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Government publishes draft Finance Bill 2014

 

Following the recent Autumn Statement, the Government has published draft tax legislation which will implement the tax policies announced at the 2013 Budget and the 2013 Autumn Statement.

 

Finance Bill 2014 will contain a number of measures aimed at improving UK competitiveness, including the introduction of a new onshore oil and gas tax relief, changes to film tax relief, and the abolition of stamp duty and stamp duty reserve tax on growth market shares.

 

The Government also aims to provide support to working families, by means of an increase in the income tax personal allowance to £10,000 from 2014/15, and the introduction of a new transferable tax allowance for married couples and civil partners in 2015.

 

David Gauke, Exchequer Secretary to the Treasury, commented, 'The package of measures in the legislation published today delivers action that builds on our efforts to create a tax system that supports growth and fairness'.

The draft legislation has been published as part of the Government's commitment to 'a more transparent, efficient and simpler tax system', and a consultation on the legislation will run until 4 February 2014.

The legislation can be accessed here: Finance Bill 2014.