In its 2015 budget, presented on 8 July 2015, the UK announced further corporate tax rate reductions to 18% in 2020 and repeal of corporate tax relief for acquired goodwill and other customer-related intangible assets. The Finance bill had its second reading on 21 July 2015. Further consideration of the bill is expected after the summer recess. When Parliament returns after the summer recess, the bill will move onto the committee stage.
Clauses (and associated schedules) expected to be considered in a Committee of the Whole House on Tuesday, 8 September 2015 concern:
The remainder of the bill will be considered in a Public Bill Committee, expected to complete its work by Tuesday, 20 October 2015.
Read a July 2015 report [PDF 576 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (24 July 2015)
Other discussions in this KPMG report concern the following topics:
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.