After months of lobbying from the UK games industry, the Government has finally announced its intention to introduce games tax relief to support our highly successful and innovative games industry. Olswang has been heavily involved in this lobbying process and wrote a paper called “A tax relief for games” setting out how to adapt the existing film tax credit relief to … Continue reading Game on !
A consultation document has been released containing draft legislation amending the regime requiring tax avoidance schemes to be disclosed to HMRC. These proposed measures include revising and extending the hallmarks (which identify the types of schemes that must be disclosed), bringing forward the trigger point for disclosure of marketed schemes, imposing additional information requirements on promoters and on intermediaries … Continue reading Tougher disclosure regime
Recent weeks have seen both the French and the Spanish Governments withdraw their sports-related tax breaks. The French have ended their “droit à l’image collectif”, which allowed football clubs to treat up to 30% of a player’s income as a payment for exploitation of their image rights rather than salary, and the Spanish have announced … Continue reading Sports tax
There was little for the film industry to get excited about in today’s Pre-Budget Report. Thankfully, there is no further specific anti-avoidance legislation. There was a small tweak to the film tax credit legislation to remove an anomaly which impacted upon the amount of tax credit available where film production spanned more than one accounting period. I would like to have seen … Continue reading Film
No surprises here ! After weeks of speculation the Government appear to have closed down a loophole which enabled you to circumvent the £2 million limit per EIS/VCT company by amalgamating funds through partnerships. A new definition of small enterprise is proposed. It appears that the Government view is that funding large projects with EIS monies intended to promote high risk start up companies is not within the spirit of … Continue reading EIS/VCT restrictions
It is incredibly disappointing that after months of lobbying from the games industry the Government has rejected our calls for a tax break to incentivise games development in the UK. The UK’s position as a world leader has been eroded as other countries such as France and Canada encourage both games companies and our creative talent to relocate with the … Continue reading Games tax credit rejected