Corporation Tax measures
The film tax credit and in particular, the additional relief (of 5%) for particular regions, has been extended by a further year to 31 December 2023.
For Intellectual Property (IP) acquired from tomorrow, 14 October, a balancing charge may arise on subsequent disposals under the capital allowance rules. Prior to this change, there was no such charge to the extent the IP was held for over 5 years.
The date of implementation of new interest limitation rules, as required by the EU Anti-Tax Avoidance Directive, has been deferred until Finance Bill 2021, along with anti-reverse-hybrid rules.
A technical amendment to the ATAD-compliant Exit Tax rules to clarify the operation of interest on instalment payments will be introduced with effect from midnight tonight.
