News
New corporation tax Acts to take effect on 1 April 2010
Posted on: 05 March 2010
Two new corporation tax Acts will come into effect on 1 April 2010, as part of the ongoing tax law rewrite project:
- The Corporation Tax Act 2010 - this received Royal Assent on 3 March 2010. It is the corporation tax equivalent of the Income Tax Act 2007, dealing with the computation of total profits and the tax due thereon, including loss relief, group relief, changes in ownership and transactions in securities.
- The Taxation (International and other Provisions) Act 2010 - this is expected to receive Royal Assent within the next two weeks. It contains corporation tax rules that were not rewritten in the 2009 and 2010 Corporation Tax Acts, including the double taxation relief and transfer pricing rules.
