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tax
Member rating: No Rating | Words: 1500 | Submitted: Fri Nov 02 2007
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-CONTENTS- 1. Analysis Of The Criteria Used In Establishing Company Residence.............. 1 2. Evaluation Of The Principles & Basis Of Assessment Of Corporation Tax.....4 3. Evaluation Of A Possible Corporation Tax Reform..........................................6 Analysis Of The Criteria Used In Establishing Company Residence A company's liability to UK corporation tax depends on its residence status in the UK. According to the Inland Revenue, every 'UK resident' company pays corporation tax on its world-wide profits (adjusted for tax purposes); including capital gains on the disposal of assets. A company is 'UK resident' if it is incorporated in the United Kingdom (UK) or if its central management and control are in the UK. If the company pays tax abroad on any foreign income, it will still be liable to pay tax in the UK on the same income. However, the foreign tax paid can generally be credited against the company's UK tax bill, so reducing the amount that has to be paid in...
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