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Corporation tax

Expert commentary and practical guidance from ICAEW on corporation tax within the UK tax regime

In this section

Practical guidance

ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.

TAXguide 19/20: Intangible fixed assets and corporation tax deductibility

This TAXguide, written by Andrew Tall, explains the different ways that a revenue deduction can be claimed for ‘typical’ intangible fixed assets (ITFA) used by a company in a taxable business, as introduced in Finance Act 2002 under Chs 3 and 15, Pt 8, Corporation Tax Act 2009 (CTA 2009), and subsequently amended.

TAXguide 18/18: Small business tax issues

In TAXguide 18/18, Rebecca Benneyworth explores the recent tax changes affecting small businesses, and looks at the impact of the more recent changes to dividend taxation and the rate of corporation tax. The full guide can be downloaded by Tax Faculty members and Faculties Online subscribers.

Features and articles

HMRC is seeking views on MTD for Corporation Tax

Making Tax Digital for corporation tax (MTD CT) feels like a very long way away given that it will not become mandatory before 2026 and MTD for income tax self-assessment (MTD ITSA) is still at an early stage of its development. However, the current early-stage consultation on MTD for CT may provide the best opportunity to influence the design and ICAEW’s Tax Faculty would welcome your views.

10 things you need to know about MTD for CT

4 January 2021: As HMRC begins gathering feedback from stakeholders on the potential expansion of the Making Tax Digital regime to corporation tax, ICAEW’s Tax Faculty outline the key things that businesses and agents need to consider.

Webinars and recordings

Corporate Interest Restriction

The Corporate Interest Restriction has effect from 1 April 2017, affecting all accounting periods ending after that date.

TAAR very much - Reconstructions and winding up

First broadcast on 1 December 2018. In this webinar Sarah Ghaffari will be joined by Pete Miller to discuss the tax implications of corporate reconstructions, from the tax treatment of distributions to stamp duty charges.

Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

Corporate tax reliefs for intellectual property

A chapter on corporate tax reliefs for intellectual property, highlighting tax planning opportunities and potential pitfalls.

Creative sector tax reliefs

Practical guidance on creative sector tax reliefs for film, TV, video games, theatre, orchestra, museums and galleries.

Corporation tax 2020/21

Annual guide examining the rules, regulations and tax issues affecting companies in the UK.

Capital allowances (plant and machinery)

Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.

Oil taxation manual

HMRC Manual providing an overview of UK law and practice for the oil fiscal regime.

Bloomsbury Professional Tax Guide 2019/20

Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.

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Taxation: Finance Act 2019

The main aim of this book is to describe the UK taxation system in sufficient depth and with sufficient clarity to meet the needs of those undertaking a first course of study in taxation.

Dividends received

Outlines the provisions which exempt UK dividends from taxation under the Corporation Tax Act 2009.

Chargeable gains

Covers chargeable gains for corporation tax purposes, with additional sections on dividends received, payments to charities, distributions, computation of tax liability, losses, groups, and the way corporation tax relates to income tax.

Loan relationships

An overview of loan relationships and corporation tax, with sections on the definition of these relationships, the scope of the rules, accounting for loan relationships and the basis of taxation.

Trading income

Explains how corporation tax applies to trading income and the ways in which it differs from income taxation. Covers the annual investment allowance, first-year tax credits and capital allowances for plant and machinery.

Computation of tax liability

Summarises how corporation tax should be calculated in a given tax year, with notes on the current rates and a simple example.

Chargeable accounting periods

The chargeable accounting period (CAP) for corporation tax usually coincides with a company's accounting period. This section outlines the alternatives available and how income is allocated within periods for tax purposes.

Scope of corporation tax

Lists the kinds of companies and organisations subject to corporation tax and where they must be resident for UK tax law to apply. This section briefly summarises the arguments and precedents concerning residence for tax purposes.

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Representations

ICAEW REP 45/20 Response to the Call for Evidence on the tax services market

ICAEW's Tax Faculty responds to HMRC's call for evidence on raising standards in the tax advice market, arguing that the best approach is for HMRC to work with the professional bodies behind PCRT to improve standards, alongside taking steps to stop unscrupulous promoters of tax avoidance schemes and highlighting the importance of using a professionally qualified adviser.

ICAEW REP 29/18

MTD - Interest harmonisation and sanctions for late payment

Further support

Useful links

Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.

Corporate tax and the digital economy: position paper

Paper setting out the government's view on the challenges posed by the digital economy for the corporate tax system, the international tax framework and its proposed approach. The Spring Statement 2018 update reflects feedback from stakeholders since the original consultation closed in January 2018.

Corporation Tax: HMRC manuals

HMRC internal manuals providing guidance on corporation tax relating to a wide range of business sectors and reliefs.

Corporation Tax on GOV.UK

Official guidance on corporation tax for limited companies, including preparing accounts, working out corporation tax, reliefs available, filing returns, payments and refunds.

2017 Worldwide R&D Incentives Reference Guide

Tax guide to research and development incentive regimes around the world, showing the available benefits, eligibility, the application process and IP jurisdictional requirements in 44 countries.

Global Research and Development Incentives Group

Guide to R&D tax credits and incentives by country, including a comparison of patent box regimes across fifteen countries and general R&D incentives across 36 countries.

Tables of time limits

Table of time limits from the Compliance Handbook, HMRC's Internal Manual, covering a range of taxes from corporation tax to VAT.

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