Autumn Statement 2022 has been accompanied by a Consultation entitled 'Audio-visual tax reliefs' which seeks views on reforms to simplify and modernise the relief to support growth in the sector.
SME Tax News
In the Autumn Statement on 17 November 2022, the Chancellor announced changes to the available R&D Tax Relief rates, in a move aimed at targeting abuse, increasing compliance and rebalancing the relief.
On 17 November 2022, the Chancellor, Jeremy Hunt, delivered his 2022 Autumn Statement which included a number of changes to motoring taxes. Electric vehicles will be subject to higher company car tax rates and, from 2025, will pay Vehicle Excise Duty in the same way as petrol and diesel vehicles.
In his Autumn Statement 2022, the Chancellor, Jeremy Hunt announced changes to business rates to further support businesses and the high street over the next five years and the scrapping of proposals to introduce an online sales tax.
Autumn Statement 2022 has been accompanied by a policy paper proposing changes to the share-for-share exchange provisions to treat non-UK companies as UK companies where certain conditions are met.
In his Autumn Statement 2022, the Chancellor, Jeremy Hunt, announced an increase to the Energy Profits Levy on oil and gas companies together with a new temporary Electricity Generator Levy.
The Chancellor, Jeremy Hunt makes his 2022 Autumn Statement, this is the third fiscal event or budget, in the UK's parliament in as many months. Our live highlights of the speech as below.
Follow this link for: our Autumn Statement: At a glance summary
With inflation running at over 10% tax revenue is increased freezing most tax thresholds with the exception of higher rate taxpayers who see the higher rate threshold drop down to £125,140. There are reductions in allowances for dividend tax and CGT too.
In Timothy Watts v HMRC [2022] TC08634, the First Tier Tribunal (FTT) found a tax avoidance scheme involving gilts did not work. The claimed Income Tax loss of £1.35m was reduced to £6,300.
In Clive Kingdon, Terry Stead & Anne Kingdon v HMRC [2022] TC08633, the First Tier Tribunal (FTT) allowed an appeal against assessments which increased taxable partnership income following the incorporation of the business. The date of transfer was earlier than HMRC contended and the profits belonged to the company, not the partners.
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This time we are looking at UK landlords and the tax issues for different types of taxpayers who want to claim relief for accommodation costs. We have updates on rises in tax interest rates and details of HMRC's new range of tax disclosure campaigns.