On 11 December 2013, the Government published the first draft of Finance Bill 2013. This contains the detail behind many of the announcements made in Budget 2012 and outlines the proposed legislation from April 2013. A summary of the main clauses can be found here:
There are relatively few changes for businesses but the Bill does confirm that corporate tax rates will fall over the next couple of years and the temporary extension of the Annual Investment Allowance to £250,000 from 1 January 2013. Read more.
There is little in the way of new announcements but the Bill does confirm many of the changes aimed at higher rate taxpayers. Read more.
Changes to the taxation of Residential Property
The draft Finance Bill 2013 contains the details behind the provocative proposals around the taxation of high value residential property announced in this year’s Budget. Whilst there is still some clarification required and further consultation is due to take place it seems clear that the new proposals will take effect from 6 April 2013. Read more.