15 March 2023 l BUDGET 6 4 13 Theatre tax relief, orchestra tax relief, and museums and galleries tax relief The rates for theatre tax relief, orchestra tax relief, and museums and galleries exhibition tax relief will be permanently set at 40% for non-touring productions and 45% for touring and orchestral productions from 1 April 2025. Energy profits levy The end date of the energy profits levy will be extended to 31 March 2029. Freeport tax reliefs The window to claim the tax reliefs available in Freeport special tax sites will be extended from five to ten years, namely to 30 September 2031 for English Freeports and 30 September 2034 for Scottish Green Freeports and Welsh Freeports. Deductibility of training costs HMRC has published guidance to provide greater clarity about the tax deductibility of training costs for sole traders and the self-employed. The guidance clarifies that updating existing skills and keeping pace with technological advancements or changes in industry practices are deductible costs when calculating the taxable profits of a business. Landfill tax rates The standard and lower rates of landfill tax will rise in line with the RPI, which will be adjusted to take account of high inflation in the period 2022 to 2024 and will be rounded up to the nearest five pence. The change will take effect from 1 April 2025. Landfill tax is devolved to the Scottish Parliament and Welsh Assembly. Economic crime levy The government will increase the charge paid by very large businesses that have UK revenue of over £1 billion and are regulated for anti-money laundering under the economic crime (anti-money laundering) levy. The charge will rise from £250,000 to £500,000 a year, from tax year 2024/25. > THINK AHEAD Changes in corporation tax, income tax and national insurance have made dividends less attractive. You may be able save tax if your company pays you a bonus rather than a dividend.
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