15 March 2023 l BUDGET Investment zones Twelve investment zones will be established across the UK. Special tax sites in, or connected with, the investment zones may be designated subject to approval by the government. These sites will benefit from tax reliefs including SDLT relief (in England), enhanced capital allowance and structures and buildings allowances, and secondary Class 1 NIC relief. Seed enterprise investment scheme (SEIS) The amount of investment that companies will be able to raise under the SEIS will increase from £150,000 to £250,000, as previously announced. The gross asset limit will rise from £200,000 to £350,000 and the age limit on a qualifying trade will rise from two to three years. The annual investor limit will double to £200,000. The changes take effect from 6 April 2023. Enterprise management incentives (EMI) The process of granting share options will be simplified, removing the requirement for a company to set out details of share restrictions in the option agreement. The requirement for a company to declare an employee has signed a working time declaration will also be abolished. The changes will apply to EMI options granted or exercised from 6 April 2023. Company share option plan (CSOP) The limit on the value of CSOP share options issued to an employee will double to £60,000 and the restriction on share classes within the CSOP will be removed. The changes, which were previously announced, will take effect from 6 April 2023. Top-up tax Large multinational groups with headquarters in the UK will have to pay a top-up tax if their operations in a foreign jurisdiction have an effective tax rate of less than 15%. The measure will also apply to non-UK-headquartered groups with UK members that are partially owned by third parties or where the headquartered jurisdiction does not implement the OECD Pillar 2 framework. 11
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