• Service: Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/19/2013

United Kingdom - Finance Act 2013 

July 19:  The UK Finance Bill 2013 became Finance Act 2013, after completing its stages in the House of Lords on 15 July 2013 and receiving "Royal Assent" on 17 July.

Read the Finance Act 2013 [PDF 2.3 MB].

The date of Royal Assent is also the date from which some of the provisions in the Act take effect. Notably, this includes the provisions relating to the General Anti-abuse Rule (GAAR), which will apply to “any tax arrangements entered into on or after” 17 July 2013.

Read a July 2013 report [PDF 147 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (19 July 2013)

Also included in the report are discussions of the following topics:

  • Transparency on company ownership
  • CFC guidance
  • Regulatory capital instruments
  • Draft National Insurance Contributions Bill
  • Consultation on HMRC’s collection of debt through "coding out"
  • HMRC report on Real Time Information (RTI) pilot
  • Finance Act 2013 - Amendments to the treatment of IHT liabilities

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