Corporation tax news

26 February 2008

Introductory pack for new companies
We have revised the introductory package of notes and forms we now send to new companies.

3 December 2007

CTOCC Minutes
The minutes of the meeting of 1 May 2007 are now available.

23 November 2007

Agent Mailshot issued (PDF 61K)
We sent a letter in November 2007 to all agents to tell them about changes applying from April 2008 to the time limit within which HMRC can open an enquiry.

31 August 2007

Current Company Tax Return Forms
The updated company tax return forms for 2007 are published today.

22 August 2007

CT Online services - update your own records
Companies and agents can now update their details online using this new service.

12 July 2007

No corporation tax to pay?
By introducing an online form we have made it easier if you need to tell us that your company has no corporation tax to pay.

27 June 2007

CT Online customers and their agents can now change company contact details online
We are pleased to make available to our CT Online customers, and their authorised agents, the facility to amend the company's contact details online from 27th June.

29 March 2007

Corporation Tax: Change of contact details
The Contact details for Corporation Tax are changing with effect from 6 April 2007.

25 January 2007

Instalment Payments of Corporation Tax by large companies
This new factsheet is published today. This factsheet is available only on our website. It replaces leaflet CTSA/BK3 which has been withdrawn.

22 December 2006

Corporation Tax: Change of contact details for Group Payments and Income Tax – Company Payments
The Contact details for Corporation Tax Group Payments and Income Tax – Company Payments are changing with effect from 18th December 2006.

28 November 2006

News about film tax relief
The European Commission has now given State aid approval for the UK’s new film tax relief.

10 November 2006

Technical Note & Draft Tax Clauses to implement the necessary UK tax law changes
A Technical Note published today seeking your views on proposed changes to Corporation Tax. The changes relate to amendments that have been made to the European Mergers Tax Directive.

25 September 2006

Current company tax return forms
We have now completed the changes for 2006 and all the company tax return forms in the CT600 series are re-published today.

25 August

Clubs, unincorporated associations and property management companies: small tax liabilities
The nil starting rate of corporation tax has been removed. From 1 April 2006 all companies with taxable profits are liable to tax at a rate of at least 19% (Section 26, Finance Act 2006).

There is concern that many small clubs and societies which previously had no tax liability will now have to complete company tax returns, and pay corporation tax on very small amounts of income as a result of the abolition of the nil rate.

20 June 2006

Letter to companies
We are sending a letter to some of the companies that were formed between October 2004 and August 2005.

13 April 2006

Extension to group relief (PDF 96K)
Following the extension to the group relief rules announced in Finance (No. 2) Bill 2006 HMRC is today publishing draft guidance to explain the operation of the rules and to remove any uncertainty.

10 February 2004

Protecting Revenues - Corporation Tax - Company Tax Avoidance Involving Partnerships (PDF 18K)

12 November 2002

Corporation Tax on Chargeable Gains: Indexation Allowance: October 2002
Revised tables showing the indexed rise to be used in calculating the indexation allowance in respect of assets disposed of in October 2002 are now available.

29 October 2002

Substantial Shareholdings/Taper Relief - Two items of guidance published

  1. The Inland Revenue has today published a Statement of Practice covering the application of the anti-avoidance provision in Paragraph 5 of Schedule 7AC of the Taxation of Chargeable Gains Act 1992 (Exemptions in case of substantial shareholding). Paragraph 5 prevents any of the exemptions in Schedule 7AC from applying where certain, clearly defined conditions are met. In addition, a series of illustrative examples of the application of the provision will appear in the Inland Revenue's published capital gains manual - an advance copy of the examples is available. (Schedule 7AC was inserted into the Taxation of Chargeable Gains Act 1992 by Schedule 8 to Finance Act 2002.)
  2. The December issue of Tax Bulletin will contain an article on how the Inland Revenue interprets the meaning of various terms relating to taper relief and exemptions for disposals by companies with substantial shareholdings. These terms form part of legislation contained in Finance Act 2002 (Schedules 8 and 10). In view of the widespread interest in the Revenue's view in this area an advance copy of the article is available.

28 June 2002

Guidance on the use of information and penalty powers
We have today published further guidance on estimating Quarterly Payments and on the use of penalty powers in quarterly instalment cases. The guidance was drafted in discussion with business and is aimed at providing companies with examples of what is good practice when calculating their instalment payments and provides a series of examples which focus on 'acceptable' methods of estimating quarterly instalments which the Revenue regards as sufficient to ensure the company doesn't risk incurring a penalty.

23 April 2002

Announcements in the Chancellor's Budget will mean changes to the CT600 forms.
While generally claims cannot be made until Royal Assent some of the measures take effect immediately, such as the rates of tax and marginal rate fractions applicable for Financial Year 2002 starting 1 April 2002, and the changes for CIS deductions.

18 April 2002

Company CIS deductions set off against employer/contractor monthly or quarterly tax/NICs payments.
There is a new arrangement effective from 6 April 2002 to help companies in the construction industry use deductions made from their income earlier than they could previously. As a result these deductions can no longer be set against corporation tax.

21 December 2001

New statement of practice: loss relief, capital allowances and group relief
The Inland Revenue has today published a new statement of practice on late claims to loss relief, capital allowances and group relief under CTSA.