Clifford Chance
UK Budget 2015
18 March 2015
A Budget containing good news for savers, first-time home buyers and the oil industry. As with previous Budgets, there was little cheer for the banking sector with another increase in the bank levy combined with restrictions on deductions. With an election looming, the Budget was lighter than in recent years but there was still space for a number of new anti-avoidance measures. The introduction of the so-called "Google tax" or, to give it its proper name, the Diverted Profits Tax, was confirmed. The month of January will never be the same again after the pledge to abolish the annual tax return comes into effect.
