Corporation Tax is levied on the profits of all companies with business in the UK. For those involved in exploration and production (E&P) activities in the UK and the UK Continental Shelf, separate rules known as the ring fence rules (RF) apply. From April this year, Corporation tax in the UK will fall to 19%, the lowest rate in the G20. In 2020, it will fall again to 17%.
New domestic laws, international reform and changing approaches by tax authorities mean that the tax world is a constantly changing environment. In the UK, the government continues to drive UK competitiveness. This includes the continuation of the Organization for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) project and the changing of HM Revenue & Customs (HMRC) powers.
Whether you’re a global organisation or a UK-based business, we understand the challenges you face and can give you expert advice on domestic and international corporate tax issues.
For more information, please contact us.