Changes to tax breaks designed to promote investment in small and growing firms will deter investors from taking advantage, according to the Chartered Institute of Taxation (CIOT).
The professional body warned that new legislation creates greater complexity and denies relief to existing financiers that want to increase their investments.
The Commons debate of Finance (No 2) Bill 2015
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Parliament decided not to legislate for the proposed exemption to income tax for trivial benefits in kind.
The decision was made to enable the swift enactment of Finance (No 2) Bill, meaning the exemption will not come into force from 6 April as originally planned.
The measure would have exempted small benefits of up to £50 as long as they were not in recognition of services, part of a contractual obligation, or made in conjunction with a salary sacrifice arrangement.
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