Understanding and managing corporation tax from a compliance perspective is a crucial part of good tax governance for social housing groups.
Taking time to review the group's overall corporation tax position will not only ensure that all entities are taking full advantage of the reliefs and exemptions available, but will also ensure that corporation tax risks are properly identified and appropriately managed. The tax penalty regime focuses on taxpayer behaviour and all taxpayers, including charitable entities, are required to demonstrate they consistently take 'reasonable care' in respect of their tax affairs.
Many social housing groups will be able to manage their position to ensure that exposure to corporation tax is minimal. However, this can only be achieved through careful planning and a good understanding of the tax regime in which they operate.
Update on the tax deductibility of corporate interest expense
In the Autumn Statement the Chancellor confirmed that the Government still intends to introduce new interest restriction provisions that will be effective from 1 April 2017.
Recommended tax strategies and approaches to transfer pricing
The public perception of an entity’s tax base has become increasingly important. In this article Deloitte update on recommended tax strategies and approaches to transfer pricing.