Amanda Hardy KC

Apr 3, 2024 | taxjournal.com | Mark Bevington |Angela Browning |Amanda Hardy KC |Oliver Marre

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 Budget 2024, with the extra AVEC support proposed for film and high-end television, giving a total credit rate of 39%. The 80% cap on qualifying expenditure will not apply for UK visual effects costs, under the changes.

Apr 3, 2024 | taxjournal.com | Mark Bevington |Angela Browning |Amanda Hardy KC |Oliver Marre

HMRC is consulting on draft regulations which will update the VAT (Refund of Tax to Museums and Galleries) Order, SI 2001/2879. The 2021 Order allows eligible institutions to recover VAT (under VATA 1994 s 33A) attributable to the provision of free admission to museums and galleries they operate. The list of qualifying bodies and museums and galleries for the purpose of s 33A will be updated, to remove certain bodies and add 24 institutions.

Apr 3, 2024 | taxjournal.com | Mark Bevington |Angela Browning |Amanda Hardy KC |Oliver Marre

Home >Articles > R&D: updated guidance on overseas rules and contracted-out R&D R&D: updated guidance on overseas rules and contracted-out R&D 3 April 2024 Following consultation on draft guidance on contracted out R&D activities and updated draft guidance on the new overseas rules, HMRC has ‘integrate[d] changes that have enhanced the overall quality of the guidance’.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 HMRC’s in due course.

Apr 3, 2024 | taxjournal.com | Mark Bevington |Angela Browning |Amanda Hardy KC |Oliver Marre

Home >Articles > New Zealand enacts Pillar Two rules New Zealand enacts Pillar Two rules 3 April 2024 The New Zealand government has passed legislation – The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Act – implementing the OECD’s Pillar Two rules. As EY observes: ‘The Income Inclusion Rule (IIR) and Under Taxed Profits Rule (UTPR) … apply from 1 January 2025.

Apr 3, 2024 | taxjournal.com | Mark Bevington |Angela Browning |Amanda Hardy KC |Oliver Marre

Home >Articles > New guidance on full expensing New guidance on full expensing 3 April 2024 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 on disposal of an asset in relation to which allowance had been claimed.