IRRV Alert - week ending 6th December 2013
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Policy paper: Finance Bill 2014: measures with immediate effect
Policy paper
Finance Bill 2014: measures with immediate effect
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Published 5 December 2013
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The government has announced measures with immediate effect from 5 December 2013.
Documents
Debt cap
PDF, 230KB, 7 pages
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If you use assistive technology and need a version of this document in a more accessible format please email editor@hmtreasury.gsi.gov.uk quoting your address, telephone number along with the title of the publication ("Debt cap").
Controlled foreign companies: profit shifting
PDF, 228KB, 7 pages
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If you use assistive technology and need a version of this document in a more accessible format please email editor@hmtreasury.gsi.gov.uk quoting your address, telephone number along with the title of the publication ("Controlled foreign companies: profit shifting").
Partnerships
PDF, 358KB, 18 pages
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If you use assistive technology and need a version of this document in a more accessible format please email editor@hmtreasury.gsi.gov.uk quoting your address, telephone number along with the title of the publication ("Partnerships").
Avoidance scheme using total return swaps
PDF, 214KB, 6 pages
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If you use assistive technology and need a version of this document in a more accessible format please email editor@hmtreasury.gsi.gov.uk quoting your address, telephone number along with the title of the publication ("Avoidance scheme using total return swaps").
Double taxation relief: revenue protection
PDF, 297KB, 8 pages
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If you use assistive technology and need a version of this document in a more accessible format please email editor@hmtreasury.gsi.gov.uk quoting your address, telephone number along with the title of the publication ("Double taxation relief: revenue protection").
Shale gas
PDF, 368KB, 23 pages
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If you use assistive technology and need a version of this document in a more accessible format please email editor@hmtreasury.gsi.gov.uk quoting your address, telephone number along with the title of the publication ("Shale gas").
Code of Practice on taxation for banks
PDF, 271KB, 13 pages
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If you use assistive technology and need a version of this document in a more accessible format please email editor@hmtreasury.gsi.gov.uk quoting your address, telephone number along with the title of the publication ("Code of Practice on taxation for banks").
Detail
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 scheme using total return swaps
- Double taxation relief: revenue protection
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
Organisation:
Topical event:
Minister:
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