Global

Details

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

United Kingdom - Descriptions of Finance Bill 2014 draft clauses 

December 12: This week’s release of the Finance Bill 2014 draft clauses is the next stage in the UK’s tax policy cycle.

The proposed tax changes were initially announced on Budget Day in March 2013 and have been the subject to consultations over the summer. Now, the detail of the draft legislation has been published.


Taxpayers now can examine the detail of the proposed legislation—both to understand how it might affect them and their business—before the measures become law. This also affords an opportunity for taxpayers to engage with the government, by providing feedback on whether the draft meets policy aims, or has any unintended consequences.


Comments on the draft clauses are due by 4 February 2014.


Read a December 2013 report [PDF 725 KB] prepared by the KPMG member firm in the UK that describes key areas on which draft clauses have been published including:


  • Changes to the taxation of partnerships (which in some areas are significantly broader than had been the subject of consultation)
  • Pensions tax relief
  • Tax rules relating to the use of both offshore and onshore employment intermediaries
  • Taxation of remote gambling

There are some significant areas for which there is no draft legislation yet published. These include the reform of the corporation tax loan relationship rules, on which there has been a consultation over the summer, and the introduction of capital gains tax on the disposal of certain properties by non-residents (announced in last week’s Autumn Statement). Taxpayers considering the draft clauses need to note that there is more to come from Finance Bill 2014.




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