ARTICLE · 20 DECEMBER 2012

UK Autumn Statement And Draft Finance Bill Briefing

Vinson & Elkins LLP

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Following the UK Chancellor’s Autumn Statement on Wednesday 5 December 2012, draft provisions of the Finance Bill 2013 were published on Tuesday 11 December.

United KingdomTax

Michael Thompson

Claire Harrington-Greenwood

Following the UK Chancellor's Autumn Statement on Wednesday 5 December 2012, draft provisions of the Finance Bill 2013 were published on Tuesday 11 December. This update summarises tax announcements which are likely to be most relevant to our practice. It is not a comprehensive summary and does not cover (in particular) many measures primarily relevant to individuals, small businesses, or specific industries other than the oil and gas sector.

RATES

Mainstream corporation tax

The main corporation tax rate will be reduced from 24 percent to 23 percent from April 2013 (as previously announced in the March 2012 Budget), but the Chancellor has announced a further reduction to bring it to 21 percent from April 2014. The Chancellor emphasised that this would be the lowest rate of any major western economy and "is an advert for our country that says: come here; invest here; create jobs here; Britain is open for business."

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