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18 March 2015

The government will introduce a facility for smaller businesses to

receive voluntary advanced assurances lasting three years when

making a first claim from autumn 2015 and will reduce the time

taken to process a claim from 2016.

Television, film and orchestra corporation tax reliefs

The government will ‘modernise’ the cultural test for high-end

television tax relief and reduce the minimum UK expenditure

requirement for all television tax reliefs from 25% to 10% from

1 April 2015. As announced in the Autumn Statement 2014, there

will be a new tax relief for the production of children’s television

programmes from 1 April 2015. The rate of film tax relief will

increase to 25% for all qualifying expenditure from 1 April 2015

subject to state aid clearance.

Tax relief for orchestras at 25% will be provided from 1 April



Corporation tax relief will be restricted on goodwill associated

with a business that a company acquires from a related individual

or partnership from 3 December 2014, as announced in the

Autumn Statement 2014.

Diverted profits tax

A new tax on diverted profits (which some refer to as the ‘Google

tax’) will be introduced from 1 April 2015, as announced in the

Autumn Statement 2014. The draft legislation has been revised

to narrow the notification requirement and some other changes

have been made.

Consortium relief

All requirements relating to the location of the link company for

consortium claims to group relief are being removed with effect

from 10 December 2014, as previously announced.

page 12

think ahead

Your business might be

entitled to a valuable

R&D tax credit – even if

it doesn’t make a taxable


Check out the

position; you might be

surprised what can qualify

and how much it could be

worth to you.