Budget 2015 – What was missing?

Patent box regime – this was expected to be abolished. This regime which allows qualifying profits to be taxed at a reduced rate of 10% has been mooted as a ‘harmful tax practice’ and changes are expected.

Principle Private Residence Relief election was expected to be restricted to one property, to prevent ‘flipping’ between multiple properties but there was nothing in the detail.

There was no reduction in the tax-free annual pension allowance. This remains at £40,000 pa.

We’d been expecting to see a major reform of Capital Gains Tax but the only nod to this was a few tweaks to Entrepreneurs’ Relief..