Details

  • Type: Publication series
  • Date: 3/20/2014

United Kingdom – Some Personal Taxation Changes, New Anti-Avoidance Measures in 2014 Budget 

The recent U.K. Budget confirms many of the measures communicated in December’s Autumn Statement; but it also contains a measure to abolish from April 1, 2015, the starting rate of tax (at 10 percent), and instead apply a 0-percent rate, on savings income up to £5,000. And while the government is moving forward on “anti avoidance,” the Budget Statement included clarification that deferred compensation earned prior to April 6, 2014, would not be subject to the new rules nor would directors with small shareholdings (less than 5 percent) in a company’s ordinary share capital. The Finance Bill 2014, which embodies the proposals articulated in the Budget Statement and supporting documents, is due to be published on March 27, 2014.
 

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