Budget 2014

Our expert insight and opinion on the 2014 Budget

  • The UK might be the most competitive tax system in the EU but businesses are scared for their reputations and perceived avoidance.

    Jonathan Riley Head of Tax

    19/03/2014 13:20

  • UK is the fastest growing world economy - how do we get our employees driving this growth?

    Amanda Flint Tax Partner

    19/03/2014 12:40

  • Finance funding for exports doubled to £3 billion, interest rates cut 1/3: We'll have the most competitive export finance.

    Jonathan Riley Head of Tax

    19/03/2014 13:10

  • Tax avoidance schemes registered falls. Re-announcement of pay first, argue later on use of schemes...

    Jonathan Riley Head of Tax

    19/03/2014 13:00

Budget 2013

Budget 2013

On 20 March 2013 the Chancellor announced his Budget for the coming year. The key announcements covered:

  • A reduction in the corporation tax rate to 20% from April 2015
  • A £2,000 employment allowance from April 2014
  • A new capital gains tax relief on the sale of a controlling interest in a business from 2014
  • Income tax and National Insurance relief on shares for employee shareholders from 1 September 2013
  • An increase in the new above the line research and development tax credit to 10% from 1 April 2013
  • The removal of Stamp Duty on shares traded in growth markets such as AIM and ISDX Growth Market from April 2014

The Finance Bill 2013, published on 28 March 2013 contains (amongst other things), legislation to introduce:

  • A general anti-abuse rule from the date of Royal Assent
  • A limit on income tax reliefs from 6 April 2013
  • An 'above the line' research and development tax credit from 1 April 2013
  • A statutory residence test from 6 April 2013
  • Corporation tax reliefs for the creative sector from 1 April 2013
  • An annual tax on enveloped dwellings from 1 April 2013 (and capital gains tax on such dwellings from 6 April 2013)

 

Key highlights

 

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