Applicable Corporate Tax Rates
The amount of Corporate Tax due in a Tax Period is calculated by applying the appropriate Corporate Tax rate to the Taxable Person’s Taxable Income (see Chapter 6).General tax rate... More Details
Tax Group Regime
Companies under common ownership can form a Tax Group, subject to meeting the relevant conditions.317 This allows the Tax Group to be treated as a single Taxable Person, reducing t... More Details
Application to be Treated as a Taxable Person
As noted above, partners in an Unincorporated Partnership can make an application to be taxed at the partnership level, with the partnership itself becoming a Taxable Person.310 Th... More Details
Allocation of Partnership Assets, Liabilities, Income and Expenditure
Where an Unincorporated Partnership has not made an application to be treated as a standalone Taxable Person:• A partner’s distributive share is the share of partnership profits th... More Details
Taxable Income of partners in an Unincorporated Partnership
Partners in an Unincorporated Partnership are taxed in accordance with the wider Corporate Tax regime. In particular, individuals that are partners in an Unincorporated P... More Details
Taxation of partnership and their partners
Unincorporated PartnershipsIndividuals, companies and other legal entities may join with others to form a partnership, usually established under a contract and jointly conduct Busi... More Details
Business Restructuring Relief
In certain circumstances, where an entire Business or an independent part of a Business is transferred in exchange for shares or other ownership interests, business restructuring r... More Details
Transfers within a Qualifying Group
It is a common practice for closely related Businesses to transfer assets and liabilities between each other for operational reasons. Ordinarily, there would be a taxable gain or l... More Details
Small Business Relief
In order to compute the Corporate Tax liabilities for a Taxable Person’s first Tax Period, it is necessary for Taxable Persons to have both an opening and a closing balan... More Details
Transitional Rules
In order to compute the Corporate Tax liabilities for a Taxable Person’s first Tax Period, it is necessary for Taxable Persons to have both an opening and a closing balance sheet. ... More Details
Determination of Taxable Income
Calculating Taxable Income is a two-step process:The Taxable Person must first determine their Accounting Income. This will be based on Financial Statements prepared according to a... More Details
Tax Losses
Where a Taxable Person’s deductible expenditure exceeds its income that is subject to Corporate Tax, it will have negative Taxable Income. This is known as a Tax Loss. Many busines... More Details
