While every attempt will be made to ensure that information provided is accurate at the time of publication, it should be treated as guidance only and does not constitute legal or professional advice. Tax law and guidance changes frequently and readers are advised to consult the current relevant publication for the most up-to-date information on this topic.

Finance Bill 2013 shows the two sides of the government's tax policy – the desire to encourage investment and reward entrepreneurial activity, set against the need to ensure that taxpayers pay tax in line with government policy. So, the Bill includes the proposed cut in the main rate of corporation tax to 20% from 2015 for profits other than ring-fence profits, along with the rate increase to 10% in the research and development above the line tax credit.

The Bill also contains clarification in the individual residency rules provided by the statutory residence test, details of the new regime applying to high value property held by 'non-natural' persons, and confirmation of the forthcoming changes to the pension limits...

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