UK domicile of origin has acquired a non-UK domicile of choice and returns to the UK for a limited period, then with effect from 6 April 2017, such individuals will be deemed domiciled in the UK from the date they return. Where such individuals have returned to the UK before 6 April 2017, they will be deemed domiciled from 6 April 2017.
A technical note published on Budget day sets out many of the details of the proposed changes, including some remaining special tax treatments for those with a non-UK domicile of origin who become deemed domiciled. Nevertheless there remain a number of unanswered questions about how the rules will be applied. 
Other consultations: The government is also consulting on the following areas:
  • UK residential property held via an offshore structure: New IHT rules are proposed in respect of UK residential property held indirectly by non-UK domiciled individuals (e.g. via a non-UK company or excluded property trust). The intention is to prevent the non-UK company, or other vehicle, from being excluded property to the extent that its value derives from UK residential property (less any borrowings). Although the new rules seem to be largely aimed at non-UK companies, it is clear from the technical note that they will also apply to other similar structures as well as to partnerships.
  • The use of deeds of variation for tax purposes: A deed of variation allows a beneficiary under a will or an intestacy to re-direct part or all of the estate they have received to another person and is used for many reasons both tax and non-tax. 
  • Withholding of tax on interest paid in peer to peer lending: Under the proposed reforms, the need to deduct tax would be dependent upon the identity of the lender and would fall solely on the peer to peer platform or other intermediary. The consultation closes on 18 September 2015. However, this is subject to the following wider consultation on the deduction of tax from interest payments.
  • Deduction of income tax form savings income: With the introduction of the personal savings allowance (PSA) with effect from 6 April 2016, banks and buildings societies will also cease to be obliged to deduct income tax at source from most interest payments to their customers. 
  • Wider reform of withholding tax on interest: The government is considering six options in the consultation which range from retaining the current rules, to the abolition of the need to deduct tax, with several options in between. Again, the consultation closes on 18 September 2015.
  • Reform of tax relief on pensions: The aim of this government consultation is to explore possible changes to the pension tax relief regime with the aim of encouraging individuals to save for their retirement. 

Indirect taxes

The following changes announced in the summer Budget are confirmed in the Bill:
  • The standard rate of insurance premium tax will increase from 6% to 9.5% with effect from 1 November 2015 (cl 43).
  • The climate change levy exemption for renewable electricity will be removed for electricity generated on or after 1 August 2015 (cl 45).
  • The legislation that suspended exemptions from aggregates levy with effect from 1 April 2014 will be repealed. All exemptions apart from shale will be restored in full (cl 44).
  • Cars registered on or after 1 April 2017 will be subject to a new vehicle excise duty banding system (cl 42). 



Direct recovery of debts

The Bill provides for a new power to allow HMRC to recover debts due to it (including tax and tax credit debts) directly from the bank and building society accounts (including individual savings accounts) of debtors (Sch 8).
This power can only be used to recover debts of more than £1,000. Only debtors who have received a face-to-face visit, have not been identified as vulnerable, have sufficient money in their accounts and have still refused to settle their debts will be considered for debt recovery through this mechanism. Debtors affected by this policy will have 30 days to object before any money is transferred to HMRC. HMRC must always leave a minimum of £5,000 available to the debtor, across the debtor’s accounts, over and above the amount that has been ‘held’ by the deposit taker for HMRC. If debtors do not agree with HMRC’s decision, they will be able to appeal against this to a County Court on specified grounds, including hardship and third party rights.
Separately, HMRC has published for comment a draft statutory instrument which sets out the information that must be provided by a deposit-taker to HMRC on receipt of an ‘information notice’ or ‘hold’ notice under the direct recovery of debt provisions. Comments are sought by 2 September 2015.

Duties on financial intermediaries

The Bill contains legislation giving the government the power to require financial intermediaries, tax advisers and other professionals to contact customers informing them about measures being taken to combat offshore tax evasion (cl 46).
The legislation is being introduced to require notification in respect of the common reporting standard, the new time-limited disclosure facility to be launched in 2016 and the new range of penalties and offences for offshore tax evasion. The government is due to consult on establishing a cost effective and ‘targeted’ approach to these communications.

HMRC debtor and creditor rates

The Bill amends the interest rate payable in tax litigation cases where HMRC is either a debtor or creditor (cl 48). The new provision replaces judgment interest (at 8%) with the much lower late payment interest rate on amounts payable to HMRC (currently 3%) and bank base rate +2% for amounts payable by HMRC.

Measures not in the Bill

The government is consulting on the following areas: 
  • Tackling offshore tax evasion. The government has published four consultations. Two of these look at strengthening civil deterrents for tax evaders and civil sanctions for enablers of offshore evasion. The other two consider the introduction of a new criminal offence for tax evaders and a new corporate criminal offence of failure to prevent the facilitation of evasion.
  • The introduction of a general anti-abuse rule (GAAR) penalty. This will be the subject of consultation which will also consider new measures to strengthen the GAAR further.
It will also establish the Office of Tax Simplification on a statutory basis and aims to take forward discussion on new HMRC powers to achieve early resolution and closure of one or more aspects of a tax enquiry whilst leaving others open.

Next steps

Parliament is now in recess and will begin to consider the Bill in committee following its return on 7 September 2015. We understand that the clauses on bank levy, the bank corporation tax surcharge, insurance premium tax and the climate change levy will be considered by a committee of the whole House of Commons on 8 September 2015.
In the meantime, the proposals for improving large business compliance, the potential reform of pensions and the new regime for non-doms will be among the topics for discussion. While we might not see the business tax roadmap until 2016, we can expect indications as to what it might look like, as the OECD releases its work on BEPS. 

Expert views on key rules

Amortisation of corporate goodwill - Pete Miller (The Miller Partnership) writes on the abolition of the tax deduction for the amortisation of corporate goodwill.

Bank tax measures - Helen Buchanan and Hugh Gunson (Freshfields Bruckhaus Deringer) review the bank tax measures. 

Carried interest - Damien Crossley (Macfarlanes) examines the latest changes affecting private equity executives.

Corporate rescues - Paul Pritchard (EY) examines the new reliefs for corporate rescues.

Debt and derivatives - Paul Miller and James Seddon (Ashurst) review the 40+ pages in the Bill.

Direct recovery of debts - Tina Riches (Smith & Williamson) copnsiders to what extent HMRC's new direct recovery of debt powers in the Bill are a cause for concern.

Trusts simplification - Ian Maston (Mastoni Tax) analyses the measures to simplify the inheritance taxation of trusts.