Finance Bill 2013 Published
The Finance Bill 2013 has been published and can be accessed here.
The Bill includes the following:
• increasing the tax-free personal allowance to £9,440 from April 2013,;
• reducing the main rate of corporation tax to 21% in 2014, and to 20% in 2015;
• introducing an “above the line” tax credit for large company R&D investment,;
• implementing a major package of measures to tackle tax avoidance and evasion, including the UK’s first General Anti-Abuse Rule (GAAR); and
• introducing measures for the Government to sign contracts providing certainty over decommissioning relief on the UK Continental Shelf
The following draft legislation, technical notes or Tax Information and Impact Notes (TIIN)have also been made available:
• Restrictions on losses and other amounts surrenderable as group relief by non-UK resident companies: technical note
• Corporation tax loss relief: targeted loss buying rules - draft legislation, Explanatory Note and TIIN
• Reform of the stamp duty land tax transfer of right rules: draft guidance
• Limit on income tax reliefs: draft guidance
• Simpler income tax for the simplest small businesses: technical note
ACCA will be providing guides, a CPD article in the May edition of A&B and articles on the bill and its contents.