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Corporation tax exemption: Royal Mail pension scheme

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The Postal Services Act 2011 (Taxation) (Amendment) Regulations, SI 2016/881, extend the corporation tax exemption for BIS (Postal Services Act 2011) Company Limited (BCL) to all accounting periods in which the company remains wholly in Crown ownership. The regulations come into force on 30 September 2016, but have retrospective effect for accounting periods commencing on or after 1 April 2015, being the date the previous exemption expired. BCL is the company formed by the government in 2012 to dispose of the assets of the Royal Mail pension plan.