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.
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.
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.