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KEY POINTS
- The removal and reduction of corporation tax rates has reduced the effect of some tax planning opportunities.
- Consider the timing of capital expenditure to maximise the relief from capital allowances.
- Remember the set-off rules for losses and that there have been rule changes.
- Careful planning on accruals and provisions can ensure that tax deductions are maximised and liabilities are minimised.
- Can roll-over relief be used to defer corporation tax on gains?
- Review the claims and elections made in previous years to ensure that they remain effective.
Most Taxation readers would acknowledge that corporation tax year-end planning is not what it once was. This is due mainly to the abolition of the different rates of corporation tax that previously applied to ‘large’ and ‘small’ company taxable profits.
Corporation tax is...
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