In order to process the Finance Bill 2015 through the parliamentary procedures before the recent election, certain clauses were deferred. It is likely that the deferred clauses will be reintroduced in the summer Budget, 8 July 2015.
As announced, George Osborne will present his first Budget of the new parliament 8 July. The clauses that were deferred are:
- Tax exemption for travel expenses of members of local authorities.
- Consortium relief – the “link company” rules.
- Fuel duty incentives for aqua methanol.
- Exemption for trivial benefits in kind.
- Amendments to rules for the Enterprise Investment Scheme and Venture Capital Trusts.
Speculations about other matters that may be included in a post election budget are rife and may include:
- The announcement of an increase in Inheritance Tax exemptions for married couples passing on the family home, to a possible £1m, and
- Loss of higher rate tax relief for pension contributions.
