On 21 December 2012, the Government announced legislation for inclusion in the 2013 Finance Bill that will introduce targeted anti-avoidance rules (TAARs) to (i) sections 31 and 274 of The Income Tax (Trading and Other Income) Act 2005 and (ii) sections 51 and 214 of the Corporation Tax Act 2009, which govern the relationship between rules prohibiting and allowing deductions. Currently, these provisions provide that certain business expenditure incurred by trades and property businesses, that would otherwise be disallowable, can be deducted from business profits. Legislation will be introduced in Finance Bill 2013 to amend all of the above sections...