In accordance with UK international requirements changes are to be introduced that will affect financial institutions doing business in the UK. From 2016 financial institutions will be required to:
- identify accounts maintained for specified persons, that is, account holders who are tax resident in jurisdictions with which the UK has entered into an agreement to exchange information about a wide range of financial accounts and investments to help tackle tax evasion
- collect and report information in a specified manner on specified persons to HMRC.
The government again affirmed their intention to conduct a review of business rates with a view to reporting by Budget 2016.
Measures are to be introduced to tighten tobacco anti-forestalling rules and apply penalties for non-compliance, in order to prevent tax avoidance.
It is intended to amend the simplified expenses regime to ensure that a partnership can fully access the provisions in respect of the use of a home where business premises are also a home.
Carbon price floor
From 1 April 2015 fossil fuels that are used by combined heat and power plants to generate good quality electricity that is self-supplied or supplied under exemption from the requirement to hold a supplier licence will be excluded from the carbon price support rates.
There is to be no change to the carbon price support rate for 2017/18 which remains at £18/tCO2.