The Finance Bill 2013 Draft Clauses, published on 11 December 2012, contain few surprises. But they do provide important developments on some key topics, including:
- The proposed legislative framework for the new General Anti-Abuse Rule (GAAR)
- The proposed changes to the tax regime which affect high value residential property worth over £2m
- The proposed changes to the taxation of gains on assets held by foreign companies closely controlled by UK participators, and transfer of assets abroad;
- The proposal to introduce a cap on some unlimited loss reliefs for individuals that can be claimed against total income (e.g. share loss relief, qualifying loan interest relief)
- The new Statutory Residence Test
- Introduction of an above the line credit for R&D
- There are also a number of measures which are important in their market sectors (eg Creative Industries Tax Relief)
Download: Finance Bill 2013 Draft Clauses - KPMG Report (PDF 484 KB), which provides our view on over a dozen of the key areas, plus a listing, with relevant links, of all the measures included.
