What is a Post Transaction Valuation Check?
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on the form at least 3 months before the relevant tax return filing date.
The PTVC is a service offered by HMRC to check valuations after a disposal has been
Five more tax avoidance schemes named by HMRC
HMRC has powers introduced in the Finance Act 2022 to name tax avoidance schemes and their promoters. Under this legislation HMRC can name avoidance scheme promoters, publish details of the way they promote tax avoidance schemes and name the schemes they promote.
This allows HMRC to warn users and potential users of these schemes at the earliest possible stage, of the risks associated with use of the scheme, and to help those already involved to leave these avoidance arrangements. The latest
R&D tax consultation launched
There are currently two schemes for claiming R&D tax relief – the Small or Medium-sized Enterprise (SME) Scheme and the R&D Expenditure Credit (RDEC) Scheme for large companies. The amount of R&D tax relief available depends on the total qualifying spend on R&D activities.
It was announced as part of the Autumn Statement 2022 measures that the Research and RDEC rate will increase to 20% (from 13%) with effect from 1 April 2023. From the same date, the SME additional deduction
New business Energy Bills Discount Scheme
The new business Energy Bills Discount Scheme will replace the current Energy Bill Relief Scheme which is coming to an end on 31 March 2023. The new scheme will offer support to eligible non-domestic energy customers, including UK businesses, the voluntary sector – such as charities – and the public sector – for example, schools and hospitals – from 1 April 2023 to 31 March 2024.
The new scheme has been designed to help support businesses over the next 12 months whilst at the same time limiting
Corporation Tax changes April 2023
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 – ensuring these companies pay Corporation Tax at the same rate as currently.
Where a company has profits between £50,000 and £250,000 a marginal rate of Corporation Tax will apply that bridges the gap between the lower and upper rates. The lower and upper limits
New Green Freeports for Scotland
The UK and Scottish governments have jointly announced that Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have been successful in their bids to establish two new Green Freeports in Scotland. Each of these Freeports will be granted up to £26 million in funding over the next few years, primarily to address infrastructure gaps which are currently holding back investment.
Freeports are a special kind of port where normal tax and customs rules do not apply. Rather, there are