Details

  • Type: Publication series
  • Date: 12/12/2013

United Kingdom – Draft 2014 Finance Bill Holds Plenty of Measures for Individuals 

KPMG LLP in the United Kingdom reports on the publication of the draft 2014 Finance Bill on December 10, 2013. This draft legislation relates to announcements made in the Chancellor’s Budget speech on March 21, 2013 and some of the measures announced in his Autumn Statement last week. Covered in this newsletter are developments and proposals related to tax thresholds and rates for income tax, capital gains tax, and National Insurance Contributions (NICs), as well as allowances, etc.; an exemption from income tax certain expenditures by employers on recommended medical treatments; the exemption threshold for employer-related loans to be treated as earnings; the clamping down on tax avoidance (e.g., through dual contracts, use of employment intermediaries, etc.); plans for changes to capital gains for nonresidents disposing of U.K. property; and alterations to the tax regime for Share incentive Plans (SIPs), etc.; amongst other measures.
 

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