Following bids in Wales, a Welsh Freeport is also expected to be announced during Spring 2023. Eight Freeports already exist in various locations in England. Freeports are special areas within the UK’s borders where different economic regulations apply. They are part of the government’s work to ‘level up’ and boost economic activity across the UK. The aim is to create innovative hubs, boost global trade, attract inward investment, and increase productivity. Seed Enterprise Investment Scheme From April 2023, companies will be able to raise up to £250,000 of Seed Enterprise Investment Scheme (SEIS) investment, a two-thirds increase. To enable more companies to use SEIS, the gross asset limit will be increased to £350,000 and the age limit from two to three years. To support these increases, the annual investor limit will be doubled to £200,000. Tax treatment of payments to farmers under the lump sum exit scheme
Payments received under the Basic Payment Scheme are generally taxable as receipts of a trade. Legislation will be introduced to ensure that payments received under the Lump Sum Exit Scheme which relate to an eligible claim are neither receipts of a trade nor miscellaneous income. This will allow the payments to be treated as the proceeds from the disposal of a chargeable asset, as is currently the case when Basic Payment Scheme entitlements are disposed of. In the case of a company receiving Lump Sum Exit Scheme payments, the payments will be treated as the proceeds from the disposal of an intangible asset. Other Other announced changes include: • The reform of film, TV and video games tax relief to give expenditure credits instead of an additional deduction from 1 April 2024. • Extending the temporary higher headline rates of relief for Theatre Tax Relief, Orchestra Tax Relief and Museums and Galleries Exhibitions Tax Relief (MGETR) for two years to 31 March 2025. • Extension of the period for which MGETR will be available for a further two years to 31 March 2026.
As part of the transition to a new agriculture policy in England, the government announced in November 2020 that it planned to: • In 2022, offer farmers who wish to exit the industry the option of taking a lump sum payment in place of any further Direct Payments. • In 2024, ‘delink’ Direct Payments from the land for all farmers. This means that recipients will no longer have to farm the land to receive the payments.
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