The government has released new draft clauses for the Finance Bill 2015, which many experts have said lacks less of a punch than first thought.<\/p>\n
One of the big concerns with the original Finance Bill 2015 was its impact on capital gains tax (CGT). The Government has talked about reforming CGT for some time and in the Autumn Statement the Chancellor announced changes to non-resident home owners.<\/p>\n
These will be enacted in the Finance Bill 2015 with new CGT charge on residential property owned by non-residents (NRCGT) for gains arising from 6 April 2015.<\/p>\n
Taxpayers with homes in other countries will be able to nominate a second home as their main residence for CGT purposes, as long as it is where they are resident for tax purposes, or spend at least 90 days a year there.<\/p>\n
The new draft also included more information on new penalties for offshore regime, which includes new moves to restrict inheritance tax (IHT) abuse through the use of offshore accounts.<\/p>\n
In the draft published last week inheritance tax will be brought under the offshore penalty net. The draft also included information on funds moved offshore to avoid OECD reporting standards. These will now be subject to a 50 per cent increase in penalties once the Finance Bill 2015 is given royal assent.<\/p>\n
Another change that could hit businesses hard is changes to the company car tax rules. The draft confirmed what had long been feared; a hike in charges that will tax rates increase through to 2018\/19, when the benefit rates for a 125-129g\/km car will hit 26 per cent.<\/p>\n
Under the new bill clauses measures will also be introduced that will allow online filing of IHT claims. IHT will also see a simplification to its tax charges for discretionary trusts.<\/p>\n","protected":false},"excerpt":{"rendered":"
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