2014–15—Autumn Statement to Finance Bill

ARCHIVED: This Overview has been archived and is not maintained.

This subtopic draws together content on the Finance Bill year 2014–15, starting with the Autumn Statement given in December 2014 and following through to the Budget in March 2015, the draft provisions of the Finance Bill and the passage through parliament of the Finance Bill 2015.

This process will be affected this year by the general election, as explained in What does the general election mean for the Finance Bill process?

Finance Act 2015

The Finance Act 2015 received Royal Assent on 26 March 2015. Analysis of the key measure relevant to Private Clients can be found in the following news analysis pieces:

  1. Finance Act 2015—CGT on disposals of UK residential property interests by non-residents

  2. Finance Act 2015—inheritance tax charges on trusts

  3. Finance Act 2015—ATED

  4. Finance

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All in? Court confirms when a settlement is 'made' for the purposes of excluded property (Accuro Trust (Switzerland) SA v The Commissioners for HMRC)

Private Client analysis: This case considered the meaning of 'relevant property' under the settlements regime of the Inheritance Tax Act 1984 (IHTA 1984) and, in particular, the time at which this definition is to be tested. The question arose as to whether the trustees of an offshore trust established by a non-UK domiciled settlor were subject to the UK settlements regime in respect of property added to the trust after the settlor became deemed domiciled in the UK, or whether they were exempt from such charges as the trust consisted solely of excluded property. The First-tier Tribunal (FTT) held that whether trust property is excluded property is based on the status of the trust at the time that it was established, not at the time that the property in question was added to the settlement. As a result, the trust in this case did consist solely of excluded property and no inheritance tax (IHT) charges arose as a result of either the ten-year anniversary or capital distributions. The FTT was also asked to consider whether their jurisdiction was appellate, or supervisory only. The FTT held that, while their jurisdiction was supervisory, the questions raised by the trustees were relevant in establishing whether HMRC had acted reasonably and that the outcome (ie that the paid IHT should be refunded and that no further IHT was due) would be the same in either case. Written by Katherine Willmott, senior associate solicitor at Foot Anstey LLP.

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