The Finance Bill 2013 was enacted on 27 March 2013 as the Finance Act 2013. The main measures are the following:
Business taxation
(a) Intangible asset regime. Under the current rules, there is a clawback of capital allowances if the eligible IP assets are disposed of, or cease to be used in a trade, within 10 years of acquisition. The Bill includes measures to shorten this period to 5 years.
(b) Research and development (R&D). Under the current rules, qualifying comp…