The Queen’s Speech, delivered at the state opening of Parliament on 18 May, included a number of new Bills and announcements with implications for tax. See http://bit.ly/1Ny0nhu.
· Criminal Finances Bill: will introduce a criminal offence for corporations which fail to stop their staff facilitating tax evasion; improve the operation of the suspicious activity reports (SARs) regime to encourage better use of public and private sector resources against the highest threats; and improve the ability of law enforcement agencies and courts to recover criminal assets more effectively, particularly in cases such as those linked to grand corruption. HMRC is currently consulting on revised draft legislation for the new corporate criminal offence, for inclusion in this bill.
· Lifetime Savings Bill: will implement the Budget announcement of a lifetime ISA, allowing adults under age 40 to save up to £4,000 a year for their first home or retirement, with a 25% government top-up payable on savings made up to age 50. The funds can be withdrawn from age 60. The bill will also introduce the ‘help to save’ scheme of government bonus payments added to the savings of those in receipt of working tax credits or universal credit.
· Small Charitable Donations Bill: will reform the gift aid small donations scheme, making it easier for newer and smaller charities to claim; and allow groups which normally operate from a community building to benefit from a top-up to donations collected away from that building. HMRC is currently consulting on specific proposals to simplify the scheme rules.
· Pensions Bill: will introduce new regulatory requirements for multi-employer pension schemes held in master trusts, with greater powers for the Pensions Regulator to supervise these schemes. It will also remove some remaining barriers to pensions flexibility, and introduce a new pensions guidance body.
· Soft drinks industry levy: will be introduced in Finance Bill 2017, targeted at producers and importers of soft drinks that contain added sugar from April 2018. The levy will be used to fund sports programmes and breakfast clubs in schools. The government will consult on the detail later this year.
· Wales Bill: (carried over from previous session) will repeal the referendum requirement for partial devolution of income tax.
· Investigatory Powers Bill: (carried over from previous session) will help tackle tax evasion and economic crime. The Bill brings together all of the powers already available to law enforcement and the security and intelligence agencies to obtain communications and data about communications. It introduces a ‘double-lock’ for the most intrusive warrants, including interception and all of the bulk capabilities, so that these cannot come into force until they have been approved by a judge.
The Queen’s Speech, delivered at the state opening of Parliament on 18 May, included a number of new Bills and announcements with implications for tax. See http://bit.ly/1Ny0nhu.
· Criminal Finances Bill: will introduce a criminal offence for corporations which fail to stop their staff facilitating tax evasion; improve the operation of the suspicious activity reports (SARs) regime to encourage better use of public and private sector resources against the highest threats; and improve the ability of law enforcement agencies and courts to recover criminal assets more effectively, particularly in cases such as those linked to grand corruption. HMRC is currently consulting on revised draft legislation for the new corporate criminal offence, for inclusion in this bill.
· Lifetime Savings Bill: will implement the Budget announcement of a lifetime ISA, allowing adults under age 40 to save up to £4,000 a year for their first home or retirement, with a 25% government top-up payable on savings made up to age 50. The funds can be withdrawn from age 60. The bill will also introduce the ‘help to save’ scheme of government bonus payments added to the savings of those in receipt of working tax credits or universal credit.
· Small Charitable Donations Bill: will reform the gift aid small donations scheme, making it easier for newer and smaller charities to claim; and allow groups which normally operate from a community building to benefit from a top-up to donations collected away from that building. HMRC is currently consulting on specific proposals to simplify the scheme rules.
· Pensions Bill: will introduce new regulatory requirements for multi-employer pension schemes held in master trusts, with greater powers for the Pensions Regulator to supervise these schemes. It will also remove some remaining barriers to pensions flexibility, and introduce a new pensions guidance body.
· Soft drinks industry levy: will be introduced in Finance Bill 2017, targeted at producers and importers of soft drinks that contain added sugar from April 2018. The levy will be used to fund sports programmes and breakfast clubs in schools. The government will consult on the detail later this year.
· Wales Bill: (carried over from previous session) will repeal the referendum requirement for partial devolution of income tax.
· Investigatory Powers Bill: (carried over from previous session) will help tackle tax evasion and economic crime. The Bill brings together all of the powers already available to law enforcement and the security and intelligence agencies to obtain communications and data about communications. It introduces a ‘double-lock’ for the most intrusive warrants, including interception and all of the bulk capabilities, so that these cannot come into force until they have been approved by a judge.
