The key areas are expected to be tax avoidance, devolution of tax powers to Scotland and Northern Ireland, pensions, patent box loophole, business rates and tax/national insurance updates. Nothing major however as deficit reduction problems continue to highlight the lack of funds the Government has to play with.
- Tax Avoidance - Increase powers for HMRC to maximise revenues.
- Devolution - After the loss of the 'Yes' vote, Scotland was promised a number of powers including tax and VAT. This may be detailed as well as the future devolution of powers to Wales and Northern Ireland.
- Pensions - Next year sees the first time pensions can be drawn from before retirement without penalty nor requirement to purchase an annuity. Expect more detail on rules to be followed.
- Patent Box Loophole - Massive tax reliefs from profits on patented goods or services may be removed or at the minimum tightened.
- Business Rates - A cut in business rates to save the high street has been called for but whether it can be afforded is unknown.
- Income Tax and NI - We have expecting more detail on the merging of tax and NI for a few years now since the last consultations. Expect an update here. Also, updates on simplification of the tax code and tightening of reliefs. Movement on allowances, above what has already been announced, would be unexpected considering the General Election next year.
Keep track after 12:30 today both here and on our Twitter page @uktaxcalculator or on hashtag #AS2014.