British Telecom will be shedding a corporation tax burden of £154m next year
as a result of the surprise cut in tax in this year’s Budget headline rate.
Advisers had indicated that large groups would seek to bring forward tax
liabilities to benefit from the low rate, with BT the first to disclose such a
In its quartely statement, BT said: ‘A specific tax credit of £154m (£nil
last year) has been recognised for the re-measurement of deferred tax balances
for the change in the UK statutory corporation tax rate to 28%, which becomes
effective in 2008/09.’ A BT source said that its underfunded pension scheme was
a surprise factor in the deferred tax boost. In terms of deferred tax the fund’s
deficit position is treated as a deferred tax asset.
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
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year