Finance Act 2013: in summary
The Finance Act 2013 received Royal Assent on 17 July 2013. It’s worth re-capping some of the most prominent issues:
• reducing the main rate of corporation tax to 20% from 1 April 2015
• personal tax allowance increasing to £10,000 from 6 April 2014
• additional for those with income above £150,000 reducing to 45% from 6 April 2013
• introduction of a general anti-abuse rule (GAAR)
• introduction of the new statutory residence test
• a cap on income tax reliefs to the lower of £50,000 or 25% of income from 6 April 2013
• Seed Enterprise Investment Schemes (SEIS)
• a substantial increase in the Annual Investment Allowance to £250,000 for the period 1 January 2013 to 31 December 2014
• introduction of the new simplified accounting regime for business trading below the VAT registration threshold
• £2,000 employers secondary national insurance allowance from April 2014
• doubling of the employment related loan threshold to £10,000 from 6 April 2014
• introduction of the annual tax on enveloped dwellings (AETD)
• capital gains tax charge on disposals of UK property by a non-natural person from 6 April 2013.
More in-depth coverage was provided in this Budget CPD article.
You may also find the Guide To… the new Simplified Accounting Regime useful.