HMRC has updated its short guide, ‘Restriction on corporation tax relief for interest deductions’, with more information for companies and groups which deduct more than £2m a year in interest and other financing costs, on calculating their ‘interest allowance’ to determine whether the restriction applies (https://bit.ly/2CGl6fC). A new section on penalties has also been added.
Groups may be required to appoint a reporting company and submit either an abbreviated or full return.
HMRC has begun the process of migrating its main corporate interest restriction (CIR) guidance to the Corporate Finance Manual at CFM95000 onwards. Until this migration is complete, HMRC refers users to the existing draft guidance at https://bit.ly/2nqOMVN.
HMRC has updated its short guide, ‘Restriction on corporation tax relief for interest deductions’, with more information for companies and groups which deduct more than £2m a year in interest and other financing costs, on calculating their ‘interest allowance’ to determine whether the restriction applies (https://bit.ly/2CGl6fC). A new section on penalties has also been added.
Groups may be required to appoint a reporting company and submit either an abbreviated or full return.
HMRC has begun the process of migrating its main corporate interest restriction (CIR) guidance to the Corporate Finance Manual at CFM95000 onwards. Until this migration is complete, HMRC refers users to the existing draft guidance at https://bit.ly/2nqOMVN.
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