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Full Description
This annual guide to corporation tax meets the everyday needs of the busy tax adviser. A collaboration by leading tax writers Satwaki Chanda, Jacquelyn Kimber and Andrew Parkes, Corporation Tax 2020/21 examines the rules, regulations and tax issues affecting companies in the UK. The 2020/21 edition examines current legislation, changes to HMRC guidance and explores the following key developments:- The rate of corporation tax is to remain at 19%- From 6 April 2020, offshore corporate property investors are subject to corporation tax on rental profits for the first time- The Structures and Buildings Allowance (SBA) - claimants benefit from an increased writing down rate of 3% per annum, giving faster relief for the construction or acquisition of commercial buildings- From 1 July 2020, certain intangibles held before 1 April 2002 will be brought within the corporate regime for the first time- The restriction on the offset of carried forward capital losses from 1 April 2020 to 50% of net chargeable gains, subject to GBP5m deduction allowance- The rate of relief for R&D expenditure for large companies is to increase from 12% to 13% from 1 April 2020- Status of ongoing HM Treasury consultations on potential reform of the SME reliefs via the reintroduction of a - PAYE 'cap' which aligns to the R&D rules- HMRC guidance on Covid-19 and its impact on company residence and permanent establishmentThis accessible reference guide has a user-friendly structure with 'signposts' at the beginning of each chapter to summarise key topics and 'focus points' throughout to highlight important issues, as well as numerous worked examples demonstrating how to apply the main principles in practice.
Contents
Chapter 1 Introduction to corporation tax Chapter 2 Trading income Chapter 3 Capital allowances (plant and machinery) Chapter 4 Single company trading losses Chapter 5 Groups Chapter 6 Investment business Chapter 7 Property investment Chapter 8 Buildings and structures Chapter 9 The Construction Industry Scheme Chapter 10 Close companies and connected issues Chapter 11 Loan relationships Chapter 12 Intangible fixed assets Chapter 13 UK Patent Box Chapter 14 Research and development Chapter 15 Creative sector tax reliefs Chapter 16 Chargeable gains Chapter 17 Buying and selling companies Chapter 18 Distributions Chapter 19 Liquidations Chapter 20 Foreign matters Chapter 21 Transfer pricing Chapter 22 Self-assessment Chapter 23 Rates and payment of corporation tax Chapter 24 Self-assessment penalties Chapter 25 HMRC powers Chapter 26 Accounting and tax Chapter 27 The year end Appendix 1: Retail prices index from March 1982 onwards
