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  • Service: Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 12/10/2013

United Kingdom - 2014 Finance Bill draft clauses; tax proposals 

December 10:  Draft clauses for the United Kingdom's 2014 Finance Bill, published today, follow the 2013 "Autumn Statement" on Thursday, 5 December.

Read a December 2013 report [PDF 909 KB] prepared by the KPMG member firm in the United Kingdom that describes the tax proposals in the 2013 “Autumn Statement”—Weekly Tax Matters (6 December 2013)

Change in tax policy cycle

The UK coalition government changed the way policy announcements are made—no longer treating the budget as the pinnacle of the tax year but as a key element in the tax policy cycle. As such, a number of key policy announcements are being made throughout the financial year.


The Chancellor delivered his Autumn Statement 2013 on 5 December, providing an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility (published the same day).


Subsequently, the Finance Bill 2014 draft clauses were published today, 10 December 2013.

Overview of draft clauses

The government today published draft clauses for inclusion in next year’s Finance Bill, and requested comments on the draft clauses by 4 February 2014.


Some of the key areas on which clauses have been published include:


  • Pensions tax relief
  • Changes to the taxation of partnerships
  • Tax rules relating to the use of both offshore and onshore employment
  • intermediaries
  • Taxation of remote gambling

Read more about the draft clauses on the KPMG Finance Bill 2014 webpage.

KPMG observation

The initial impression of tax professionals in the UK is that there are areas for which draft legislation has not yet been published—including reform of the corporation tax loan relationship rules and the introduction of capital gains tax on the disposal of certain properties by non-residents. Thus, it appears that more can be expected from Finance Bill 2014.




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