Direct taxes

Resource type: Practice note

Status: Maintained

Jurisdiction: United Kingdom

This practice note gives an overview of direct taxes in the UK tax regime. It covers income tax, corporation tax and capital gains tax. It discusses the principles of calculation, rates, payment and compliance, and reliefs (such as capital allowances and research and development (R&D) relief).

Based on an original practice note contributed by CMS Cameron McKenna LLP and updated by PLC Tax.

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Resource ID: 5-107-3724
Products: PLC UK Corporate, PLC UK Finance, PLC UK Law Department, PLC UK Private Client, PLC UK Property, PLC UK Public Sector, PLC UK Tax
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

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Practice notes

Ask the Team: What is the tax treatment of a rent deposit? Ask the Team: What is the tax treatment of a rent deposit? (http://uk.practicallaw.com/topic3-422-4293)
Asset purchases: tax issues for buyer and seller Asset purchases: tax issues for buyer and seller (http://uk.practicallaw.com/topic1-367-0973)
Buying an interest in property: tax Buying an interest in property: tax (http://uk.practicallaw.com/topic7-371-5964)
Statutory demergers: tax Statutory demergers: tax (http://uk.practicallaw.com/topic7-372-3983)
The UK as a holding company location: tax factors The UK as a holding company location: tax factors (http://uk.practicallaw.com/topic6-523-7674)

Checklist

Asset purchase: tax checklist Asset purchase: tax checklist (http://uk.practicallaw.com/topic1-385-0634)

Glossary

Balancing allowance Balancing allowance (http://uk.practicallaw.com/topic5-107-6464)
Balancing charge Balancing charge (http://uk.practicallaw.com/topic2-107-6465)
Capital allowances Capital allowances (http://uk.practicallaw.com/topic4-107-5846)
Capital assets Capital assets (http://uk.practicallaw.com/topic2-107-5847)
Capital gains tax Capital gains tax (http://uk.practicallaw.com/topic8-107-5849)
Capital losses Capital losses (http://uk.practicallaw.com/topic3-107-6177)
Chargeable gains Chargeable gains (http://uk.practicallaw.com/topic8-107-5892)
Charges on income Charges on income (http://uk.practicallaw.com/topic9-107-5896)
Corporation tax Corporation tax (http://uk.practicallaw.com/topic1-107-5999)
Deductible expenditure Deductible expenditure (http://uk.practicallaw.com/topic4-107-6054)
Depreciation Depreciation (http://uk.practicallaw.com/topic2-107-6093)
Financial year Financial year (http://uk.practicallaw.com/topic3-107-5762)
ICTA ICTA (http://uk.practicallaw.com/topic2-107-6248)
Income and Corporation Taxes Act 1988 (ICTA) Income and Corporation Taxes Act 1988 (ICTA) (http://uk.practicallaw.com/topic0-107-6254)
Indexation allowance Indexation allowance (http://uk.practicallaw.com/topic9-107-6711)
Pay as you earn (PAYE) Pay as you earn (PAYE) (http://uk.practicallaw.com/topic4-200-3405)
Roll-over relief Roll-over relief (http://uk.practicallaw.com/topic7-201-4025)
Schedule A Schedule A (http://uk.practicallaw.com/topic6-107-7199)
Schedule D Schedule D (http://uk.practicallaw.com/topic2-107-7200)
Taper relief Taper relief (http://uk.practicallaw.com/topic6-107-7364)
Tax written down value Tax written down value (http://uk.practicallaw.com/topic5-107-7374)
Tax year Tax year (http://uk.practicallaw.com/topic2-107-7375)

Article

Taxing derivative transactions: The income/capital divide Taxing derivative transactions: The income/capital divide (http://uk.practicallaw.com/topic1-101-8089)

Legal update: archive

Ask the Team: What is the tax treatment of late completion interest received in a property transaction? Ask the Team: What is the tax treatment of late completion interest received in a property transaction? (http://uk.practicallaw.com/topic5-386-5105)
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Legal update: case report

Sponsorship payments not deductible for corporation tax purposes Sponsorship payments not deductible for corporation tax purposes (http://uk.practicallaw.com/topic0-502-5043)

Direct taxes

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