Finance Act 2013 was ‘substantively enacted’ on 3 July, and contains several notable provisions which may require special attention from a tax accounting perspective, including the new R&D credits, the reduction in the corporation tax rate to 20%, and the GAAR. Each of these may affect an entity’s financial results and overall effective tax rate. With an ever increasing focus on tax affairs, it is more important than ever to keep up to date with changes in tax legislation and how they may affect your entity. This will be critical to managing stakeholder expectations around the effect on the current year, as well as future years’ effective tax rates.
