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Draft Finance Bill

The draft Finance bill 2012 has been published to allow proper time for scrutiny before its introduction next year.

Scottish Land & Estates' taxation group has identified that the main changes of note to members are the new Seed Enterprise Investment scheme (SEIS) announced in the Autumn statement: further legislation for donations to Charities; changes to the capital allowances treatment of expenditure on plant and machinery to generate renewable electricity or heat and the reduction to 24% in the main rate of Corporation Tax is confirmed for the year commencing 1 April 2013.

The document also refers to 36 tax reliefs which will either be repealed or amended. One of the main reliefs to be repealed, and which will affect landowners, is in relation to the taxation of mineral royalties for quarrying etc. With effect from 1st April 2013 for companies, and from 6th April 2013 for individuals (including partners), all the income received from such royalties will be taxed as income. At present it is taxed as to 50% income and 50% capital, subject to CGT.

The consultation on the draft Bill runs until 10 February 2012.

Draft Finance Bill

 

 

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