UK Budget 2014: corporate, finance and real-estate tax highlights
DLA Piper sets out below a summary of key items of interest announced by the UK’s chancellor in the Budget on 19 March 2014 relating to businesses, corporate and finance taxation and real-estate taxation. Much of what was announced had already been trailed in the 2013 Autumn Statement and is not repeated below.
Corporate tax rates
The government remains committed to reducing the main UK corporation tax rate (currently 23 per cent) to 21 per cent from April this year and 20 per cent from April 2015. The small profits rate remains at 20 per cent.
The annual investment allowance (AIA) gives a 100 per cent allowance for qualifying expenditure on plant and machinery, subject to an annual cap of £250,000. The cap is to be doubled to £500,000 with effect from April this year and the availability of the AIA extended until the end of 2015…
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