declined to say what its successful tax wrangle was about, indicating only that
HM Revenue & Customs had closed some enquiries going back several years, and
that a ‘significant amount of corporation tax’ was recoverable.
Normally, the company would record a six-month finance charge of around £30m,
but this half-year claimed a credit of £2.4m as a result of the tax boost and
The reduced corporate tax burden gifted to large UK corporates by the
government in the last budget also contributed to Morrisons good fortunes,
leading to a large release of deferred tax following the change in rate of UK
corporation tax from 30% to 28%.
Overall, the net finance credit of £2.4m reflected the impact of a reducing
pensions deficit, the one-off interest benefit on repaid corporation tax and low
levels of net debt ahead of the full roll out of the group’s investment
Morrisons added that the victory was a one-off and expected to see the net
finance cost returning to normal levels in the second half of the financial
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states