Commentary

D7.441 BLAGAB trading receipts

Corporate tax
Corporate tax | Commentary

D7.441 BLAGAB trading receipts

Corporate tax | Commentary

D7.441 BLAGAB trading receipts

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

Because the I-E basis of assessment precludes a charge to tax on trade profits it would e possible for certain items of income that would otherwise go towards the measure of those profits, such as share underwriting commission received, refunds of commission paid and management fees from subsidiary companies, to escape tax if the company is assessed on the I-E basis. To prevent this the legislation provides for certain BLAGAB

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