Olswang Pre-Budget Report 2009 Analysis
Pre-Budget Report - Film Tax News
There was relatively little announced specifically in relation to the film industry in today’s Pre-Budget Report.
Click here to read the full article
Pre-Budget Report - Venture Capital Schemes
A number of important changes have been made to the reliefs available to investors in venture capital trusts ("VCTs") and the enterprise investment scheme ("EIS").
Click here to read the full article
Banking on change - the new Code of Practice on Taxation for Banks
HMRC has published a revised version of the Code of Practice on Taxation for Banks. The Code is voluntary. However, the Government has emphasised that it considers that the Code should be adopted by all entities undertaking banking activities in the UK.
Click here to read the full article
Pre-Budget Report - Going Green
It is difficult to identify major changes announced today in relation to existing "green" taxes and reliefs. The more significant are mostly in the context of transport.
Click here to read the full article
Pre-Budget Report - Gambling taxes
This year's Pre-Budget Report brought no nasty surprises for gambling operators.
Click here to read the full article
Bankers' bonus tax: anti-forestalling in disguise
In a widely anticipated move, the Chancellor has introduced, with effect from today a one-off bank "super tax" of 50% on any amount over £25,000 paid to an employee as a discretionary bonus by a bank employer ("the Bank Payroll Tax" or "BPT"). The tax applies to bonuses awarded (subject to an important exemption described below) or paid from 9 December 2009 to 6 April 2010 (although this later date could be extended). The tax is payable by the bank, not the bank employee (although the employee will, or course, have to pay income tax and national insurance contributions on any bonus they receive) and the 50% levy will not be deductible for corporation tax purposes.
Click here to read the full article
Pre-Budget Report - General changes affecting businesses
The following article summarises the main changes and developments relevant to business, including corporation tax changes.
Click here to read the full article
Pre-Budget Report - Technology and intellectual property update
The Government has announced a "Patent Box" regime to encourage investment in high-technology and innovative industries.
The condition that small or medium sized enterprises ("SMEs") must own any intellectual property ("IP") created as a result of research and development ("R&D") in order to claim R&D relief on attributable expenditure has been removed.
After months of lobbying from the games industry the Government has rejected calls for a tax break to incentivise games development in the UK.
Click here to read the full article
The information contained in this update is intended as a general review of the subjects featured and detailed specialist advice should always be taken before taking or refraining from taking any action.
