Millennium & Copthorne takes £5m hit after tax rules change
Changes to New Zealand tax rules set to impact on Millenium & Copthorne's group interims
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