United Kingdom

Finance Bill 2013 draft clauses 

Finance Bill 2013 draft clauses

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.

Above The Line R&D Credit WebEx

The Government announced the legislation on how the new Above The Line (ATL) R&D credit for large companies will work. ATL will come into effect for expenditure incurred on or after 1 April 2013. KPMG will be hosting a WebEx to explain how the legislative changes could impact your business. To receive further information on the WebEx click here.

Contact

Chris MorganChris Morgan

 

Head of Tax Policy

Partner, KPMG LLP(UK)

 

020 7694 1714

christopher.morgan@kpmg.co.uk