The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note considers various aspects of year-end tax planning for large companies or groups. It is recommended that it is read in conjunction with the Chargeable gains planning, Group companies and International issues guidance notes so that as many relevant factors as possible are considered.
Other matters which could be relevant, depending upon the tax profile of the company, are:
When undertaking any planning exercise, companies and their advisers should consider whether any relevant anti-avoidance provisions, Disclosure of Tax Avoidance Schemes and the General anti-avoidance rule are likely to apply.
Any tax planning exercise should include modelling all changes to income and expenditure to evaluate the impact on profit, cash flow forecasts and the balance sheet. A company’s taxation affairs and the taxation implications of any significant proposed transactions should be reviewed regularly based on reliable management accounts and forecasts. Material investment may negatively impact liquidity or borrowing requirements. This will be particularly relevant where the company is already committed to a programme of special or escalating dividends or regular share buy-backs. No company should contemplate large investment in assets that will adversely affect cash flow, significantly reduce working capital or prejudice
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