Background Image
Previous Page  14 / 18 Next Page
Show Menu
Previous Page 14 / 18 Next Page
Page Background


The amount of banks’ annual profits that can be offset by

carried-forward losses will be restricted to 50% from 1 April

2015, as announced in the Autumn Statement 2014. Following

consultation, there will be a change to the measure’s targeted

anti-avoidance rule and a £25 million allowance for affected

building societies.

The rate of Bank Levy will rise from 0.156% to 0.21%

from 1 April 2015. A future Finance Bill will prevent banks’

compensation payments being deductible for corporation tax.

Country-by-country reporting

Legislation will be introduced to give the UK power to implement

the Organisation for Economic Cooperation and Development

(OECD) model for country-by-country reporting. Multinational

enterprises will have to provide high level information to HMRC

on their global allocation of profits and taxes paid, as well as

indicators of economic activity in a country.

Flood defence relief

Business contributions to Flood and Coastal Erosion Risk

Management projects will be tax deductible for corporation

tax and income tax from 1 January 2015, as announced in the

Autumn Statement 2014.

Simplified expenses

The simplified expenses regime will be amended

to ensure that partnerships can fully access the

provisions in respect of the use of a home or

where business premises are also a home.

Late paid interest

The rules concerning loans made to UK companies

by a connected company in a non-qualifying

territory will be repealed.


Check you are trading

through the most

appropriate vehicle for

your circumstances.

Incorporation makes sense

for some people – but not



page 13


18 March 2015