Policy paper

Finance Bill 2014: measures with immediate effect

The government has announced measures with immediate effect

• From: HM Treasury and The Rt Hon David Gauke
• Published: 5 December 2013
• Last updated: 30 January 2014 — See all updates

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Documents

Corporation tax: avoidance involving losses

PDF, 169 KB, 6 pages

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Debt cap

PDF, 230 KB, 7 pages

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Controlled foreign companies: profit shifting

PDF, 228 KB, 7 pages

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Partnerships

PDF, 358 KB, 18 pages

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Avoidance schemes using total return swaps

PDF, 166 KB, 6 pages

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Double taxation relief: revenue protection

PDF, 297 KB, 8 pages

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Shale gas

PDF, 368 KB, 23 pages

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Code of Practice on taxation for banks

PDF, 271 KB, 13 pages

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Details

30 January 2014

Corporation tax: avoidance involving losses

The government has published legislation to clarify the operation of one of the chargeable gains anti-avoidance rules with immediate effect from 30 January 2014.

5 December 2013

Tax avoidance

The government has announced the following measures to help tackle tax avoidance, with immediate effect from 5 December 2013.

• Debt cap
• Controlled foreign companies: profit shifting
• Partnerships
• Avoidance schemes using total return swaps
• Double taxation relief: revenue protection

The draft legislation on avoidance schemes using total return swaps, as published on 5 December 2013, was updated on 23 January 2014. The draft legislation has effect from 5 December 2013, except as provided by subsection 5 which has effect from 23 January 2014.

Shale gas

The government is introducing legislation to incentivise investment in the exploration for, and development of, onshore oil and gas – including shale gas, with immediate effect from 5 December 2013. The new onshore allowance will reduce the effective tax rate companies investing in onshore oil and gas projects will pay on a portion of their profits from 62 per cent to 30 per cent. The amount of profits taxed at this lower rate will equal 75 per cent of a company’s capital spend on qualifying projects on and after 5 December 2013.

Banking Code of Practice

The government has announced that it will require HMRC to publish an annual report from 2015 on the operation of the Banking Code of Practice, with immediate effect from 5 December 2013.

Find further information on the Banking Code of Practice, including a list of those banks that had adopted or re-adopted the Code by 4 December 2013

The legislation for all these measures will be included in Finance Bill 2014, and is accompanied by explanatory notes and tax information and impact notes (TIINs).

Published 5 December 2013
Last updated 30 January 2014 + show all updates

1. 30 January 2014

   Corporation tax: avoidance involving losses. The government has published legislation to clarify the operation of one of the chargeable gains anti-avoidance rules with immediate effect from 30 January 2014.

2. 23 January 2014

   updated Avoidance schemes using total return swaps

3. 5 December 2013

   First published.