Paul Shaw and Kevin Cummings explain how to handle the tax rules on this topical issue.
The loan relationships code in CTA 2009 Part 5 governs the tax treatment of lending transactions for UK corporate taxpayers. The general rule under the loan relationships code is that save where the legislation expressly states otherwise a company is required to bring into account those credits and debits that are recognised in determining its profit or loss in accordance with GAAP. As a starting point therefore credits and debits will be required to be brought into account for tax purposes...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Paul Shaw and Kevin Cummings explain how to handle the tax rules on this topical issue.
The loan relationships code in CTA 2009 Part 5 governs the tax treatment of lending transactions for UK corporate taxpayers. The general rule under the loan relationships code is that save where the legislation expressly states otherwise a company is required to bring into account those credits and debits that are recognised in determining its profit or loss in accordance with GAAP. As a starting point therefore credits and debits will be required to be brought into account for tax purposes...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: