The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
NOTE: It was announced at Budget 2016 that the rate of corporation tax would be reduced to 17% from 1 April 2020 onwards; however, it was confirmed in the Spring Budget 2020 that the rate will be maintained at 19% for FY 2020 and FY 2021. The calculations of deferred tax below will need to be updated once the Finance Bill has been substantively enacted (ie passed by the House of Commons) to reflect this change.
The following Examples relate to the Tax accounting and changes in tax laws guidance note.
Example 1 calculating the deferred tax asset
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