½ΫΧΣΚΣΖ΅

Government funding

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance

Government funding

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance
imgtext

There are many different government sources of finance for small and medium enterprises (SMEs) in the UK. These may be suitable for companies seeking lower levels of finance than is generally provided by private equity. This guidance note summarises key features of the main Government supported grant, lending and equity investment schemes for small businesses.

There are schemes on offer at both the national and regional levels. There are links to various other bodies offering financing to small businesses at the end of this guidance note.

State aid

Under the β€˜level playing field’ provisions of the EU-UK Trade and Cooperation Agreement (TCA), the UK is permitted to establish its own state aid or subsidy control system. The framework for the regime was subsequently set out in the Subsidy Control Act 2022 and commences from 4 January 2023.

However, the application of EU state aid law (at least in respect of trading in goods) continues to apply in Northern Ireland, as set out in Article 10 and Annex 5 of the Northern Ireland Protocol. Government grants or loans in Northern

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+β„’
Powered by

Popular Articles

Ministers of religion

Ministers of religionMost ministers of religion or members of the clergy are either office-holders or employees and so their earnings are taxable under ITEPA 2003 as employment income and are subject to Class 1 National Insurance.For the purposes of the tax system, a minister does not have to belong

14 Jul 2020 12:14 | Produced by Tolley Read more Read more

Loans written off

Loans written offCompanies sometimes provide directors, employees or shareholders with low interest or interest-free loans either as part of the reward package or on special occasions to help the individual meet significant expenditure. The employment income implications of these loans are discussed

14 Jul 2020 12:11 | Produced by Tolley Read more Read more

Overseas property businesses for companies

Overseas property businesses for companiesOverviewReal estate income is generally taxed where the property is located; the UK tax treaties generally allow the jurisdiction where the land is located to tax income from the land.Therefore, a UK company with overseas property may be subject to tax in

14 Jul 2020 12:22 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax, part of AMS Group Read more Read more