TaxCorporate TaxMillennium & Copthorne takes £5m hit after tax rules change

Millennium & Copthorne takes £5m hit after tax rules change

Changes to New Zealand tax rules set to impact on Millenium & Copthorne's group interims

New Zealand

Hotels group
Millennium
& Copthorne
will post a £5m deferred tax expense in its next
interims after changes to New Zealand’s tax rules.

Changes introduced in New Zealand’s May Budget, including a reduction in the
corporation tax rate from 30% to 28%, and removing the ability to depreciate
buildings for tax purposes, will lead to the expense.

Its New Zealand company will take on an increase of $26m (£16.7m) in its
deferred tax liability, pushing the subsidiary into an after-tax loss for the
period.

Further reading:

Controlled
foreign companies talks kick off

Cable
warns banks must lend or face tax

William
Hill driven offshore by tax

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