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Corporation Tax 2019/20

Authors: CTA (Fellow) Pete Miller, Satwaki Chanda, ADIT Andrew Parkes, Maria Kitt, and FMAAT, FCCA Steve Collings

ISBN: 9781526510020

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Edition: 14th

Publication Date: April 2020

Publisher: Bloomsbury Professional

Law As Stated At: 1 April 2020

Corporation Tax 2019/20

Corporation Tax 2019/20

This annual guide to corporation tax meets the everyday needs of the busy tax adviser. It examines the rules, regulations and tax issues affecting companies in the UK.

Topics covered include: Introduction to corporation tax; Trading income; Capital allowances (plant and machinery); Trading losses; Groups; Investment business; Property investment; Buildings and Structures; The Construction Industry Scheme; Close companies and connected issues; Loan relationships; Intangible fixed assets; UK Patent Box; Research and development; Creative sector tax reliefs; Chargeable gains; Reconstructions and amalgamations; Distributions; Foreign matters; Transfer pricing; Self-assessment; Rates and payment of corporation tax; Self-assessment penalties; HMRC powers; Accounting and tax; The year end.

This latest edition has been updated in line with the Finance Act 2019 and changes to HMRC guidance. It explores the following key topics:

Rules dealing with new flexible use of corporate losses

The restriction on the use of carried-forward losses

New interest restriction, placing limits on the relief available for corporate borrowings

Offshore corporates investing in UK property to be brought into the corporation tax net with many investors being subject to tax on gains for the first time

Reintroduction on tax relief for goodwill in respect of certain business acquisitions where there is a strong “IP connection”

The introduction of the Structures and Buildings Allowance which allow the construction costs of commercial buildings to be written down over a 50 year period.

This 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. Numerous worked examples demonstrate how to apply the main principles in practice and all examples are listed in a table at the beginning for quick navigation.

Last update: April 2020

Next update due: September 2020