Budget 2016: Businesses gain extra time in accelerated CT payments
The acceleration of corporate tax payments deferred until 2017
THE GOVERNMENT has deferred the point at which corporate tax payments will be accelerated in today’s Budget.
It had previously been announced that the government was accelerating payments of corporation tax from businesses than generate more than £20m in profits per year. This measure was expected to be introduced in 2017.
However in the latest budget Osborne announced a deferral on implementation to accounting periods starting on or after 1 April 2019, with the government stating that it “will have a broadly neutral impact on the public finances over the scorecard period”.
Kevin Hindley, managing director at Alvarez & Marsal Taxand UK, commented: “This is a welcome measure that will benefit many of our multinational clients.”