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.

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