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 2021/22 examines the rules, regulations and tax issues affecting companies in the UK. The 2021/22 edition examines current legislation, changes to HMRC guidance and explores the following key developments:- The rate of corporation tax is set to rise to 25% in 2023- From 1 April 2023, the small profits rates with marginal relief to be reinstated- Capital allowance tax breaks to encourage business investment- Annual investment allowance to remain at GBP1 million until 31 December 2021- A 130% superdeduction for investment in general plant and machinery- A 50% special rate allowance for special rate assets (long life assets, integral features etc) - A 100% first year allowance for investment in plant and machinery in a Freeport tax site - Temporary extension of carry back relief for trade losses incurred in accounting periods ending between 1 April 2020 and 31 March 2021 from current 1 year carry back period to three yearsThis 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
