This commentary has been added based on the draft Finance Bill 2019-20 clauses published on 11 July 2019. The legislation is not yet enacted and is therefore subject to change.

Overview

Based on the draft Finance Bill 2019-20 clauses published on 11 July 2019:

with effect from that date;

for transactions in accounting periods ending on or after 10 October 2018;

a UK taxpaying company can apply to pay corporation tax over a period of up to five years;

for corporation tax:

charged on profits or gains arising from the disposal or other realisation of taxable assets, loan relationships or derivative contracts;

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