Tax Avoidance Qualifying Investor Schemes will be subject to new regulations introduced by the Finance Act, meaning anyone with a 'substantial' holding in one of these schemes will have any profits from their units or shares chargeable to income tax. It is proposed that life companies, pension funds and charities will be exempt from the new rules so general investors are unlikely to be affected.
The Chancellor's Pre Budget Report introduced measures to cut tax avoidance on film production and acquisition with effect from 2 December 2004. The new avoidance measures stop the ability to claim multiple tax reliefs and defer tax for 15 years.
New avoidance measures have been introduced from 17 March 2005 regarding Stamp Duty Land Tax. A tax charge will now be levied if land is transferred into a partnership and the person transferring the land removes money from the partnership at any point within 3 years of the transfer taking place.