Corporation Tax Loss Reform – draft legislation | KPMG | UK

Corporation Tax Loss Reform – draft legislation

Corporation Tax Loss Reform – draft legislation

Comments are requested on the draft legislation on the reform of CT loss relief.

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On 26 January, the Government published draft legislation on the reform of the Corporation Tax loss relief rules. This new draft legislation supersedes the draft legislation published on 5 December 2016 as part of the draft Finance Bill 2017 clauses, and contains information on most of the remaining elements of the rules. 

In particular the updated draft legislation now includes provisions catering for group relief for carried forward losses in the context of companies owned by a consortium and various anti-avoidance provisions. There are also specific rules for insurance companies and creative industries.

One notable omission is draft legislation covering the exclusion of ring fence oil and gas activity. HMRC have confirmed that this has been delayed and draft legislation is now expected on 6 February.Updated Explanatory Notes have been published alongside the draft clauses.The Government has requested that any comments on the draft legislation should be provided by 23 February. 

One notable omission is draft legislation covering the exclusion of ring fence oil and gas activity. HMRC have confirmed that this has been delayed and draft legislation is now expected on 6 February.

Updated Explanatory Notes have been published alongside the draft clauses.

The Government has requested that any comments on the draft legislation should be provided by 23 February. 

 

For further information please contact :

Chris Davidson

Wendy Williams

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