Corporate Taxes

 


At the Budget, the Government published a broad consultation on R&D tax reliefs.

As expected as part of the ‘Tax Day’ announcements, HMRC has published the second consultation on notification of uncertain tax treatment by large businesses, as well as a summary of responses to the first consultation.

MPs debated committee stage of Finance Bill 2021, with debate on family finances, corporation tax and freeports. All clauses were retained. Government amendments relating to freeports were passed but no opposition amendments or new clauses were passed.

MPs begin debating the Finance Bill in committee today. Committee of the Whole House will take place on Monday 19 and Tuesday 20 April, with public bill committee commencing on Thursday 22 April.

This page bring together briefing notes and representations from the CIOT, our Low Incomes Tax Reform Group and our sister body, the Association of Taxation Technicians, produced for committee stage of Finance Bill 2021, which begins on Monday 19 April. 

On Tax Day the government published a consultation on Transfer pricing documentation

HMT published a call for evidence following the Budget announcement that the government “would review the Enterprise Management Incentives (EMI) scheme to ensure it provides support for high-growth companies to recruit and retain the best talent so they can scale up effectively, and examine whether more companies should be able to access the scheme.”

The Chartered Institute of Taxation has welcomed today’s announcement that the trading loss carry-back rule will be temporarily extended from one year to three years, giving affected businesses a billion pound corporation tax refund.

The House of Commons Treasury Committee has published its much-awaited report on Tax after Coronavirus, the most ambitious parliamentary report ever produced on tax reform.

At Budget 2020, the government announced that it would carry out a review of the UK funds regime, covering tax and relevant areas of regulation. The review started with a consultation on the tax treatment of asset-holding companies in alternative fund structures, to which the government responded in December 2020, and also published a consultation (the second consultation) into some particular aspects relevant to asset-holding companies.