Finance Bill 2014 draft clauses

Finance Bill 2014 draft clauses

Finance Bill 2014 draft clauses - KPMG’s detailed commentary on the key measures

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Houses of Parliament London

It is that time of year again – carols, shopping for Christmas presents, office parties and the release of the draft clauses for the forthcoming Finance Bill 2014.

This is the next stage in the tax policy cycle, which has been established over the past few years, following the Autumn Statement. The proposed tax changes which were initially announced on Budget Day in March 2013 have been consulted on over the summer and now the detail of the draft legislation has been published. In the main, this means that there should be fewer surprises as the underlying principles of the draft clauses have already been discussed, but as always there are some interesting points of detail and in particular some specific anti-avoidance measures where there has been less prior consultation.

This is a valuable opportunity for taxpayers to examine the detail of the proposed legislation, both to understand how it might impact them and their business ahead of it becoming law and also to engage with the Government by providing feedback on whether the draft meets policy aims, or has any unintended consequences. The Government has requested comments on the draft clauses by 4 February 2014.

Our detailed commentary looks at the key areas on which clauses have been published including:

  • Changes to the taxation of partnerships (which in some areas are significantly broader than had been consulted on);
  • Pensions tax relief;
  • Tax rules relating to the use of both offshore and onshore employment intermediaries; and the
  • Taxation of remote gambling.

There are some significant areas where we have not yet had draft legislation published. These include the reform of the corporation tax loan relationship rules, on which there has been consultation over the summer, and the introduction of capital gains tax on the disposal of certain properties by non-residents (announced in last week’s Autumn Statement). Taxpayers considering the draft clauses should remember, therefore, that there is more to come from Finance Bill 2014.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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