Under the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations, SI 1999/358 (the principal regulations) companies can obtain relief for surplus advance corporation tax (ACT) that had accrued prior to the abolition of ACT on 6 April 1999.
The draft Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) (Amendment) Regulations 2012 will amend reg 6 of the principal regulations to extend the definition of ‘group’ to include parent companies that are resident in the EEA. This will ensure that relief for surplus ACT is available where distributions are made to a parent company residing in an EEA state other than the UK.
Under the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations, SI 1999/358 (the principal regulations) companies can obtain relief for surplus advance corporation tax (ACT) that had accrued prior to the abolition of ACT on 6 April 1999.
The draft Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) (Amendment) Regulations 2012 will amend reg 6 of the principal regulations to extend the definition of ‘group’ to include parent companies that are resident in the EEA. This will ensure that relief for surplus ACT is available where distributions are made to a parent company residing in an EEA state other than the UK.
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