Produced by Tolley in association with Malcolm Greenbaum
  • 08 Feb 2022 09:32

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

  • Tax base
  • Rules for determining tax base
  • Manner of recovery

Tax base

Rules for determining tax base

The tax base under IFRS is defined by one of four rules. These are:

  1. the tax base of an asset is the amount that will be deductible for tax purposes against any taxable economic benefits that will flow to an entity when it recovers the carrying amount of the asset, or

  2. if those economic benefits will not be taxable, the tax base of the asset is equal to its carrying amount (ie there is no temporary difference). See Example 3

  3. the tax base of a liability is its carrying amount, less any amount that

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