xmlns:atom="http://www.w3.org/2005/Atom"
Income tax is charged for the tax year 2013-14.
(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.
(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.
(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).
(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).
(1)For the financial year 2015 the rate of corporation tax is 20% on profits of companies other than ring fence profits.
(2)In subsection (1) “ring fence profits” has the same meaning as in Part 8 of CTA 2010 (see section 276 of that Act).
(1)In relation to expenditure incurred during the period of two years beginning with 1 January 2013, 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”.
(2)Schedule 1 contains provision about chargeable periods which straddle 1 January 2013 or 1 January 2015.