ENERGY-INTENSIVE industries are expected to receive a £250m tax relief boost from the government.
The chancellor’s Autumn Statement on Tuesday is expected to outline tax relief for industries burdened by high costs from European Union emissions trading and the UK’s carbon limit plans, reports the Financial Times.
More than £200m in compensation will be paid out to heavy energy users, if the scheme is approved by the EU. Another £40m in costs will be picked up by the Treasury through increasing the rebate available to companies affected by the climate change levy from 65% to 90%.
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
The ACCA has announced a partnership with UK research and development tax reclaim specialist RD Tax Solutions
The tax HMRC expects is underpaid by large companies through “transfer pricing” has risen by 60%
The chancellor has “missed an opportunity” to restore business confidence and encourage UK investment, said Mazars