Corporation Tax Bill

The main purpose of the "Corporation Tax Bill" is to rewrite the charge to corporation tax and the primary corporation tax legislation used by companies in computing their income.

The main provisions that the Bill contains are the basic corporation tax provisions including the charge to tax, accounting periods and provisions relating to residence.

Other provisions cover: trading and property income and income from other sources; special provisions for companies affecting the calculation of income, such as those for loan relationships; derivative contracts and intangible fixed assets; and, particular types of expenditure such as expenditure on research and development and films.