Finance Bill published today

28 March 2013

The government is today publishing the full text of the 2013 Finance Bill, implementing the budget tax measures as well as anti-avoidance provisions such as the general anti-abuse rule.

Certain anti-avoidance legislation, already announced on Budget day, was also published today. Taking effect from 20 March 2013, they include measures against claiming corporation tax loss relief; corporation tax deductions for employee share acquisitions; close company loans to participators; and stamp duty land tax avoidance.

Other draft legislation and briefings issued today include a technical note dealing with restrictions on losses surrenderable as group relief by non-UK resident companies; draft legislation against the use of targeted loss buying rules to create corporation tax loss relief; draft guidance on changes to the transfer of right rules, to neutralise some stamp duty land tax planning schemes; and a note on the new simplified income tax system for very small businesses.

Also appearing today is a draft guidance document on the new income tax relief cap implemented in the Bill. It restricts total reliefs (excluding charitable donation relief and already-capped reliefs) to the larger of GBP50,000 or 25 per cent of an individual's adjusted total income for a tax year.

• This is the second Finance Bill of the current Parliamentary session and it is accordingly named Finance (No.2) Bill. Second reading, at which the first parliamentary debates will take place, is scheduled for 15 April.

 

 

Sources

 

UK Parliament (Text of bill, 2.3Mbyte PDF file)

HM Treasury

HM Treasury (Relief cap guidance, PDF file)

 


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