The following Tax practice note provides comprehensive and up to date legal information covering:
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This Practice Note contains information on Finance Act 2015 (FA 2015) which received Royal Assent on 26 March 2015. It is being retained for historic interest as it charts the progress of the legislation through Parliament and provides a description, with relevant links, of each measure in the Act.
The Practice Note is split into five parts:
Progress of FA 2015
published legislation with immediate effect—Budget 2015
published legislation with immediate effect—Autumn Statement 2014
published legislation with subsequent effect, and
awaiting draft legislation
A number of measures which were stated in Budget 2015 as being intended for FA 2015 were deferred until after the general election. The deferred clauses include:
the new statutory exemption from income tax for trivial benefits in kind, implementing a recommendation of the Office of Tax Simplification (OTS) from its review of employee benefits and expenses (announced at Budget 2014)
simplifying link company requirements for consortium relief claims (announced Autumn Statement 2014) (see: Finance Act 2015—consortium relief provisions deferred)
changes to scheme rules for the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) (announced at Budget 2015), and
changes to the corporate debt and derivative contracts rules (see: Finance Act 2015—corporate debt provisions deferred)
These changes were deferred as a result of discussions between the government and the opposition, as part of
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