Basic principles

Basic principles guidance:

The bank levy is a tax that: • applies in respect of periods of account (defined in the legislation as chargeable periods) ending on or after 1 January 2011, and • is...

Practice Note

Corporation tax is charged on the profits of an accounting period of a company (and certain other entities) within the charge to UK corporation tax. For further detail on...

Practice Note

This Practice Note deals with the specific tax meanings of companies with investment business and investment companies, rather than any more generic usage of investment...

Practice Note

This Practice Note outlines the rule that, with effect from 8 July 2015 (or 15 July 2015 in the case of corporate partners): • prevents banking companies from claiming a...

Practice Note

With effect from 1 January 2016, banking companies and building societies have been required to pay a surcharge of 8% on (broadly) their taxable profits, in addition to...

Practice Note

This Practice Note looks at the meaning of connected persons within sections 1122 and 1123 of the Corporation Tax Act 2010 (CTA 2010). An almost identical definition for...

Practice Note

The intangible fixed asset regime Companies within the charge to corporation tax are generally subject to the intangible fixed assets regime (the IFA regime) in respect...

Practice Note

A non-UK resident company trading in the UK through a permanent establishment (PE) will be chargeable to corporation tax on the profits associated with its UK operations....

Practice Note

From April 2019, the profit fragmentation rules aim to prevent UK-resident individuals, including individual members of a partnership, and UK-resident companies who carry...

Practice Note

The charge to UK corporation tax applies to the profits of both UK and overseas property business. A property business is one that generates income from land and includes...

Practice Note

Summary of tax considerations The concept of a close company is intended to capture those companies that are closely controlled (ie by the owners and managers) and...

Practice Note

FORTHCOMING CHANGES relating to insolvency and tax: Finance Bill 2019–20 introduces provisions where: • with effect for business insolvencies that commence on or after 6...

Practice Note

Once a company has established that it has a trade (for which see Practice Note: What is a trade for tax purposes?), it is required to calculate the profits of its trade...

Practice Note

A company is subject to corporation tax on the profits of its trade or trades in accordance with the rules found in sections 34–201, Part 3 to the Corporation Tax Act...

Practice Note

FORTHCOMING CHANGE on the corporation tax rate: The rate of corporation tax will fall to 17% for the financial year 2020. Corporation tax is charged on companies (and...

Practice Note

A company is UK tax resident if it is: • incorporated in the UK (subject to exceptions), or • centrally managed and controlled in the UK provided it is not treated as...

Practice Note

FORTHCOMING CHANGE relating to UK property business and non-UK resident companies: From 6 April 2020, non-UK resident companies will be brought into the charge to...

Practice Note
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