On 17 July 2014, the U.K. Finance Bill 2014 received Royal Assent and is officially enacted as Finance Act 2014. The Act makes into law the tax changes introduced in U.K. Budget 2014, most of which are already in force.
Some of the key changes for businesses include:
- Reduction in the standard corporate tax rate from 23% to 21%
- Increase in the cap on annual investment allowance (AIA) from £250,000 to £500,000
- Increase in the rate of the R&D payable credit from 11% of qualifying expendit…