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Finance Bill confirms details of Budget announcements

27th March 2014

Following last week’s Budget, the Finance Bill (Finance (No.2) Bill 2013-14) has now been published: all 601 pages.

In addition to confirming the tax rates and allowances for the 2014-15 tax year, the Bill includes the detailed measures for:
 
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  • The treatment of salaried members of Limited Liability Partnerships (LLPs) as employees for tax purposes; 
  • The removal of the tax advantages of corporate partners in “mixed partnerships”; 
  • The temporary increase in the Annual Investment Allowance to £500,000; 
  • Fundamental changes to the choices on retirement for investors in defined contribution pension schemes;
  • Making the Seed EIS scheme permanent; 
  • Fundamental changes to HMRC’s tax collection powers for users of certain tax avoidance schemes: pay now, agree the treatment later; and 
  • The Social Investment Relief: income tax relief at 30% to encourage investment in investment in charities and community interest companies. 

We expect the Bill to receive Royal Assent in the summer.

Please contact Katharine Arthur, head of tax, if you have any queries.

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