Corporation Tax. The UK Government recognises the Executive’s commitment to introduce a devolved Corporation Tax rate to Northern Ireland of 12.5% from April 2018. The UK Government remains committed to the devolution of Corporation Tax powers, subject to the conditions set out in the SHA.
Corporation Tax. ▪ Completing a CT600 and tax computation based upon the annual accounts. ▪ Presenting the CT600 for your approval and online submission to HMRC. ▪ Dealing with routine HMRC correspondence. Please note that this does not include an HMRC enquiry, full (which checks the tax return as a whole), or aspect (which checks information on one or more specific points). ▪ Companies House ▪ Processing required changes to officer and company information. o The Advanced Package includes: ▪ VAT ▪ Completing cash accounting VAT calculations (standard and flat rate VAT schemes only). ▪ Calculating quarterly VAT returns, for VAT-registered companies. ▪ Presenting returns for your approval and online submission to HMRC. ▪ Notifying HMRC of any changes to your VAT registration. ▪ Dealing with routine HMRC VAT correspondence (please note that this does not include handling an HMRC enquiry, full or aspect). ▪ Acting as Agent for online VAT filing with HMRC, but not for VAT inspections.
Corporation Tax. 2.1 On a disposal of all of its assets by the Company for (in the case of each asset owned by the Company at the Last Accounting Date) a consideration equal to the value attributed to that asset in preparing the Last Accounts or (in the case of each asset acquired since the Last Accounting Date) a consideration equal to the actual consideration given for the acquisition then (in the case of each asset so owned) the liability to Tax (if any) which would be incurred by the Company would not exceed the amount (if any) taken into account in respect of that asset in computing the liability of the Company to deferred Tax as provided for in the Last Accounts and (in the case of assets so acquired) no Tax Liability would be incurred by the Company in respect of that asset.
2.2 The aggregate book value of each of the assets, or as the case may be, each pool of assets of the Company, on which an entitlement to allowances in respect of capital expenditure has arisen under the CAA, in or adopted for the purposes of the Accounts does not exceed the aggregate residue of qualifying expenditure or written-down value attributable to such assets, or as the case may be, each pool of assets for the purposes of the CAA.
2.3 No capital allowances that have been claimed by the Company have been disallowed nor is any disallowance likely to occur. Since the Last Accounting Date, no claims for capital allowances which have been made have been withdrawn and no available allowances have been disclaimed.
2.4 The Company has not at any time after 6 April 1965 repaid, redeemed or repurchased or agreed to repay, redeem or repurchase or granted an option under which it may become liable to purchase any shares of any class of its issued share capital nor has the Company after that date capitalised or agreed to capitalise in the form of shares or debentures any profits or reserves of any class or description or otherwise issued or agreed to issue any share capital other than for receipt of new consideration (within the meaning of Part VI Taxes Act) or passed or agreed to pass any resolution to do so.
2.5 No securities (within the meaning of section 254(1) Taxes Act) issued by the Company and remaining in issue at the date of this Agreement were issued in such circumstances that the interest payable thereon falls to be treated as a distribution under either section 209(2)(d) or 209(2)(e) Taxes Act, nor has the Company agreed to issue such securities in such circumstances.
2.6 No rents, inter...
Corporation Tax. 6.2.1 (a) The Company has not paid remuneration to its employees, officers or directors (either deemed or otherwise) in excess of such amount as will be deductible in computing the taxable profits of the Company;
Corporation Tax. DISTRIBUTIONS
Corporation Tax. 2.1 (a The Company has not paid remuneration to its employees, officers or directors (either deemed or otherwise) in excess of such amount as will be deductible in computing the taxable profits of the Company; and (b the Company has not paid and will not pay remuneration or compensation for loss of office or make any gratuitous payment or any other payment in respect of management or other services rendered or to be rendered to the Company to any of its present or former directors or employees (deemed or otherwise) which will not be deductible in computing the taxable profits of the Company.
2.2 In respect of Schedule 32, Paragraph 7 of the Taxes Consolidation Act, 1997, no circumstance exists which would lead the Revenue to withdraw approval of the scheme or to contend that the Company is not a qualifying Company carrying on a specified trade.
2.3 In respect of profit sharing schemes under Sections 509 to 518 of the Taxes Consolidation Act, 1997, no circumstance exists which would lead the Revenue to withdraw approval of any such scheme.
2.4 In respect of employee share ownership trusts under Section 519 and Section 511(A) of the Taxes Consolidation Act, 1997, no circumstance exists which would lead the Revenue to withdraw approval of any such scheme.
2.5 If the employees of the Company have benefited from Section 479 of the Taxes Consolidation Act, 1997, no circumstance exists in relation to the Company which would lead to the withdrawal of the relief.
2.6 The Company has not, within the meaning of Sections 520 to 529 of the Taxes Consolidation Act, 1997, received payment in respect of professional services from an accountable person.
2.7 No loan or advance or payment has been made or consideration given or transaction effected falling within Sections 438 or 439 of the Taxes Consolidation Act, 1997.
2.8 The Company has duly complied with the requirements of Section 239 of the Taxes Consolidation Act, 1997 and with the requirements of all other provisions relating to the deduction and withholding of tax at source up to the date hereof and all such tax which has become due to the Revenue Commissioners has been paid to the Revenue Commissioners.
2.9 The Company has never incurred any expense or paid any amount in consequence of which the Company has been or could be treated under Sections 436 or 437 of the Taxes Consolidation Act, 1997 as having made a distribution.
2.10 The limitation on the meaning of "distribution" provided for by Sections 133 and 134 of...
Corporation Tax. (a) Full provision will be made for corporation tax which is payable for all accounting periods ending before the Completion Accounts Date and which has not yet been paid to the Inland Revenue. In addition, full provision will be made for corporation tax as if the period beginning with the day following the Accounting Date and ending on the Completion Accounts Date was a financial year of the Company and its Subsidiaries for corporation tax purposes. For the avoidance of doubt, it shall be assumed that the payments to certain of the Vendors, managers and employees referred to in (vi) below will be fully deductible for corporation tax purposes.
(b) In preparing the provision for Tax in the Completion Accounts it shall be assumed that (i) all of the payments referred to in clause 5.2.3 other than the payments to Xxxx Xxxxxxx Xxxxx and Xxxx Xxxxxx and the employer's national insurance contributions thereon shall be deductible for corporation tax purposes and (ii) the payments referred to in clause 5.3.3 to Xxxx Xxxxxxx Xxxxx and to Xxxx Xxxxxx and the employer's national insurance contributions thereon shall not be deductible for corporation tax purposes.
Corporation Tax. HR will be responsible for preparing and submitting the corporation tax returns (partially outsourced by Hoggs to PricewaterhouseCoopers) for the year ended 31 March 2003 – no charge will be made for this work. ETRX will be responsible for dealing with any enquiries raised by the Inland Revenue thereon (anticipated in March 2005). HR also prepared and submitted the 2002 tax return – any Inland Revenue queries thereon must be issued by the Inland Revenue before 31 March 2004. HR will deal with these queries at the Agreed Rate if requested by ETRX, otherwise they will be handled by ETRX or their advisors. Preparation of P11D’s and PAYE Settlement for tax year ended 5 April 2004 (ie 2003/4) will specifically be prepared by HR as these relate to a period in which ETRX has operated under the XX XXXX reference. From 6 April 2004, it is intended that ETRX will be operating under its own PAYE reference and will therefore be responsible for filing its own P11Ds and PAYE Settlements returns. ETRX will promptly upon HR’s written request make funds available to HR to settle ETRX’s share of the PAYE and NIC liabilities arising from the filing of the 2003/4 returns referred to above -the provisions of Clauses 14.1.2 and 14.1.3 shall not apply to ETRX’s obligations in respect of such funds. ETRX further agrees to co-operate reasonably and provide HR on a timely basis with such information as is reasonably required for HR to complete the said tax returns fully and accurately.
Corporation Tax. (i) If each of the capital assets of the Company was disposed of on the date of this Agreement for a consideration equal to the book value of that asset in, or adopted for the purposes of, the Financial Statements or, in the case of assets acquired since the Accounts Date, equal to the consideration given upon its acquisition, no liability to corporation tax on chargeable gains or balancing charges under the Capital Allxxxxxx Xxx 0000 (xhe "CAA") would arise and for the purpose of determining the liability to corporation tax on chargeable gains there shall be disregarded any relief and allowances available to the Company other than amounts falling to be deducted under section 38 Taxation of Chargeable Gains Act 1992 (the "TCGA").
(ii) All expenditure which the Company has incurred or may incur under any subsisting commitment on the provision of machinery, plant or buildings has qualified or will qualify (if not deductible as a trading expense for trade carried on by the Company) for writing-down allowances or industrial building allowances (as the case may be) under CAA and where appropriate notices have been given to the Inland Revenue under section 118 Finance Act 0000.
(iii) The Company has not made any claim for capital allowances in respect of any asset which is leased to or from or hired to or from the Company and no election affecting the Company has been made or agreed to be under sections 53 or 55 CAA in respect of such assets. The Company is not a lessee under a lease to which the provisions of Schedule 12 FA 1997 apply or could apply. The Company has not made any election under section 37 CAA nor is it taken to have made such an election under section 37(8)(c) CAA. The Company does not own and has not owned a long life asset (within the meaning of section 38A CAA) in respect of which any claim for capital allowances would be subject to the provisions of section 38E-38G CAA. None of the assets of the Company expenditure on which has qualified for a capital allowance under Part I CAA has at any time been used otherwise than as an industrial building or structure. (iv) No distribution within the meaning of sections 209, 210 and 211 TA 88 has been made (or will be deemed to have been made) by the Company after 5th April, 1965 except dividends shown in its audited accounts and the Company is not bound to make any such distribution. No elections have been made pursuant to section 246A TA 88 in respect of any dividends and nor has the Company made a di...
Corporation Tax. 3.1 All payments or repayments which were required to be made or which have been claimed pursuant to the CTIP since the Last Accounts Date have been duly made or received and the computation of each such payment or claim for repayment took account of all relevant estimates and other information available to the Target at the time when such payment was required to be made or (as the case may be) at the time when such claim for repayment was submitted to a Tax Authority.
3.2 The Target has not:
(a) been concerned with or in any distribution for the purposes of sections 213 to 218 Taxes Act (demergers); or
(b) at any time repaid or redeemed or agreed to repay or redeem any shares of any class of its share capital or otherwise reduced or agreed to reduce its share capital or any class thereof or issued any share capital as paid up otherwise than by the receipt of new consideration (as defined in sections 254(1) and (5) Taxes Act).
3.3 The Target has not made and is under no obligation under which it is, or at any time may become, liable to make any payment of an income nature which has not been and will or may not be allowable in full for corporation tax purposes or which may be disallowed as a deduction, as a set-off or as a charge on income or otherwise be unrelieved for corporation tax purposes by reason of the provisions of sections 54 (expenses not wholly and exclusively for trade and unconnected losses), 82 (contributions to local enterprise organisations or urban regeneration companies), 1301 (restriction of deductions for annual payments or 443 (restriction of relief for interest where tax relief schemes involved) CTA or sections 338 (allowance of charges on income and capital), 339 (charges on income: donations to charity), 770A (provision not at arm’s length), 779 to 786 inclusive (provisions about sale and lease-back and leased assets and transactions associated with loans) or 787 (restriction of relief for payments of interest) Taxes Act or otherwise.
3.4 Neither the Target nor any associated company of the Target owns any intangible asset which was acquired from another company which was at the time a member of a group of companies for the purposes of section 780 (deemed realisation and reacquisition at market value) CTA.
3.5 The Target has at all times when required applied an amortised cost basis of accounting (as that term is defined in section 313 CTA) in respect of all loan relationships (as that term is defined in section 302 CTA) to which i...
