Taylor Wessing sets out summary of UK Budget 2013
Following the recent Budget, Taylor Wessing has set out a summary of some of the main announcements. Topics covered include: business taxes, personal taxes, venture capital, employee incentives, funds, residential property and anti-avoidance.
The Chancellor confirmed that the main rate of corporation tax will reduce to 21% from 1 April 2014 and announced a further reduction to 20% from 1 April 2015. The reductions will be funded in part by a further increase in the bank levy rate from 1 January 2014. The ‘above the line’ tax credit for Research and Development which takes effect from 1 April 2013 will be paid at a pre-tax rate of 10% of qualifying expenditure (increased from the previously announced minimum pre-tax rate of 9.1%).
The Government has asked the Office for Tax Simplification (OTS) to carry out a review of ways to simplify the taxation of partnerships. The Government will consult on modernising the loan relationship and derivative contract rules. Legislation will be included in Finance Bill 2014 and Finance Bill 2015. The Government will consult on tax measures to encourage the exploration and production of shale gas. Legislation will be included in Finance Bill 2014.
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
Cross-border investment and M&A between China and Europe in the clean energy sector was quiet in 2013.
On 12 December, the Court of Justice of the European Union (CJEU) delivered three important rulings on supplementary protection certificates under Regulation 469/2009/EC.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town