HMRC is consulting until 26 February 2016 on draft amending regulations which provide for companies with annual taxable profits exceeding £20m to pay their corporation tax instalments four months earlier than other large companies below this limit, beginning in April 2017. Payments will be due in months 3, 6, 9 and 12 of a 12-month accounting period. This measure ensures that the largest companies pay tax closer to the point at which they earn their income and is consistent with the government’s strategy for tax administration. It also brings the UK’s system for payment of corporation tax much more into line with those already in operation in other G7 countries.
HMRC has prepared a guidance note and is seeking comments on the draft regulations and explanatory memorandum by 26 February 2016. A tax information and impact note has also been published (see www.bit.ly/1N9pLpU). For draft legislation, see www.bit.ly/1IFEXXI
HMRC is consulting until 26 February 2016 on draft amending regulations which provide for companies with annual taxable profits exceeding £20m to pay their corporation tax instalments four months earlier than other large companies below this limit, beginning in April 2017. Payments will be due in months 3, 6, 9 and 12 of a 12-month accounting period. This measure ensures that the largest companies pay tax closer to the point at which they earn their income and is consistent with the government’s strategy for tax administration. It also brings the UK’s system for payment of corporation tax much more into line with those already in operation in other G7 countries.
HMRC has prepared a guidance note and is seeking comments on the draft regulations and explanatory memorandum by 26 February 2016. A tax information and impact note has also been published (see www.bit.ly/1N9pLpU). For draft legislation, see www.bit.ly/1IFEXXI
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