Budget Summary 2014 - page 12

saver
Sharing with your
spouse.
If you run a
company or business, make
sure that your
spouse/partner is
appropriately paid and
pensioned for any work
and that they share in the
profits if possible. You may
be able to adjust your
incomes to retain your
child benefit.
£
BUDGET
19 MARCH 2014
Research and development (R&D) tax credits
The rate of the payable credit for loss-making companies under the
SME (small and medium sized enterprises) R&D tax credit scheme
will increase from 11% to 14.5% from April 2014.
Business premises renovation allowance (BPRA)
As previously announced, measures will take effect from April 2014
to clarify the type of expenditure that qualifies for relief under the
BPRA. They include ensuring qualifying expenditure is limited to the
actual direct costs of building and renovation works and associated
services. The time in which works must be carried out is extended
to 36 months. BPRA will not be available where another form of
state aid has or will be received.
Theatre, film and video games CT reliefs
There will be a new theatre tax relief at 25% for qualifying touring
productions and 20% for other qualifying productions from
1 September 2014.
From April 2014 relief at 25% will be available on the first
£20 million of qualifying film production expenditure and at 20%
above that level, as previously announced. The cultural test will be
modernised and the minimum UK expenditure requirement will
reduce from 25% to 10%.
Video games tax relief will be extended to goods and services
provided from within the European Economic Area (EEA).
Corporate loss buying
R&D allowances will be excluded from the anti-loss buying rules
announced in the Budget 2013. This will have effect for qualifying
changes on or after 1 April 2014.
Change of ownership rules
There will be a relaxation in the rules restricting the availability of
relief for CT trading losses where the ownership of companies
changes after 31 March 2014, as previously announced.
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