Finance Act 2014

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The Government has published a summary of measures included in Finance Bill 2014 that would take effect from 5 December 2013 say Harris & Co accountants Northampton.

The following tax avoidance measures will have immediate effect:

Changes to the debt cap provisions

Controlled foreign companies: profit shifting

Changes to prevent tax-motivated allocations of business profits and losses in mixed membership partnerships, including LLPs

Changes to block avoidance schemes using total return swaps (draft legislation was updated on 23 January 2014)

Changes to double taxation relief rules

The other measures to take immediate effect are:

Legislation to incentivise investment in the exploration for, and development of, onshore oil and gas – including shale gas; and

The requirement for HMRC to publish an annual report from 2015 on the operation of the Banking Code of Practice.

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