UK GAAP 2019

Chapter 26Income tax

• 1 INTRODUCTION
  • 1.1 Allocation of tax income and expense between periods
    • 1.1.1 No provision for deferred tax (‘flow through’)
    • 1.1.2 Provision for deferred tax (the timing difference approach)
  • 1.2 Permanent differences
• 2 KEY DIFFERENCES TO IFRS
  • 2.1 Withholding taxes on dividends and VAT and other sales taxes
  • 2.2 Current tax and deferred tax
• 3 SCOPE OF SECTION 29
  • 3.1 Terms used in Section 29
  • 3.2 What is an ‘income tax’?
    • 3.2.1 Levies
    • 3.2.2 Tonnage tax
  • 3.3 Withholding and similar taxes
  • 3.4 Investment tax credits
  • 3.5 Interest and penalties
  • 3.6 State-aid
  • 3.7 Effectively tax-free entities
  • 3.8 Discontinued operations – interaction with Section 5
• 4. VALUE ADDED TAX (‘VAT’) AND OTHER SIMILAR SALES TAXES
• 5 CURRENT TAX
  • 5.1 Enacted or substantively enacted tax legislation
    • 5.1.1 UK
    • 5.1.2 Republic of Ireland
    • 5.1.3 Other jurisdictions
    • 5.1.4 Changes to tax rates and laws enacted before the reporting date
    • 5.1.5 Changes to tax rates and laws enacted after the reporting date
    • 5.1.6 Implications of the decision by the UK to withdraw from the EU
  • 5.2 Uncertain tax positions
    • 5.2.1 Classification of uncertain tax positions
  • 5.3 ‘Prior year adjustments’ of previously presented tax balances and expense (income)
  • 5.4 Intra-period allocation, presentation and disclosure
• 6 DEFERRED TAX – RECOGNITION
  • 6.1 Recognition of deferred tax on timing differences
    • 6.1.1 Examples of timing differences
    • 6.1.2 Deferred taxable gains
  • 6.2 Restrictions on the recognition of deferred tax ...