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

As mentioned already, Alistair Darling announced the 10% rate of corporation tax on income from the exploitation of patents.  What he did not say (but which is in the press releases) is that it is currently proposed that this reduced rate will not apply to income from patents until April 2013.   The Government have said they will … Continue reading More news on the “patent box”

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

Two important points to keep in mind: 1. It is temporary –  The bank payroll tax will have effect from the time of the announcement on 9 December 2009 until 5 April 2010 for all discretionary and contractual bonus awards. 2. There are exemptions – There is an exception for contractual bonus entitlements where the … Continue reading Bank Payroll Tax

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

Darling’s announcement of a 2% reduction in the rate of bingo duty (to 20%) was the (apparent) good news.  However, the fact that such reduction is to take effect from a date to be announced in next year’s Spring Budget is very disappointing.   So the Chancellor’s headline-grabbing comment (which got one of the biggest cheers … Continue reading Gambling Duties

There has been widespread speculation concerning increases in rates as well as anti-avoidance measures to close such planning opportunities as remain. But no such changes have been announced today. This can only be good news for the property sector. One proposed measure is the extension of the Disclosure Rules on SDLT avoidance (which requires scheme details … Continue reading Stamp Duty Land Tax (no news is mostly good news)

The Chancellor announced: £400 million additional support for offshore wind projects. doubling the funding commitment to support four Carbon Capture and Storage demonstration projects, enabling £14 billion of investment; ensure the UK is ready to face the challenges of the transition to a low carbon economy by creating Infrastructure UK; £140 million of additional venture … Continue reading Green Taxes

In a widely anticipated move, the Chancellor has introduced, with effect from today, a one-off  bank ‘supertax’ of 50 per cent on any individual discretionary bonus paid by a bank to an employee that is over £25,000. This is to be paid by the bank, not by the bank employee (although the employee will, of course, also have to pay, income tax … Continue reading Bankers’ bonus tax

Analysis from the award-winning CMS Tax Group