The draft Finance Bill 2015, published yesterday, provides more detail on the diversion of profits for multinationals, further guidance on changes to pension flexibility and narrowing of the options for small business tax planning.
The 552-page draft bill also includes changes to individual savings account (Isa) allowances between spouses on death and increased pension flexibility, as announced in the Autumn Statement.
George Bull (pictured), national chair of the professional practices group at accountancy firm, Baker Tilly, said: “The draft Finance Bill provides further details on the proposed diverted profits tax, which will require multinationals to pay tax before any appeal, and which hands HMRC [HM Revenue and Customs] the role of both judge and jury.”
Karen Clark, partner at Baker Tilly, added: “One of the more welcome announcements in last week’s Autumn Statement was that those holding Isas can pass them on to a surviving spouse or civil partner on death without the need for the Isa to be ’cashed in’. This is a positive move, but sadly this doesn’t seem to extend to other family members.”