In our budget 2013 blog today, we highlight one existing tax relief (the EIS scheme), one new tax relief (the patent box), one expected development, and one big question.
The Enterprise Investment Scheme (EIS) is designed to help smaller companies raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. Subject to meeting relevant criteria, the investor will receive a 30% tax reducer in either the year they acquire the shares ? or the preceding year ? so long as they hold the shares for three years. In addition, there are capital gains exemptions or loss relief on share disposal.
The Patent Box. This tax relief becomes operational in April this year and increases year by year so that by April 2017 a 10% corporation tax rate will apply to profits derived from appropriate patents (subject to some adjustments). Key criteria to access this include identifying the relevant patents, undertaking appropriate developments and active ownership of the project.
Corporation Tax rate. There has been much comment that the headline rate will be reduced to 20% in the budget. This will be lower than most of our competitors.
One big question. Would a simpler tax system with fewer reliefs and lower tax rates promote growth?
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