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New system for earlier payment by companies making annual profits above £20m delayed until April 2019.
Plans to require businesses making annual profits of £20m or more to pay their corporation tax instalments four months earlier have been delayed until 1 April 2019 HMRC has confirmed.
From that date for a 12-month accounting period such companies will have to make their payments in months three six nine and 12 of the period to which the liability relates.
Currently these businesses have to make their payments in months seven and ten of the accounting period to which the liability relates and months one and four of the next period.
If the company is a member of one or more 51% groups the threshold of £20m will be divided by the number of related 51% group companies plus one.
For example if a company has three related 51% group companies the threshold is £5m (£20 million/(1+3)). This is...
