Finance Bill 2014 clauses published

Following last week’s autumn statement, the morning of Tuesday 10 December will see the Treasury publish consultation drafts of clauses for next year’s finance bill.

Treasury minister David Gauke is promising to bring forward measures relating to 30 separate policies on which the government has been consulting this year. Bookmark this page for updates throughout the next few days on the measures that will be enacted, reactions from the profession and further analysis, culminating in Rebecca Benneyworth’s assessment, sponsored by BTCSoftware, which will be published next week.

“The private principal residence (PPR) final period and cutting down the final period exemption from 36 months to 18 months from April 2015 will be a challenge, as will the change to capital gains tax for non-residents,” said Benneyworth this morning.

Among the policies expected to get their final review are:

• Tighter rules on intermediaries providing false employment vehicles, with parallel rules extending the regime to offshore intermediary companies.
• Tightening of profit allocation and "disguised employment" for limited liability partnerships
• More NIC incentives for business for 2014-15, with a moratorium on contributions for employees under 21 years old
• Stamp duty exemption for growth market shares
• Film tax relief
• Employee ownership and Unapproved employee share schemes
• Simplifying IHT on trusts

As we heard last week, some anti-avoidance measures will take effect from the day of their announcement (5 December). These include:

• Debt cap - changes to grouping rules to limit the expenses that can be deducted and to confirm that the ultimate parent of a worldwide group will be beneficially entitled to 75% of the profits or assets of a UK group company
• Controlled foreign companies: profit shifting
• Avoidance scheme using total return swaps
• Double taxation relief: revenue protection
• Shale gas - a new onshore allowance to reduce the amount of adjusted ring fence profits subject to the supplementary charge. 

If you can't wait for Rebecca Benneyworth's Finance Bill 2014 digest, you can find links to all the detailed clauses and impact notes on the Gov.uk Finance Bill 2014 page. The The site will issue an overview of legislation in draft (OLD) document outlining each measure with accompanying tax information and impact notes (TIINs). Draft legislation, summaries of responses to consultations and other technical and guidance notes will also be published.