Finance Act 2014

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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