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Draft Finance Bill 2014 published

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The draft Finance Bill legislation was published on 10 December 2013. The Finance Bill documents, including full text of the draft measures, explanatory notes and an overview of the draft legislation, are available from the government website. The measures are open to technical consultation until 4 February 2014.

In addition to the bulk of the draft FB 2014 measures, a number of clauses were published on the date of the Autumn Statement (5 December 2013) and came into effect on that day. These concerned: the worldwide debt cap; controlled foreign companies; partnerships; total return swaps; double taxation relief; shale gas; and the code of practice on taxation for banks.

Alex Henderson, tax partner at PwC, said: ‘This year’s draft Finance Bill comes in substantially shorter than last year – a promising sign that even if the tax system is not being simplified, the rate of complication is at least slowing. The government has shaved over a third off UK tax legislation (673 pages compared with 1074 last year), which will make life easier for anyone trying to fathom the tax system. This is the last year before the general election that there will be time for a full Finance Bill, as although the drafts are published in December, they don’t receive Royal Assent until the following July.’