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Rate rise
Key points
- Cashflow planning and consideration of exceptional tax-sensitive transactions should be undertaken in advance of the increase in the main rate of corporation tax which comes into effect on 1 April 2023.
- Companies should consider the impact of the number of group companies and other companies under common control on the application of the quarterly instalment payments regimes given the reversion to the associated companies test from the current related 51% group company test.
- Immediate thought should be given to whether the super-deduction and annual investment allowance should be claimed to advance positive cash flows.
- Alternatively cash rich businesses could consider disclaiming capital allowances until after 1 April 2023 when relief for capital expenditure will be available at a higher tax rate.
- Where possible companies should weigh up whether to use losses immediately or to defer their use until after 1 April 2023 when...
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