Consultation on proposals for a tax regime for shale gas

  • 20 July 2013
  • technology tax reliefs, shale gas

MMP have submitted a response to the consultation on proposals for a tax regime for shale gas announced by the Government in July 2013

MMP Tax strongly wholeheartedly support the introduction of a fiscal regime for shale gas.

The UK is a world-leader in the oil and gas industry. The government wants to encourage participation from new entrants and the oil majors in onshore shale gas exploration and production. The oil and gas sectors are driven by knowledge-based capital which will create higher skilled and higher value jobs. It is also export-orientated andinnovative, bringing external skills and overseas investment into the UK economy.

Download the full document here

Visual Effects Industry Tax Relief Consultation

  • 02 July 2013
  • creative sector, tax reliefs,

MMP have submitted a response to the visual effects tax relief consultation announced by the Govermnet in May 2013

MMP Tax strongly supports the introduction of the proposed Visual Effects Tax Relief and see the main issue is to ensure that the relief directly benefits firms in the visual effects industry.

Download the full article here

Tax Breaks for Tech Innovators - ACCA Accounting & Business

  • 01 June 2013
  • Technology, innovation, Patent Box

Peter Denison-Pender, FCCA explains how a quiet tax revolution is under way for technology innovators that is going to change corporate behaviour in the UK. First published in ACCA Accounting and Business Magazine June 2013.

A foundation of new technology tax incentives is now in place that will transform the tax culture for technology innovators in the UK.

The highest-profile new tax relief is the "patent box", which started in April and allows a reduced 10% rate of corporation tax on profits generated by products incorporating patents. The patent box is designed to promote the commercialisation of UK innovation. It is complementary to the research and development (R&D) tax incentives which encourage companies to undertake their R&D in the UK.

Download the full article here

MMP Budget Commentary 2013

  • 02 April 2013
  • Budget 2013, Technology, innovation

The Chancellor's 2013 Budget built on the draft Finance Bill and Autumn Statement of December last year.

From a strictly business perspective, the result is an imaginative combination of macro and micro tax initiatives coupled with pro-active stimuli targeting specific hi-value sectors. There is the sense that the entire might of the Civil Service machinery at the Chancellor's disposal in the Treasury and HMRC was deployed with one mission statement: find ways to help get the economy growing again.

In contrast to the austerity culture affecting government spending, the culture in tax policy is focused on supporting technology innovation, helping businesses create growth, and reducing corporate taxes.

Download the full article here.

MMP's Review of the 2013 Draft Finance Bill

  • 24 December 2012
  • atl, above the line, r&d tax relief

The publication of the draft Finance Bill 2013, following on from the Autumn Statement at the beginning of December, was eagerly anticipated after the significant policy consultations which took place during the summer. Major new technology tax initiatives such as the Above the Line R&D Tax Relief arrangements and the Creative Sector Tax Reliefs were being considered, along with consequential adjustments to the core R&DTax Relief arrangements and the new Patent Box rules. The draft legislation and related explanatory text for the Finance Bill come in at more than 1,000 pages so we know the Coalition places huge significance on these new policies being introduced.

ATL Comsultation

Above the Line credit for R&D - response to consultation

  • 18 December 2012
  • atl, above the line, r&d tax relief

The Research and Development (R&D) tax credit schemes currently provide over ??1.1 billion of annual relief to over 10,200 companies, supporting ??10.9 billion of R&D expenditure. They are a key element in the Government's commitment to an internationally competitive tax system, and in its overall objectives for strong and sustainable private sector-led growth.

This document provides the Government's response to the issues raised by the consultation on the "Above the Line" (ATL) credit for R&D and sets out the final design of the ATL credit to be introduced in April 2013.

Download the full report here.

Creative Sector Tax Reliefs document

Creative sector tax reliefs - response to consultation

  • 14 December 2012
  • tax relief, animation relief, video games tax relief, creative sector

As announced at Budget 2012, the Government is introducing targeted tax reliefs for the animation, high-end television and video games industries from April next year. These new targeted incentives support the Government's ambition to make the UK the technology centre of Europe.

These reliefs look to build on the success of the film tax relief, which has supported over ??5 billion of investment into British films and seen a 70 per cent increase in the film production workforce since its introduction in 2007. It is notable that 2011-12 was a record year for the scheme, with 320 films receiving over ??200 million of support.

Download the full report here.

Technology tax related news and comment from MMP


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