This Content Was Last Updated on February 9, 2017 by Jessica Garbett
The Finance Act 2013 received Royal Assent on 17 July 2013.
It’s worth re-capping some of the most prominent issues:
- reducing the main rate of corporation tax to 20% from 1 April 2015
- personal tax allowance increasing to £10,000 from 6 April 2014
- additional for those with income above £150,000 reducing to 45% from 6 April 2013
- introduction of a general anti-abuse rule (GAAR)
- introduction of the new statutory residence test
- a cap on income tax reliefs to the lower of £50,000 or 25% of income from 6 April 2013
- Seed Enterprise Investment Schemes (SEIS)
- a substantial increase in the Annual Investment Allowance to £250,000 for the period 1 January 2013 to 31 December 2014
- introduction of the new simplified accounting regime for business trading below the VAT registration threshold
- £2,000 employers secondary national insurance allowance from April 2014
- doubling of the employment related loan threshold to £10,000 from 6 April 2014
- introduction of the annual tax on enveloped dwellings (AETD)
- capital gains tax charge on disposals of UK property by a non-natural person from 6 April 2013.
More in-depth coverage was provided in this Budget CPD article.
You may also find the Guide To… the new Simplified Accounting Regime useful.