The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The Transactions in Securities (TiS) legislation gives HMRC power to issue a notice of counteraction in respect of a tax advantage arising from specified scenarios. Broadly it applies where a transaction is carried out otherwise than for bona fide commercial reasons of which the main object is to obtain a tax advantage. For more information on the TiS legislation, which includes a summary of situations where the rules should not apply, see the Transactions in securities and the Phoenix TAAR ― outline of regime guidance note.
A statutory clearance procedure is available under ITA 2007, s 701 (income tax) and CTA 2010, s 748 (corporat
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IntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel. See the Travel expenses guidance note for more information of when
Expenditure of a capital nature is not allowed as a deduction when calculating trading profits. Expenditure of a revenue nature is allowable, provided there is no specific statutory rule prohibiting a deduction and the expenditure also satisfies the wholly and exclusively test. See the Wholly and
Employee benefit trusts (EBTs) are commonly used to support employees’ share schemes and to provide other benefits to employees in the form of pensions and bonuses.Their use has been significantly affected by the introduction of the disguised remuneration rules. Although the statutory exclusions
Class 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met before Class 1A NIC is
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