Autumn Statement 2013 — tax highlights

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By Mark Burgess, Simon Gough, Paul Rutherford, David Thompson and Richard Woolich

We set out below a summary of key items of interest announced by the chancellor in the UK Autumn Statement.

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 2014 and 20 per cent from April 2015. The small profits rate remains at 20 per cent.

Equity finance: from April 2014 stamp duty and stamp duty reserve tax (SDRT) on purchases of shares in exchange-traded funds will be abolished. This measure follows announcements in this year’s Budget that stamp duty and SDRT will be abolished (also from April 2014) on purchases of AIM and ISDX quoted shares and on UK mutual funds. Taken together, such measures could stimulate investment into UK equities at a time when bank lending remains constrained…

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