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