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Budget 2014: Measures affecting MNCs

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There were few significant developments in the Budget. Most of the proposed changes to the loan relationships and derivative contracts rules are to be deferred to 2015. Only those relating to degrouping and OEICs, unit trusts and offshore funds are to be covered this year. There is a proposed extension to the rules designed to prevent the diversion of profit which appears to be wide ranging in its effects. There are also proposed extensions to the DOTAS rules. On the positive side, research and development allowances are to be excluded from the loss-buying anti-avoidance rules introduced in 2013.

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