HM Treasury and HM Revenue and Customs have published a list of the tax changes that came into effect on 1 April 2015.
These include the following:
- A reduction in the rate of Corporation Tax to 20 per cent;
- Hospice charities, blood bikes, search and rescue and air ambulance charities will be eligible for VAT refunds;
- The Capital Gains Tax exemption for wasting assets will only apply if the corporate selling the asset has used it in their own business;
- The associated companies rules have been replaced with simpler rules based on 51 per cent group membership; and
- The standard and lower rates of landfill tax have been increased in line with the Retail Prices Index.
Business rates changes in England are as follows:
- The business rates multiplier has increased from 48.2p to 49.3p (47.1p to 48.0p for small business multiplier). This includes the 2 per cent inflation cap;
- The Small Business Rate Relief scheme has doubled for a further year – providing 100 per cent relief for businesses with a single property with a rateable value of less than £6,000, and tapered relief with a rateable value of £6,000 – £12,000; and
- The business rates discount for shops, pubs, cafes and restaurants with a rateable value of £50,000 or below has increased from £1,000 to £1,500.
The full list of changes can be found here.