Transitional issues affecting the corporation tax computation and return

By Tolley in association with Malcolm Greenbaum
Corporation_tax_img

The following Corporation Tax guidance note by Tolley in association with Malcolm Greenbaum provides comprehensive and up to date tax information covering:

  • Transitional issues affecting the corporation tax computation and return
  • Introduction
  • Effect on quarterly instalment payments
  • Potential transitional adjustments
Introduction

Tax legislation for companies requires that the profits of a trade are calculated in accordance with generally accepted accountancy practice (GAAP), subject to any adjustment required or authorised by law in calculating profits for corporation tax purposes.

CTA 2009, s 46

GAAP for corporation tax purposes is either UK GAAP or EU-endorsed IFRS.

CTA 2010, s 1127

On transition to FRS 101 or FRS 102, any adjustment to accumulated profits and other comprehensive income (OCI) up to the end of

More on New UK GAAP:
Transition from IFRS to FRS 102
Transition from old UK GAAP to FRS 102
Transition from old UK GAAP to FRS 101
Transition from IFRS to FRS 101
FRS 101 ― current and deferred tax
Introduction to new UK GAAP
FRS 102 ― tax presentation and disclosures
FRS 102 ― tax reconciliation disclosures
FRS 102 – consolidated tax disclosures
FRS 102 ― current and deferred tax
FRS 102 ― specific deferred tax issues
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