UK tax rates, allowances and reliefs
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
Corporation tax
Expert commentary and practical guidance from ICAEW on corporation tax within the UK tax regime
Need to know
In this section
Practical guidance
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
2022 TAXguides
TAXguide 09/21: Brexit – The corporate tax implications
TAXguide 19/20: Intangible fixed assets and corporation tax deductibility
TAXguide: 06/20 Spring Budget 2020
TAXguide 08/18: the corporate interest restriction – a practical guide
TAXguide 15/17: Inheritance tax - business property relief and groups of companies
Features and articles
HMRC suspends payment of some R&D tax credits
HMRC places certain research and development claims on pause while it investigates irregularities in a bid to mitigate abuse of the relief.
Implementation of OECD pillar two in the UK
Richard Jones, Business Tax Manager of the ICAEW Tax Faculty, provides a high-level explanation of the proposed rules.
Tax news in brief 13 April
Highlights from the broader tax news for the week ending 13 April 2022, including: naming tax avoidance scheme promoters; managed service company rules; marginal relief calculator; and a survey on NINOs.
Homes for Ukraine Scheme: payments not taxable
The Government announces income tax, corporation tax and national insurance contributions exemptions alongside reliefs from the annual tax on enveloped dwellings and the 15% stamp duty land tax rate.
Defining HMRC’s guidance on uncertain tax treatments
As HMRC finalises its guidance on notification of uncertain tax treatments, Business Tax Faculty Manager Richard Jones highlights the most significant points.
The future of business tax sits on shifting sands
A social compact appears to be changing.
The future of tax after COVID-19
The past two years have seen significant changes in the way we live and work and there is a consensus that we won’t go back to how it was before. What will this mean for taxation policy?
New tax measures for 2022
Angela Clegg outlines changes scheduled for April 2022 involving uncertain tax treatments, plastic packaging tax, residential property developer tax, MTD for VAT, trading licences, QAHCs, reliefs for the creative sector, tonnage tax, and national insurance.
Webinars and recordings
Patent Box
Are you prepared for the future of patent box relief? Find out about the changes for claims made from 1 July 2021.
Corporation tax and losses
This webinar from the Tax Faculty will cover various measures included in this year’s Finance Bill relating to SMEs and owner-managed businesses.
Tax Administration Framework Review - Earlier payments of income and corporation taxes
This webinar from the Tax Faculty explores the call for evidence on earlier payment of income and corporation taxes.
Managing tax risks in a complex world
Join BDO’s James Egert, Karen Riley, Steven Levine and Carrie Rutland as they take a high-level overview of the key risks that companies face in making disclosures, submitting accurate returns and applying the law correctly.
Making Tax Digital for corporation tax proposals laid bare
In this webinar ICAEW Tax Faculty explain HMRC's plans to roll out Making Tax Digital to corporation tax.
MTD for Corporation Tax
On 12 November 2020, HMRC published the long-awaited consultation on Making Tax Digital for corporation tax (CT), confirming it's plans to extend MTD to companies. In this webinar ICAEW Tax Faculty explain HMRC's plans to roll out MTD for CT.
TAXbite: Corporation tax payment dates
An introduction to the corporation tax payment dates for large companies.
The audit of related parties
This webinar was broadcast on 23 May 2013 and was a repeat of the ICAEW's popular Audit and Assurance Faculty's London evening lecture on the audit of related parties in charities and owner managed companies.
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.
Bloomsbury Professional Tax Guide 2019/20
Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.
Capital allowances (plant and machinery)
Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.
Corporate tax reliefs for intellectual property
A chapter on corporate tax reliefs for intellectual property, highlighting tax planning opportunities and potential pitfalls.
Corporation tax 2021/22
Annual guide examining the rules, regulations and tax issues affecting companies in the UK.
Creative sector tax reliefs
Practical guidance on creative sector tax reliefs for film, TV, video games, theatre, orchestra, museums and galleries.
Expanding the company's activities and structuring business acquisitions
Advice on making a business acquisition, written for anyone who advises or runs a family or owner-managed company.
Extracting funds from the company
Chapter containing tax planning advice on extracting funds, written for anyone who advises or runs a family or owner-managed company.
Making tax digital tracker
The Tracker provides plain English guidance on the operation of MTD, with sections covering VAT, income tax, corporation tax and tax agents in relation to MTD.
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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 001-22 Corporate redomiciliation
ICAEW’s Business Law and Tax Faculties respond to BEIS and HMRC proposals to introduce a facility for companies incorporated overseas to transfer their place of registration to the UK.
ICAEW REP 86-21 Notification of uncertain tax treatments
Draft legislation and guidance implementing the government’s plans for large businesses to report uncertain tax positions will introduce additional complexity and not provide the clarity taxpayers need, ICAEW warns in its response to HMRC's consultation.
ICAEW REP 66/21 Timely payment
In responding to HMRC's call for evidence on timely payment, ICAEW argues that earlier payment of income and corporation tax should not be considered until the economy has recovered and that earlier payment should not be based on in-year estimates without HMRC first demonstrating that they can be a reliable basis for earlier payment.
ICAEW REP 65/21: Tax Administration Framework Review
In responding to HMRC's consultation on the Tax Administration Framework Review ICAEW argues that the starting point of such tax reform should be significant simplification of the underlying tax rules and that HMRC needs to be given the resources and funding to give it the capacity to take on such a major piece of work.
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.
EY Tax and Law Guides
<p>Annually updated guides summarising the tax system, key tax issues, and legal matters in over 150 jurisdictions around the world. The main titles in this series: <a href="https://www.ey.com/en_gl/tax-guides/worldwide-corporate-tax-guide">Worldwide Corporate Tax Guide</a>, <a href="https://www.ey.com/en_gl/tax-guides/worldwide-personal-tax-and-immigration-guide">Worldwide Personal Tax and Immigration Guide</a>, <a href="https://www.ey.com/en_gl/tax-guides/worldwide-vat-gst-and-sales-tax-guide">Worldwide VAT, GST and Sales Tax Guide</a>.</p>
PKF Worldwide Tax Guide 2021/22
<p>Annual guide for accountancy professionals and businesses on corporate tax rates, incentives for overseas businesses, double tax treaties, and taxation of foreign source income. Coverage of 148 jurisdictions.</p>
Making Tax Digital for Corporation Tax consultation
HMRC consultation on how MTD could be implemented for corporation tax. The consultation period closed on 5 March 2021.
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.
Creative industry tax reliefs for corporation tax
HMRC guidance on how to qualify and claim for corporation tax creative industry reliefs.
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