CT is going up - not going down

Article Abstract:

Beginning in April 1986, the British corporate tax rate will be reduced to 35 percent, from the previous rate of 52 percent. An analysis of the the tax reforms accompanying this rate reduction indicates that actual taxes payable by British corporations will increase (rather than decrease), due to changes in deferred tax provisions, foreign tax regulations, and advance corporation taxes. It is estimated that the tax cut in Great Britain will actually increase corporations' taxes payable to 40 percent, from the current payable rate of 37.5 percent.

Economic aspects, Tax reform

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Group relief: planning to better advantage

Article Abstract:

In Great Britain, companies may file group tax returns if one firm owns 75 percent or more of the other, or if both firms are owned 75 percent or more by another company. Consolidated tax reporting of such a group of companies is discussed, as are the legal requirements that all member companies within a group filing a consolidated tax return be resident in the U.K. and the relief available to such companies when one or more of them have incurred a trading loss. The legal definition of trading loss is explained in detail.

Conglomerate corporations

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The basic theory behind consolidated accounts

Article Abstract:

Consolidated financial reporting in Great Britain is discussed from the perspective of minority interest holdings, the use of the equity method of accounting, accounting for goodwill in consolidation, and distribution of profits and losses during consolidation processes. An example of the consolidated financial statements of Imperial Chemical Industries PLC is examined by way of explanation of some of the accounting theories involved.

Methods, Analysis, Finance, Accounting, Imperial Chemical Industries PLC, Financial statements, Consolidated financial statements

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