Business Tax - 22 Nov 2017
Research and Development (R&D) expenditure - credit rate increase
From 1 January 2018, the government will increase the rate of the R&D expenditure credit from 11% to 12%, in order to support business investment in a wide range of qualifying R&D related activities.
HMRC have publicly reported that this is an underclaimed tax relief so please contact your Frank Hirth advisor for further details on making a claim.
Corporate Capital Gains - indexation allowance
In order to align chargeable disposals by corporate entities with those made on a personal level, the government will legislate to freeze indexation allowance on corporate Capital Gains for disposals on and after 1 January 2018. The allowance for subsequent disposals will be frozen at the amount that would be due based on the Retail Price Index for December 2017.
Read the full report
In this Autumn Budget Philip Hammond’s key focus was the future; from investing in technology in both industry and schools, continued commitment to invest in driverless and electric vehicles and building houses to revive the home owning dream.
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