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PETE MILLER considers the corporate tax proposals in the 2009 Budget
KEY POINTS
- Background to the latest corporate tax proposals.
- Fundamental changes to the taxation of dividends received by UK companies.
- Loan relationship anomalies corrected.
- Changes relating to non-cumulative fixed rate preference shares.
- New compliance provisions affecting companies.
This year’s Budget announcements demonstrated some major changes in the way in which the UK’s tax system is run.
First a large proportion of the measures were neither new nor a surprise.
In terms of preparing material on corporate tax issues my notes were 90% complete before Mr Darling started speaking.
Second the Budget shows just how much Government is now engaging with and heeding the call of business.
Measures such as the simplification of TCGA 1992 s 171A arose from the Related Companies Simplification Review a joint HMRC and...
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