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.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
An employee or witness who is fearful of giving evidence as part of a disciplinary process can cause difficulties for an employer.
Damages recoverable from a tenant: the differences in England and Scotland.
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…