Clifford Chance
UK Budget 2014
20 March 2014
It was billed as a Budget targeted at "Makers, Doers and Savers". Makers and Doers will welcome the doubling of the amount of the annual investment allowance. Savers will benefit from an increased ISA allowance. There are also major changes to the tax treatment of defined contribution pension schemes.
Anti-avoidance measures were also prominent. Those aimed at transfers of corporate profits appear to be potentially very wide-ranging in their scope. The Government has also set out its priorities for countering Base Erosion and Profit Shifting. Users of tax schemes which fall to be disclosed under the DOTAS regime or which are subject to counteraction under the General Anti-Abuse Rule will be required to pay their tax upfront.
