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Summer Budget 2015: HM Revenue and Customs

All HM Revenue and Customs (HMRC) tax related documents and other announcements for Summer Budget 2015.

The Chancellor of the Exchequer delivered his Summer Budget to Parliament on 8 July 2015. Full details of all announcements, supporting documents and information are available from the Summer Budget 2015 page.

HMRC Budget related documents and other announcements for Summer Budget 2015 are available below.

Overview of Tax Legislation and Rates (OOTLAR). This document lists the tax policy measures announced at Summer Budget 2015 and shows when they will be legislated. It also includes all of the Tax Information and Impact Notes (TIINs) and the rates tables. It is intended for tax practitioners and others with an interest in tax policy changes, especially those who will be involved in consultations both on the policy and on draft legislation.

The Summer Finance Bill 2015 will be published on 15 July 2015. You can find supporting and related documents at Summer Finance Bill 2015.

HMRC overview of main Budget announcements

This overview summarises the main new Budget announcements which affect HMRC customers. More information can be found in the main Summer Budget documents.

Tax Information and Impact Notes (TIINs)

The following TIINs have been published and they can also be found in OOTLAR.

  1. 2015 London Anniversary Games
  2. Aggregates Levy: reinstatement of exemptions
  3. Annual Investment Allowance: permanent increase to £200,000
  4. Bank Corporation Tax surcharge
  5. Bank Levy: rate reduction
  6. Capital gains tax treatment of carried interest
  7. Climate Change Levy: removal of exemption for electricity from renewable sources
  8. Controlled foreign companies: loss restriction
  9. Corporation Tax: extending carried forward loss allowance to savings banks established under the Savings Bank (Scotland) Act 1819
  10. Corporation Tax: main rate
  11. Corporation Tax: modernisation of the taxation of corporate debt and derivative contracts
  12. Corporation Tax: R&D tax credits - universities and charities
  13. Corporation Tax: simplifying link company requirements for consortium claims July 2015
  14. Disposal of stock other than in trade, and corporate intangibles
  15. Income Tax: amendments to tax-advantaged venture capital schemes
  16. Income Tax: personal allowance and basic rate limit for 2016 to 2017
  17. Income Tax: personal allowance indexation
  18. Inheritance Tax: main residence nil-rate band and the existing nil-rate band
  19. Inheritance Tax: simplifying charges on trusts and new rules to target avoidance through the use of multiple trusts July 2015
  20. Inheritance Tax: changes to interest to support the new digital service
  21. Pensions tapered annual allowance
  22. Restricting finance cost relief for individual landlords
  23. Restriction of corporation tax relief for business goodwill amortisation
  24. Restricting tax relief for banks' compensation payments
  25. Rent a Room relief increase
  26. Simplification of HMRC debtor and creditor interest rate
  27. Tackling offshore evasion: requiring financial intermediaries and tax advisers to notify their customers
  28. Tax exemption for travel expenses of members of local authorities July 2015
  29. Tax lock: Income Tax, National Insurance contributions and VAT
  30. Taxation of lump sum death benefits
  31. Updating bank definitions
  32. Vehicle Excise Duty

HMRC and HM Treasury consultation and response to consultation

All of the consultation and discussion documents issued by both HMT and HMRC between Summer Budget and Parliament Summer Recess on 21 July 2015 will appear in the list below.

  1. Simplification of the tax and National Insurance treatment of termination payments
  2. Tackling the hidden economy: Extension of data-gathering powers
  3. Consultation: proposal to use a Legislative Reform Order to change partnership legislation on collective investment schemes
  4. Statistical consultation: possibility of ceasing publication of HMRC's Personal Wealth National Statistics
  5. Strengthening sanctions for tax avoidance - a consultation on detailed proposals
  6. Improving large business tax compliance
  7. Future of the tariff classification helpline
  8. Withdrawal of extra-statutory concessions
  9. Replacing Wear and Tear Allowance with Tax Relief for Replacing Furnishings in Let Residential Dwelling-Houses
  10. Intermediaries Legislation (IR35): discussion document
  11. Non-UK domiciled individuals: consultation on a minimum claim period for the remittance basis charge
  12. Tackling offshore evasion
  13. Call for evidence: simplifying the Gift Aid donor benefit rules
  14. The Taxation of Regulatory Capital Securities (Amendment) Regulations 2015
  15. Deduction of income tax from interest: peer-to-peer lending
  16. Deduction of income tax from savings income: implementation of the Personal Savings Allowance
  17. Review of Deeds of Variation for tax purposes: call for evidence
  18. Tackling illicit tobacco: From leaf to light
  19. Draft legislation: the Enforcement by Deduction from Accounts (Information) Regulations 2015
  20. Draft legislation: review of employee benefits and expenses
  21. Employment Intermediaries and Tax Relief for Travel and Subsistence
  22. Income Tax: Extension of averaging period for farmers
  23. ISA qualifying investments: consultation on including peer-to-peer loans
  24. ISA qualifying investments: consultation on whether to include investment based crowdfunding
  25. Strengthening the incentive to save: consultation on pensions tax relief
  26. Tax-advantaged venture capital schemes: draft legislation and explanatory notes
  27. Tax Treatment of Income from Sporting Testimonials – Proposals for Legislation
  28. Taxation of performance linked rewards paid to asset managers
  29. Discussion paper on options for supporting English regional airports from the impacts of air passenger duty devolution

Other HMRC budget documents

Budget measures effective from 8 July 2015

Published 12 June 2015
Last updated 16 July 2015 + show all updates
  1. New consultation document on The Taxation of Regulatory Capital Securities (Amendment) Regulations 2015 added.
  2. Overview of tax legislation and rates and Summer Finance Bill 2015: measures with immediate effect included
  3. HMRC Summer Budget 2015 documents have been added to this page.
  4. First published.