Ernest Wilson reviews the Budget.

It was expected that there would have been some encouraging news to business owners in yesterdays Budget however it seems the Review of business rates will now be implemented in the 2016 Budget.

• Corporation tax rate - The main rate is to be set at 20% for the financial year 2016.

• Creative sector reliefs - Finance Bill 2015 will introduce: a new tax relief for children’s television programmes; reduce the minimum UK spend requirement for high-end television relief from 25% to 10%; and increase the payable tax credit for film tax relief for all qualifying films to 25% . Legislation will be introduced in a future Finance Bill for a new relief for orchestras.

• Research & development tax relief - As previously announced, from 1 April 2015 the research & development expenditure credit will increase from 10% to 11% and the SME scheme super deduction from 225% to 230%. Also from 1 April 2015 qualifying expenditure for R&D tax credits will be restricted so that the costs of materials incorporated in products that are sold are not eligible. Voluntary advanced assurances will be introduced for smaller companies making a claim from Autumn 2015.

• Country by country reporting - The Government has confirmed that Country by Country reporting of a group's profits to HMRC will be introduced for accounting periods beginning on or after 1 January 2016.

For a breakdown of the full 2015 Budget click the below link:

Budget 2015


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