Budget Summary 2014 - page 13

Controlled foreign companies (CFCs)
The CFC rules will be reinforced to prevent UK base erosion caused
by the transfer offshore of intra-group interest income or by
moving a foreign affiliate’s bank debt into a UK company.
Worldwide debt cap (WWDC) rules
The WWDC rules will be changed in cases where a worldwide group
includes entities without ordinary share capital. There will be
changes to the regulation making power for elections to transfer
WWDC liabilities for companies involved in whole business
Enterprise zones
The period in which enhanced capital allowances are available in
enterprise zones will be extended by three years, until 31 March
Businesses will be given three more years – until 31 March 2018 –
to locate in an enterprise zone to qualify for business rates discounts.
False self-employment
Legislation effective from 6 April 2014 will prevent employment
intermediaries being used to avoid employment taxes and
obligations by disguising employment as self-employment.
Legislation will counter the loss of employment taxes in
relation to salaried members of limited liability partnerships
(LLPs). Measures will also counter tax-motivated allocations of
business profits and losses in partnerships that include
individuals and companies, and tax-motivated disposals of assets
through partnerships. These will take effect from April 2014
subject to some minor changes to the measures that were
previously announced.
Construction industry scheme (CIS)
There will be consultations in summer 2014 about ways to improve
the operation of the CIS for smaller businesses and the introduction
of mandatory online filing for contractors.
page 13
19 MARCH 2014
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