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It is that time of year again – carols, shopping for Christmas presents, office parties and the release of the draft clauses for the forthcoming Finance Bill 2014.
Download: Finance Bill 2014 Draft Clauses - KPMG Report (PDF 725 KB), which provides our view on over a dozen of the key areas, plus a listing, with relevant links, of all the measures included.
This is the next stage in the tax policy cycle, which has been established over the past few years, following the Autumn Statement. The proposed tax changes which were initially announced on Budget Day in March 2013 have been consulted on over the summer and now the detail of the draft legislation has been published. In the main, this means that there should be fewer surprises as the underlying principles of the draft clauses have already been discussed, but as always there are some interesting points of detail and in particular some specific anti-avoidance measures where there has been less prior consultation.
This is a valuable opportunity for taxpayers to examine the detail of the proposed legislation, both to understand how it might impact them and their business ahead of it becoming law and also to engage with the Government by providing feedback on whether the draft meets policy aims, or has any unintended consequences. The Government has requested comments on the draft clauses by 4 February 2014.
Our detailed commentary (PDF 742.3 KB) looks at the key areas on which clauses have been published including:
There are some significant areas where we have not yet had draft legislation published. These include the reform of the corporation tax loan relationship rules, on which there has been 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 should remember, therefore, that there is more to come from Finance Bill 2014.
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KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.