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Insurance premium tax
The standard rate of insurance premium tax will increase from 9.5% to 10% with effect from 1 October 2016.
Claims management regulation
There is to be a tougher regulatory regime for claims management companies (CMCs) including by introducing a Senior Managers Regime, requiring reauthorisation of all CMCs and transferring supervisory responsibility from the Ministry of Justice to the Financial Conduct Authority. The dates for the transfer will be announced in due course.
Basic bank accounts
Nine banks will legally be required to offer basic bank accounts to help people access basic banking services. The government has also committed to publish basic bank account market share data for the first time in autumn 2016.
Disguised remuneration avoidance schemes
A raft of measures are to be introduced targeted at employers, companies and individuals using tax avoidance schemes that fall within the disguised remuneration legislation.
The measures will also apply to employers, companies and individuals that used an employee benefit trust (EBT) arrangement prior to 2011 and have yet to settle with HMRC.
Some of the measures have been announced include:
• inserting an additional targeted anti-avoidance rule
• the withdrawal of the relief on investment returns.
State aid modernisation
HMRC is to be given additional powers to collect information on certain state aids and share this information with the European Commission through a legal gateway. The intended purpose of this measure is to allow HMRC to collect additional data to help the UK contribute towards the monitoring of and compliance with state aids. This measure will have effect from 1 July 2016.