NEWS

HM Treasury has launched a consultation on the five percentage point increase in Audio-Visual Expenditure Credit (AVEC) and removal of the 80% cap on qualifying expenditure for visual effects costs. These are changes that were announced at Spring...

HMRC is consulting on draft regulations setting out proposed tax rules for the new reserved investor fund (RIF) and amending the tax rules for Co-ownership Authorised Contractual Schemes (CoACS). These are the regulations envisaged by clause 20 of...

The Investment Allowance and Cluster Area Allowance (Investment Expenditure) (Amendment) Regulations, SI 2024/395, amend the principal 2017 regulations (SI 2017/292) . The 2017 regulations extended the definition of investment expenditure which...

Claimants pursuing HSBC for financial loss as a result of entering into the Eclipse film investment scheme have settled, according to the law firm representing one of the claimant groups. Stewarts issued the following statement: ‘On 17 March, HSBC...

HMRC has published new basic guidance on full expensing and the 50% first-year allowance for special-rate expenditure, covering the following:checking whether a company can claim full expensing or the 50% FYA; andhow to calculate the balancing charge...

Following consultation on draft guidance on contracted out R&D activities and updated draft guidance on the new overseas rules, HMRC has ‘integrate[d] changes that have enhanced the overall quality of the guidance’. The guidance will be included in...

The Land and Buildings Transaction Tax (Miscellaneous Amendments) (Scotland) Order, SSI 2024/104, makes various amendments to the Land and Buildings Transaction Tax (Scotland) Act 2013 – particularly to reflect the outcome of the Scottish...

The National Insurance Contributions (Reduction in Rates) Act 2024 received royal assent on 20 March 2024.Originally introduced to Parliament on 7 March 2024 (the day after Spring Budget 2024) as the National Insurance Contributions (Reduction in...

The Income Tax (Indexation of Qualifying Care Relief Amounts) Order, SI 2024/423, sets out the following amounts of relief from 2024/25 onwards:fixed amount: £19,360 (up from £18,140);weekly amount for an adult: £485 (up from £450);weekly amount for...

The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) Order, SI 2024/357, enables pensionable service in specified legacy (closed) and connected reformed (open) public service pension schemes to be combined for the purposes of...