{"id":51396,"date":"2014-12-10T12:40:16","date_gmt":"2014-12-10T12:40:16","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=2f552713693a3579faf256733064fc1e"},"modified":"2014-12-10T12:40:16","modified_gmt":"2014-12-10T12:40:16","slug":"news-story-draft-tax-legislation-published","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=51396","title":{"rendered":"News story: Draft tax legislation published"},"content":{"rendered":"<div class=\"govspeak\">\n<p>Today (10 December 2014) the government has published <a href=\"https:\/\/www.gov.uk\/government\/collections\/finance-bill-2015\">draft tax legislation<\/a> which will implement policies published at Budget 2014 and Autumn Statement 2014. The government has also published responses to related policy consultations which took place over the summer.<\/p>\n<p>Finance Bill 2015 contains key measures to make the UK more competitive for businesses, including:<\/p>\n<ul>\n<li>a new tax relief to promote the production of children\u2019s TV in the UK<\/li>\n<li>increasing the tax credits available for large and small businesses involved in research and development<\/li>\n<li>a new high pressure, high temperature oil and gas tax relief, which will support investment in this industry, generate \u00a33 billion of capital investment and create 3500 jobs <\/li>\n<li>clamping down on tax avoidance, especially by high profile multinational companies through applying a new 25% tax on profits diverted away from the UK<\/li>\n<\/ul>\n<p>The bill also contains measures to support hardworking families, including:<\/p>\n<ul>\n<li>increasing the personal allowance by \u00a3600 to \u00a310,600 from 2015\/16, taking a further 430,000 low earners out of income tax altogether and making a typical basic rate taxpayer \u00a3825 better off over the course of Parliament<\/li>\n<li>exempting children under 12 from Air Passenger Duty as of 1 May 2015 and children under 16 from 1 March 2016 \u2013 saving a two child family \u00a3142 on the cost of an economy long-haul trip<\/li>\n<\/ul>\n<p>The bill also continues government support for the UK\u2019s charities through<\/p>\n<ul>\n<li>making it easier for donors to give to charity through an intermediary such as an independent fundraiser <\/li>\n<li>providing VAT refunds for search and rescue and air ambulance charities<\/li>\n<\/ul>\n<div class=\"call-to-action\">\n<p>View <a href=\"https:\/\/www.gov.uk\/government\/collections\/finance-bill-2015\">Finance Bill 2014 supporting documents<\/a><\/p>\n<\/div>\n<p>David Gauke, Financial Secretary to the Treasury, said:<\/p>\n<blockquote>\n<p>The government is committed to making the UK more competitive for business, supporting hardworking families and cracking down on aggressive tax avoidance.<\/p>\n<p class=\"last-child\">The package of measures in the legislation published today builds on our efforts to create a stable tax system that supports our long-term economic plan.<\/p>\n<\/blockquote>\n<p>For the fifth year in a row, <a href=\"https:\/\/www.gov.uk\/government\/collections\/finance-bill-2015\">draft legislation<\/a> has been published as part of the government\u2019s commitment to a more transparent, efficient and simpler tax system. The consultation on draft legislation will run until 4 February, with final details being confirmed in Budget 2015, and finally introduced in Finance Bill 2015.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Government publishes draft tax legislation to implement Budget and Autumn Statement 2014 policies<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/51396"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51396"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/51396\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}