Notable business and legislative events in 2014

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Listed below is a summary of the major business and legislative development taking effect in the year ahead

Date

Event

Early in year 

Banking Reform Bill expected to receive Royal Assent

31 January

New TUPE regulations come into force.  For details, visit New TUPE Regulations

13 March

Consultation on zero hours contracts (Code of Practice and banning exclusivity clauses) closes

19 March

Budget day

Spring

Business Bank expected to be established (fully operational by Autumn 2014)

1 April

Main rate of corporation tax for non-ring fenced profits reduced to 21%

Initial phase under the CRC Energy Efficiency Scheme Order 2013 begins

Office of Fair Trading and Competition Commission abolished and replaced by Competition and Markets Authority.  Remaining provisions of the Enterprise and Regulatory Reform Act 2013 come into force

5 April

Real Time Information concession for smaller employers ends

6 April

Income tax personal allowance increases to £10,000 and basic rate limit increases to £31,865

ISA annual subscription limit increases to £11,800

Changes re private use of company cars and lease to employees commence

Presumption of self-employment for members of LLPs removed

Right to request flexible working extended to all employees with 26 weeks' service

A business rates discount of up to 50% will be given for 18 months to new occupants of retail premises which were previously empty for a year or more.  The relief will apply to businesses moving into empty retail premises between 1 April 2014 and 31 March 2016.

Changes to the inheritance tax exemptions will be made to ensure that they apply to shares and other assets transferred to employee-ownership trusts, provided certain conditions are met.

28 April

Stamp duty on shares in companies listed on the Alternative Investment Market and the ISDX Growth market abolished

April

Proposed reforms to the rules concerning close company loans to participators expected to take effect

Early concilliation: ACAS will contact employers ahead of any potential tribunal claim, provided the employee agrees, to see if there is scope for resolving the dispute

12 June

Exemption for micro-businesses and new businesses under the Consumer Rights (Payment Surcharges) Regulations 2012 ends

13 June

New Regulations tightening up the Distance Selling Regulations and Doorstep Selling Regulations and implementing the EU Consumer Rights Directive come into force

Autumn

Employer-funded health treatment tax exemption commences

31 December

Proposed directive on the protection of trade secrets expected to be adopted

Unspecified                                  

Consumer Rights Act, consolidating existing consumer protection legislation and replacing Unfair Contract Terms Act 1977 and Unfair Terms in Consumer Contracts Regulations 1999, expected to receive Royal Assent

Unspecified

£200 million Islamic bond expected to be launched

For information about developemnts in employment law, contact Patrick Stewart for all other enquiries contact Peter Stevens

For details about TWM's legal services on our website visit Our Services

© TWM Solicitors LLP 2014 - All Rights Reserved. Information contained in this article and on our website does not constitute legal advice and is provided for information purposes only. Recipients should not act upon it, but should seek legal advice relevant to their own situation.

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