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 tax — as 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.
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