Tax Guidance and Research from Tolley^®

Carried-forward losses restrictionOverview of the carried-forward loss restrictionAn important restriction in the use of losses carried forward was introduced by Finance (No 2) Act 2017. Subject to a de minimis of £5m (known as the deductions allowance), most carried-forward losses are restricted to

UK country-by-country reportingWhat is country-by-country reporting?Country-by-country (CbC) reporting essentially requires large multinational enterprises (MNEs) to provide an annual return that breaks down the key elements of their activities among the jurisdictions in which they operate.For

Trust accounts ― considerationsOverviewThis guidance note discusses the duties of trustees in respect of preparing accounts and accounting to the beneficiaries and why the preparation of trust accounts is essential in a well managed trust.This guidance note deals with the position in England and

Child trust fundsA child trust fund is a savings and investment account opened by the Government for children in the UK born between 1 September 2002 and 2 January 2011. The fund matures at age 18, so for children born in September 2002, child trust funds matured for the first time in September

Share matching rulesThis guidance note explains the specific rules that apply on the disposal of shares by a company. If shares of the same class in the same company have been acquired on various occasions for different amounts, it is necessary to follow the specific rules to ensure that the

Connected party relationships ― late interestOverview of rulesGenerally, debits and credits arising on loan relationships are taxed and relieved as they are recognised in the accounts, ie generally on an accruals basis. However, for:•loans made by a close company participator, or•loans made by an