FINANCE ACT 2013
29 March 2013
The Finance Bill together with explanatory notes and other budget related documents was published on 28 March 2013.
The Finance Bill 2013 will enact tax measures announced since the March 2012 Budget and will bring about an increase to the tax-free personal allowance to £9,440 from April 2013 and a package of measures to tackle tax avoidance and evasion, including the UK’s first General Anti-Abuse Rule (GAAR); The majority of the measures in this year’s Bill were announced at Budget 2012, with legislation published in December 2012 for technical consultation, which received over 250 comments.
Exchequer Secretary to the Treasury, David Gauke MP, said:
" This year’s Finance Bill demonstrates the Coalition Government’s commitment to creating a tax system that is fairer, promotes growth and competitiveness and rewards work. These measures will equip us to compete in the global race and create an aspiration nation. They also demonstrate the Government’s commitment to developing tax policy in a transparent manner, consulting wherever possible, which is reflected in the many constructive comments we have had on the draft legislation ".
THE FINANCE BILL RECEIVES ROYAL ASSENT
18 July 2013
Following agreement by both Houses on the text of the Bill it received Royal Assent on 17 July and became Finance Act 2013.
Draft tax legislation published in Finance Bill 2014
11 December 2013
Following the Autumn Statement, the government has today published responses to consultations alongside draft legislation to be included in Finance Bill 2014.
Today the government has published draft tax legislation which will implement policies published at Budget 2013 and Autumn Statement 2013 . The government has also published responses to related policy consultations which took place over the summer.
Finance Bill 2014 will contain key measures to make the UK more competitive for businesses, including:
a new onshore oil and gas tax relief, which will support investment in the UK’s emerging onshore shale gas industry by applying a halved rate of tax to initial profits from projects changes that will make the government’s long-standing film tax relief more attractive and easier to use abolishing stamp duty and stamp duty reserve tax on growth market shares.
It also contains measures to support hardworking families with the cost of living, including:
increasing the personal allowance to £10,000 for 2014/15, making a typical basic rate taxpayer £112 better off and taking 260,000 low earners out of income tax altogether
CIPP Policy News Journal
16/04/2014, Page 280 of 519
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