General UK Corporation tax is similar in structure to Irish Corporation Tax. UK Corporation Tax is paid by limited companies and some other entities, on their profits and gains. The rules applicable to Corporation Tax are similar to those that apply to Income Tax in relation to income and capital gains tax in relation to […]
Category: Corporation Tax
Corporation Tax Liability
Basis of Tax Computation UK resident companies are taxed a Corporation Tax on their income and chargeable gains arising in an “accounting period”. This will usually be the 12 month period of the financial accounts. However, the applicable accounting period is subject to special rules set out below, as is the case in Ireland. This […]
Company Tax Administration
Returns Companies are subject to an obligation to self assess their liability for tax in the same way as individuals. They must therefore calculate their own Corporation Tax liability and submit a self assessment return. The return must be made within 12 months at the end of the accounting period. The Corporation Tax must be […]
Companies Chargeable Gains
Company Subject to CGT Rules Company’s capital gains and losses are computed in accordance with general Capital Gains principles. The same general capital gains tax rules apply. There is no exempt amount in respect of capital gains tax for companies. This is in contrast to the position for individuals. Where capital losses arise they are […]
Corporate Groups
General A company is a subsidiary of another company (the holding company) if the holding company holds more than half the shares or controls the subsidiary company. A holding company and all its subsidiaries and the subsidiaries of its subsidiaries constitute a group. Each company in a group is a separate entity for Corporation Tax […]
