Budget summary 2014: tax highlights

By Tom Wilde

The chancellor has delivered the Budget for 2014. The following is a summary of the main tax points of interest:

Corporation taxas previously announced, the main rate for corporation tax will fall from 23 per cent to 21 per cent in April 2014. It will reach 20 per cent in April 2015. The small profits rate remains at 20 per cent, meaning that from April 2015 the rates will be aligned.

Corporation tax — amending loss relief provisions — as announced in Autumn Statement 2013, the rules restricting the availability of relief for corporation tax trading losses where a company changes ownership will be eased. The changes will take effect for any changes of company ownership that occur on or after 1 April 2014…

Click on the link below to read the rest of the Shoosmiths briefing.

Briefings from Shoosmiths

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Analysis from The Lawyer

  • Hester: declined bonus worth almost £1m

    Pay checks

    Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future

  • high street 150

    Focus: Alternative business structures - Law and new order

    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…


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