The following is a summary of 2017 Autumn Budget in relation to Business Taxes.
Corporation tax rates
As previously announced, the Corporation Tax rate remains at 19% from April 2018.
Research and Development
The Research & Development Tax Credit for large companies is to increase from 11% to 12% for expenditure incurred on or after 1 January 2018.
Capital Gains Tax indexation allowance
Indexation allowance for gains made by companies will be frozen from 1 January 2018. When a company disposes of a capital asset giving rise to a chargeable gain, indexation will be calculated up to December 2017.
Water and Energy Efficient Equipment
Loss making businesses acquiring energy or water efficient equipment, can claim a cash tax credit at two thirds of the current corporation tax rate of 19%, i.e. at 12.67%.
Zero Emission and Gas Refuelling Equipment
Businesses incurring expenditure on the acquisition of zero emission goods vehicles or gas refuelling equipment can claim 100% first year allowance for a further 3 years.
Reimbursement of employee subsistence expenses
From April 2019 employers will no longer be required to check receipts when reimbursing employees for subsistence when using benchmark scale rates.
Enhanced capital allowances
The list of energy saving technologies qualifying for enhanced capital allowances will be updated to include additional items.
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