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FINANCE ACT 2013

UK Public General Acts

Version 27/04/2017

2013 CHAPTER 29

Default Geographical Extent: E+W+S+N.I.


  • PART 1. Income Tax, Corporation Tax and Capital Gains Tax
    • CHAPTER 1. Charges, rates etc
      • Income tax
      • Corporation tax
      • Capital allowances
    • CHAPTER 2. Income tax: general
      • Exemptions and reliefs
      • Trade profits
      • Other provisions
    • CHAPTER 3. Corporation tax: general
      • Losses, other reliefs and deductions
      • Exemption from charge
      • Other provisions
    • CHAPTER 4. Pensions
    • CHAPTER 5. Other provisions
      • Employee shareholder shares
      • Seed enterprise investment scheme
      • Disincorporation
      • Capital gains
      • Capital allowances
      • Miscellaneous
  • PART 2. Oil
    • Decommissioning relief agreements
    • Decommissioning security settlements
    • Decommissioning expenditure etc
    • Capital allowances
  • PART 3. Annual tax on enveloped dwellings
    • The charge to tax
    • Adjustment of amount charged
    • Chargeable interests and “single-dwelling interest”
    • Meaning of “dwelling”
    • Acquisitions and disposals
    • New dwellings, conversions, demolition etc
    • Reliefs
    • Exemptions
    • Power to modify reliefs
    • Alternative property finance
    • Administration and payment of tax
    • Application of provisions
    • Supplementary provisions
    • Interpretation
  • PART 4. Excise duties and other taxes
    • Inheritance tax
    • Fuel
    • Alcohol
    • Tobacco
    • Gambling
    • Air passenger duty
    • Vehicle excise duty
    • Value added tax
    • Stamp duty land tax
    • Landfill tax
    • Climate change levy
    • Insurance premium tax
    • Bank levy
  • PART 5. General anti-abuse rule
  • PART 6. Other provisions
    • Trusts
    • Unit trusts
    • Residence
    • International matters
    • Disclosure
    • Powers
    • Payment
    • Administration
    • Interim remedies
  • PART 7. Final provisions
  • Version 27/04/2017
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  • Version 17/07/2014
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  • Version 01/04/2014
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  • Version 13/03/2014
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  • Version 06/04/2013
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  • Version 20/03/1993

Introductory Text

Finance Act 2013

2013 CHAPTER 29

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

[17th July 2013]

Most Gracious Sovereign

WE, Your Majesty's most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty's public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

PART 1
Income Tax, Corporation Tax and Capital Gains Tax



CHAPTER 1
Charges, rates etc



Income tax


1 Charge for 2013-14

Income tax is charged for the tax year 2013-14.

2 Personal allowance for 2013-14 for those born after 5 April 1948

(1) For the tax year 2013-14 the amount specified in section 35(1) of ITA 2007 (personal allowance for those born after 5 April 1948) is replaced with “ £9,440 ”.

(2) Accordingly section 57 of that Act (indexation of allowances) , so far as relating to the amount specified in section 35(1) of that Act, does not apply for that tax year.

3 Basic rate limit for 2013-14

(1) For the tax year 2013-14 the amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced with “ £32,010 ”.

(2) Accordingly section 21 of that Act (indexation of limits) , so far as relating to the basic rate limit, does not apply for that tax year.

Corporation tax


4 Charge and main rate for financial year 2014

(1) Corporation tax is charged for the financial year 2014.

(2) For that year the rate of corporation tax is—

(a) 21% on profits of companies other than ring fence profits, and
(b) 30% on ring fence profits of companies.
(3) In subsection (2) “ring fence profits” has the same meaning as in Part 8 of CTA 2010 (see section 276 of that Act).

5 Small profits rate and fractions for financial year 2013

(1) For the financial year 2013 the small profits rate is—

(a) 20% on profits of companies other than ring fence profits, and
(b) 19% on ring fence profits of companies.
(2) For the purposes of Part 3 of CTA 2010, for that year—

(a) the standard fraction is 3/400ths, and
(b) the ring fence fraction is 11/400ths.
(3) In subsection (1) “ring fence profits” has the same meaning as in Part 8 of that Act (see section 276 of that Act).

6 Main rate for financial year 2015

(1) For the financial year 2015 [F1 the main rate] of corporation tax is 20% F2 ....

F3 (2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:

Amendments (Textual)

F1 Words in s. 6(1) substituted (with effect in accordance with Sch. 1 para. 22 of the amending Act) by Finance Act 2014 (c. 26), Sch. 1 para. 19(a)

F2 Words in s. 6(1) omitted (with effect in accordance with Sch. 1 para. 22 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 1 para. 19(b)

F3 S. 6(2) omitted (with effect in accordance with Sch. 1 para. 22 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 1 para. 19(c)


Capital allowances


7 Temporary increase in annual investment allowance

(1) In relation to expenditure incurred during the period [F4 beginning with 1 January 2013 and ending with the specified date ] , section 51A of CAA 2001 (entitlement to annual investment allowance) has effect as if in subsection (5) for “£25,000” there were substituted “ £250,000 ”.

[F5 (1A) The specified date is —

(a) for the purposes of corporation tax, 31 March 2014, and
(b) for the purposes of income tax, 5 April 2014.]
(2) Schedule 1 contains provision about chargeable periods which straddle 1 January 2013 F6 ....

Annotations:

Amendments (Textual)

F4 Words in s. 7(1) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 2 para. 6(2)

F5 S. 7(1A) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 2 para. 6(3)

F6 Words in s. 7(2) omitted (17.7.2014) by virtue of Finance Act 2014 (c. 26), Sch. 2 para. 6(4)


CHAPTER 2
Income tax: general



Exemptions and reliefs