Bloomsbury Professional Corporation Tax 2020/21

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 £5m 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
>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, as well as numerous worked examples demonstrating how to apply the main principles in practice.

List of 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

About the author

Satwaki Chanda is a tax lawyer and an experienced writer. Jacquelyn Kimber is a Tax Partner at Newby Castleman in Leicester. Andrew Parkes is a National Technical Director at Anderson Tax UK.

Summary

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 £5m 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 establishment

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, as well as numerous worked examples demonstrating how to apply the main principles in practice.

Foreword

A clear, concise guide to the principles and practices of corporation tax, focused on the particular needs of most companies and their advisers.

Product details

• Authors: Satwaki Chanda, Satwaki Kimber Chanda, Jacquelyn Kimber, Pete Miller, Pete Chanda Miller, Andrew Parkes
• Publisher: Bloomsbury
• Languages: English
• Product format: Paperback / Softback
• Released: 30.06.2020
• EAN: 9781526514530
• ISBN: 978-1-5265-1453-0
• No. of pages: 1192
• Series: Core Tax Annuals
• Subjects: Guides > Law, job, finance > Taxes; Social sciences, law, business > Law > Taxes