Here is a round-up of legislative and tax changes announced this summer:
- The government published its draft Taxation of Pensions Bill, which provides further details about how people can access defined contribution pension savings flexibly from April 2015.
- The government confirmed that National Savings and Investments and HM Revenue and Customs will work together to provide the new tax-free childcare scheme.
- Health Management was appointed to deliver the government’s new Health and Work Service after a five-month tendering exercise.
- The government launched the first stage of its review into the taxation of travel and subsistence expenses, which was announced in the 2014 Budget.
- HMRC published a consultation on one of the Office of Tax Simplification’s share scheme recommendations.
- The Prudential Regulation Authority and Financial Conduct Authority published two joint consultation papers aimed at improving individual responsibility and accountability in the banking sector.
- The government proposed halving the deferred state pension increase rates from 6 April 2016.