UK enacts general anti-abuse rule and confirms tax rate reductions

July 2013


UK finance act 2013 received royal assent July 17, 2013 and has therefore been enacted. The act includes legislation introducing a new general anti-abuse rule (GAAR) as well as a reduction in the UK main corporation tax rate to 20% by April 1, 2015. The tax rate reductions and the act’s other changes have US GAAP reporting implications.

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