The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Reporting of income taxes under IFRS is subject to the accounting standard IAS 12. Access to an ‘unaccompanied’ version of IAS 12 is currently available by registering here from the IAS 12 summary page. Full access to the standards is only available by subscription to the IFRS Foundation.
The version of IFRS used in the UK is IFRS as endorsed by the EU.
It is highly likely that IFRS standards in some form will continue to be used by the largest companies in the UK after leaving the EU although the Government has not yet confirmed this. Possible versions of IFRS which might be used after the UK leaves the EU could include:
According to IAS 12, para 2:
“income taxes include all domestic and foreign taxes which are based on taxable profits. Income taxes also include taxes, such as withholding taxes, which are payable by a subsidiary, associate or joint venture on distributions to the reporting entity.”
The IASB has intentionally not published guidance on which specific taxes fall within this definition. It is important to determine whether specific taxes that a company pays are income taxes or not because:
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