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). NOTE: This resource is being reviewed in light of the Finance Act 2015. For more information, see Legal update, Finance Bill 2015 receives Royal Assent.
Tax legislation gives special tax treatment to certain transactions between group company members, such as group and consortium relief and relief for chargeable gains groups. This note considers that treatment. The stamp duty, stamp duty land tax and value added tax position of group companies is also considered. NOTE: This resource is being reviewed in light of the March 2015 Budget. For more information, see Legal update, March 2015 Budget: business tax implications.