A summary of the key business tax announcements made in the Chancellor’s Budget on 19th March 2014

This summary of the key business tax announcements made in the Chancellor’s Budget on 19th March 2014 has been put together by the LexisPSL Tax team, to provide a single source for all key business tax announcements.
Alongside these announcements, the team provides analysis of what this means to your practice and your clients, and provide links to relevant external sources (including the HMRC website), and further practical guidance in LexisPSL Tax.

Key business tax announcements

Key announcements that were new for the Budget 2014 include:

• an increase in the annual investment allowance for capital allowance purposes from £250,000 to £500,000 until the end of 2015
• an extension of 15% stamp duty land tax and the annual tax on enveloped dwellings to properties worth £500,000 (previously the limit was £2m)
• widely drafted anti-avoidance rules relating to transfers of profits within groups of companies
• an increase in the payable R&D tax credit for loss-making SMEs from 11% to 14.5%, and
• no delay for the introduction of the disguised salary rules for LLPs

Download your copy of the full report here [PDF]