In this week’s miscellaneous updates, we bring you news of a new form which should be used in the event of insolvency where a business pays plastic packaging tax and needs to deregister, and regulations have been laid to introduce the Independent Film Tax Credit. HMRC has also published a new Creative Industries Expenditure Credit Manual and guidance has been published on how public bodies can get technical advice and support from HMRC.
The plastic packaging tax and insolvency scenarios
HMRC has introduced a new digital form which businesses must use to:
- notify HMRC of an insolvency event,
- submit plastic packaging tax returns, and
- deregister from this tax.
Independent Film Tax Credit
Earlier this month on 9 October, regulations were laid to implement the new Independent Film Tax Credit (IFTC). This was announced by the previous government in the March 2024 Budget and will provide an uplift of 19 percent to the existing Audio-Visual Expenditure Credit. It is specifically targeted at low-budget British films with a budget of up to £15 million but will be tapered for those with a budget of up to £23.5 million.
Companies will be able to apply to HMRC to claim the IFTC from 1 April 2025 if principal photography began on or after 1 April 2024. Certification applications for the enhanced uplift commence from tomorrow, 30 October 2024.
Support with tax for public bodies
HMRC has published guidance on how public bodies, such as the NHS, housing associations, local authorities, etc. can get technical advice and support from HMRC.
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