The Budget 2015 for banking and finance lawyers

The Budget 2015 for banking and finance lawyers

With the Chancellor’s speech still ringing in our ears, we bring together the most important features of the Budget 2015 for banking and finance lawyers alongside expert analysis and industry comment.

What was relevant in the Budget for banking and finance lawyers?

Budget 2015—TIIN: Bank levy—rate change

Legislation in Finance Bill 2015 will increase the rate of the bank levy to 0.21% from 1 April 2015. A proportionate increase of 0.105% will be made to the half rate to take effect from the same day.

Budget 2015—TIIN: Tax administration—regulations to implement the UK's automatic exchange of information agreements

As part of the Budget 2015, regulations are being introduced from 1 January 2016 to implement the revised Directive on Administrative Cooperation (DAC) and competent authority agreements with non-EU jurisdictions for the Common Reporting Standard (CRS) to create due diligence and reporting obligations for UK financial institutions.

Budget 2015: Consultation—Digital currencies—Government response

In order to support innovation and prevent criminal misuse, the government intends to apply anti-money laundering regulation to digital currency exchanges in the UK. The announcement was made at Budget 2015 and follows the publication of the government’s response to a consultation on the matter.

Budget 2015: Tax avoidance and evasion overview

The government hasannounced that, from 18 March 2015, anti-avoidance legislation will be introduced to prevent companies from obtaining a tax advantage by entering contrived arrangements to turn historic tax losses into more versatile in-year deductions. Legislation will also introduce a special reporting requirement and surcharge for repeat offenders, a specific tax-geared penalty and enable HMRC to issue conduct notices. The government hasalso announced a new disclosure facility for the Common Reporting Standard (CRS) and improvements to the Disclosure of Tax Avoidance Schemes (DOTAS).

Budget 2015: Report—FinTech futures

The government, regulators, business and academia must work together to develop new financial business models known as ‘FinTech’, according to a report. The Chancellor commissioned the Blackett review to look at

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.