Budget 2013: tax summary
Chancellor George Osborne presented the 2013 Budget to Parliament on 20 March. This briefing from Shoosmiths provides a summary of the main tax points of interest with the draft Finance Bill to be published on 28 March.
Corporation Tax - rates: as announced in Autumn Statement 2012, the main rate of corporation tax will be reduced from 23% in April 2013 to 21% in April 2014. However this will now be reduced further to 20% from April 2015, so that from that date there will be a unified main rate of 20% for all companies.
Corporation Tax - exit charges: companies moving their operations to another EU or EEA state will have the ability to defer payment of any exit charges, although the amounts deferred will be subject to interest. The measures will apply retrospectively to allow companies to opt for deferred payment in respect of charges arising on or after 11 March 2012.
Corporation Tax - loss relief anti-avoidance: in certain circumstances trading losses where there is a transfer of a trade within a new group following the change of ownership of a company will be disallowed. Also the availability of non-trading debits, non-trading loan relationships and nontrading losses on intangible fixed assets after the change of ownership of a shell or dormant company will be restricted…
If you are registered and logged in to the site, click on the link below to read the rest of the Shoosmiths briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
On 10 January 2015, new EU rules on jurisdiction and enforcement of judgments in civil and commercial matters came into effect as a result of the Brussels Regulation (recast).
The FCA’s new business plan reveals that financial crime is now one of its most important areas of focus.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…