A summary of the key business tax announcements made in the Chancellor’s Autumn Statement on 5th December 2013

autumnstatement

This summary of the key business tax announcements made in the Chancellor’s Autumn Statement on 5th December 2013 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 provide 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 tax announcements

Key announcements that were new for the Autumn Statement 2013 include:

  • capital gains tax on non-residents disposing of UK residential property
  • employment intermediaries—amendments to prevent income tax and NICs avoidance through ‘contrived contracts’ involving employment intermediaries such as personal service companies
  • dual employment contracts—provisions to prevent artificial splitting of duties between UK and non-UK employment contracts
  • rules obliging users of some tax avoidance schemes (follower cases) to pay the disputed tax before their case has been finally settled
  • changes to the grouping rules to extend the application, and prevent the artificial circumvention, of the worldwide debt cap
  • CFCs and profit shifting—a new exclusion from the definition of a qualifying loan relationship, and an amendment to one of the existing exclusions, in the finance partial exemption (both provisions taking immediate effect)

To read the full report please click here [PDF]

Filed Under: Autumn Statement

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