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
Despite rumours and speculation there appears to be no change to the rate of CGT and VAT will revert to 17.5% (not higher) as from 1 January.
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
In a bid to increase investment in biosciences in the UK, the Chancellor has announced a 10% corporation tax rate on income from the exploitation of patents in the UK. This is good news for the UK, enabling it to compete with other jurisdictions that have similar regimes. However, it appears from his budget speech that it … Continue reading “Patent box” corporation tax rate
Olswang’s tax group will highlight its initial thoughts on this year’s Pre-Budget Report (PBR). We would be very interested to know your views so please feel free to post your comments. We will also publish our analysis of the PBR which you will be able to access by clicking on the link on the right-hand side. We will publish this shortly after the … Continue reading Welcome to Olswang’s Budget Blog