The key announcements for businesses including companies, partnerships and self employed have been highlighted here.
A summary of all announcements which will be of interest to businesses can be found in the three Chapters of the Overview of Tax Legislation and Rates. They are listed below.
| Chapter 1 - New tax changes for Finance Bill (FB) 2011 |
|---|
Enterprise Investment Scheme and Venture Capital Trusts. A supplementary document entitled 'Enterprise
Investment Schemes (EIS) and Venture Capital Trusts (VCT)-Reforms' has been published on 25 March.
This includes the text from Overview of Tax Legislation and
Rates
document, the Tax Information and Impact Note (TIIN) and
frequently asked questions. |
Corporation Tax rates |
Capital Allowances short life assets |
Enhanced Capital Allowances scheme for energy saving technologies |
Research and development tax credits for SMEs |
Oil taxes Supplementary charge |
Oil and gas intangible fixed assets |
Bank Levy |
UCITS IV Manco passport enabling measure |
The Financial Services and Markets Act 2000 (Regulated Activities )(Amendment) Order 2010 |
Business rate discounts in Enterprise Zones |
Extend Small Business Rate Relief (SBRR) holiday |
| Chapter 2 - Previously announced measures for FB 2011 |
Reduction in the main rate of Corporation Tax |
Reduction in the small profits rate of Corporation Tax |
Annual Investment Allowance: reduction to £25,000 |
Writing Down Allowances: reduction from April 2012 |
Corporate Capital Gains: capital losses after a change of ownership (Simplification) |
Corporate Capital Gains - value shifting rules (simplification) |
Reform of associated company rules as they apply to the small profits rate of Corporation Tax |
Reform of Stamp Duty Reserve Tax on Collective Investment Schemes |
OECD transfer pricing guidelines |
Changes to accounting standards for leases |
Life insurance apportionment rules |
Exceptional rates of Vehicle Excise Duty for certain heavy goods vehicles |
Exceptional rates of Vehicle Excise Duty for certain heavy goods vehicles |
Interim controlled foreign companies reform |
Taxation of foreign branches |
Corporate Capital Gains simplification de-grouping charges |
Modernisation of investment trust companies |
Leasing into tonnage tax |
Oil and gas minor measures |
Bank Levy |
Offshore funds amendments |
| Chapter 3 - New tax changes for FB 2012 or beyond |
Controlled foreign companies full reform |
Patent box |
Research and development (R&D) tax credits consultation |
Capital Allowances - feed in tariffs and renewable heat incentives |
Capital Allowances enterprise zones |
Future of community investment tax relief |
Film Tax Relief state aid notification |
Business premises renovation allowance |
Real Estate Investment Trusts |
Distributions working group |
Amendments to the tax treatment of financing costs and income |
Amendments to the loan relationship and derivative contract disregard regulations |
Consultation on devolving corporate taxation to Northern Ireland. |
North sea oil tax |
Bank capital instruments |
Tax transparent funds |
Solvency and the taxation of insurance companies |
Protection life insurance |
General claims equalisation reserves (CERs) |
Islamic Finance |
Stop loss and quota share insurance |
