corporation tax


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corporation tax

a tax on the worldwide profits of UK resident companies and on the profits of non-resident companies from trading operations in the UK. Profits are measured for accounting periods and include both income and capital profits. In broad terms, income is measured using income tax principles and capital profits are calculated using capital gains tax principles but with INDEXATION ALLOWANCE instead of TAPER RELIEF. The rates of corporation tax vary according to the level of profits and are set for each FINANCIAL YEAR ending on 31 March with the accounting period profits apportioned where that period does not end on that date. Special rules apply to groups of companies to permit losses of one group member to be surrendered to another and for capital assets to pass within the group without triggering a disposal for CAPITAL GAINS TAX.
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She added: "Whilst the headline rate of corporation tax is lower than the basic rate of income tax in the UK, and therefore the change will be welcomed by some landlords, the calculation of taxable profits under corporation tax rules is different than under income tax rules, so there will be winners and losers from the change in regime.
What an outrage that Google can seemingly get away with avoiding PS1.5billion in UK corporation tax as a result of their "creative accounting".
An investigation by the Mirror found that Amazon UK Services had paid PS61.7 million corporation tax in the UK in the last 20 years.
On that profit, it has paid PS61.7million corporation tax, equating to an effective tax rate of just under 30 per cent.
Accent wishes to invite suitably accredited and qualified economic operators to provide a quotation for corporation tax, stamp duty land tax and other tax services to accent and its subsidiaries over the next 3 to 4 years.
Their proposals to raise both income and corporation taxes are driven by ideology and the politics of envy and strife, not economic competence.
Making the case for Wales to gain powers over corporation tax, he said: "The considerations which will make many major employers, particularly those that are parts of large international groups, review future operations in Wales will also weigh heavily on foreign direct investment (FDI).
However, in Britain we have cut corporation tax from its original punitive 40% to 28%, and now 20%.
From April, the company will end the practice of routing sales from major UK companies through Ireland, where they were liable to corporation tax at lower rates.
Facebook was widely criticised after paying just PS4,327 in UK corporation tax in 2014, while more than doubling its UK staff share bonus pot to PS35.4m.
Lord Lawson, chancellor in Margaret Thatcher's governments between 1983 and 1989, told the newspaper: "It is profoundly unsatisfactory that corporation tax has to be collected from multinational corporations by a series of ad hoc compromise deals.

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