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 looks at the key areas on which clauses have been published including:
- Changes to the taxation of partnerships (which in some areas are significantly broader than had been consulted on);
- Pensions tax relief;
- Tax rules relating to the use of both offshore and onshore employment intermediaries; and the
- Taxation of remote gambling.
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.