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Dates set for new rules on video games relief, VCTs and offshore funds

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The Finance Act 2013, Schedules 17 and 18 (Tax Relief for Video Games Development) (Appointed Day) Order, SI 2014/1962, appoints 1 April 2014 as the date upon which the amendments made by FA 2013 Sch 17 and 18 come into force. Schedule 17 provides for Part 15B to be inserted into CTA 2009 so as to provide tax relief for video games development, while Sch 18 makes consequential amendments.Additionally, The Cultural Test (Video Games) Regulations, SI 2014/1958, introduce a points-based test for video games to allow the secretary of state to assess whether the attributes of a video game (such as its content, where it was made and the persons involved in its production or development) is sufficiently culturally British in order to qualify for the relief. The regulations also set out the information and evidence that applicants must provide in relation to the cultural test.

The Venture Capital Trust (Amendment) Regulations, SI 2014/1929, come into force on 12 August 2014. They ensure that where shares in a venture capital trust (VCT) are subscribed for by a nominee, HMRC is able to identify the beneficial owner and require the VCT, the nominee and the beneficial owner to provide information to, and make records available for inspection by, HMRC.

The Offshore Funds (Tax) (Amendment) Regulations, SI 2014/1931, also come into force on 12 August 2014. The regulations clarify the period of ownership used in determining the tax charge on an interest in an offshore fund, if that interest represents a profit share of a member of an AIFM partnership that is allocated to the partnership under ITTOIA 2005 s 863I. The regulations also disapply the election under the 2009 regulations to be taxed on a different basis before the member of the AIFM partnership receives the income.