Jeanette Zaman and Zoe Andrews (Slaughter and May) review recent developments affecting the City.
Creating a 21st century corporate tax system
The Office of Tax Simplification has issued its report on simplifying the corporation tax computation (see bit.ly/2tlH2YT). The report recommends a significant overhaul of the CT computation with a move towards tax following the accounts where appropriate (including replacing capital allowances with accounting depreciation). For the largest companies a number of simplifications are recommended for UK/UK transfer pricing and anti-avoidance legislation generally. A number of other reforms are suggested to reduce the administrative burden.
As the changes proposed are significant and many require further work before introduction the OTS suggests the government should set out the changes it wishes to adopt in a roadmap for corporation tax reform perhaps over a five year period. This would enable open consultation with business prior to changes...
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Jeanette Zaman and Zoe Andrews (Slaughter and May) review recent developments affecting the City.
Creating a 21st century corporate tax system
The Office of Tax Simplification has issued its report on simplifying the corporation tax computation (see bit.ly/2tlH2YT). The report recommends a significant overhaul of the CT computation with a move towards tax following the accounts where appropriate (including replacing capital allowances with accounting depreciation). For the largest companies a number of simplifications are recommended for UK/UK transfer pricing and anti-avoidance legislation generally. A number of other reforms are suggested to reduce the administrative burden.
As the changes proposed are significant and many require further work before introduction the OTS suggests the government should set out the changes it wishes to adopt in a roadmap for corporation tax reform perhaps over a five year period. This would enable open consultation with business prior to changes...
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:
