UK and International Tax news
Finance (No.3) Act 2010
Tuesday 21st December 2010
Following agreement by both Houses of Parliament on the text of the Finance (No.2) Bill 2010-11, it received Royal Assent on 16 December 2010 and is now the Finance (No.3) Act 2010.
The Bill is the second Finance Bill of the current Session. Its purpose is to enact a series of technical tax measures inherited from the previous Labour governments Budget on 24 March 2010. The timing of the 2010 General Election saw the Labour government introduce a shortened Bill, with the intention of introducing a second Bill after the election.
In its first Budget on 22 June 2010, the Coalition Government announced that it would introduce one short Finance Bill before the summer recess to implement its key priorities, and a second Bill in the autumn to clear these inherited measures.
The Act contains 33 sections and 14 schedules covering in particular changes to the rules applying to venture capital schemes, enterprise management incentives, company distributions, financing costs and income of groups, and RandD relief for SMEs.
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