HMRC consults on guidance for R&D tax reliefs

HMRC has published draft guidance for consultation on R&D tax reliefs for overseas expenditure and contracted-out R&D. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to your […]

NAO’s recommendations in HMRC’s monitoring of tax reliefs

The NAO has published its findings and recommendations on how HMRC monitors the effectiveness of ‘non-structural’ tax reliefs. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to […]

Extension of investment zone and freeport tax reliefs

Ahead of the Autumn Statement, the government has announced that the investment zone and freeport tax reliefs will be extended from five to 10 years. A programme for investment zones was set out in the Spring Budget 2023. The government plans for 12 zones to be established in the UK, including four outside England. The […]

UK government responds to venture capital reliefs report

The response suggests that the current sunset clauses for the enterprise investment scheme (EIS) and venture capital trusts (VCTs) will be extended beyond 2025. However, the response also pushes back on some of the committee’s other recommendations, including extending the company age and funding limits for these schemes. The initial report was published by the […]

Full review of tax reliefs would impose uncertainty, says FST

The government has responded to the Treasury Committee’s call for a wholesale review of tax reliefs. In the summer, a Treasury Committee report concluded that a “comprehensive and systematic” review of all tax reliefs is needed to identify opportunities for simplification.  Responding to that report, the Financial Secretary to the Treasury (FST), Victoria Atkins, states that […]

Treasury Committee urges wholesale review of tax reliefs

In line with evidence from ICAEW, the House of Commons Treasury Committee has concluded that tax reliefs are adding complexity to the UK tax system and are open to abuse. The committee has called for a systematic review of reliefs, alongside greater consultation on new reliefs and measures to better manage existing reliefs. In its […]

Environmental land management reliefs | ICAEW

The government is implementing frameworks to support private investment in nature’s recovery. Ecosystem service markets can assist in achieving the UK’s wider net-zero strategy, but there is uncertainty about how the current tax rules apply. A consultation on environmental land management was announced at the Spring Budget 2023. This talks through the issues concerning applying […]

ICAEW on proposed changes to creative industry tax reliefs

The government has suggested merging five audio-visual tax reliefs and altering the mechanism by which businesses claim relief to an ‘above the line’ taxable credit. The five audio visual (AV) reliefs under discussion in HM Treasury’s consultation are:  Film tax relief (FTR)  Animation tax relief (ATR)  High-end TV tax relief (HETV tax relief)  Children’s TV […]