The following Corporate guidance note provides comprehensive and up to date legal information covering:
Rates: the rate of corporation tax will fall to 17% for the financial year 2020
UK property business and non-UK resident companies: From 6 April 2020, non-UK resident companies will be brought into the charge to corporation tax in respect of their profits from a UK property business. The changes are contained in section 17 and Schedule 5 to the Finance Act 2019. For more details, see Practice Note: Property income—the corporation tax charge—Territorial scope of corporation tax charge on property income and News Analysis: Corporation tax for non-UK resident companies carrying on a UK property business
Corporation tax is payable by 'companies', which includes any body corporate and unincorporated associations.
A company that is tax resident in the UK is generally subject to UK corporation tax on its worldwide profits. A company that is not tax resident in the UK may still be subject to UK corporation tax in certain circumstances, including:
(for disposals of UK land on or after 5 July 2016) in respect of profits from a trade of dealing in or developing UK land, (for more information, see Practice Note: Profits from trading in and developing UK land (transactions in UK land))
if it carries on a trade (other than a trade of dealing in or
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