Method of Charge
Corporation tax must be passed annually by Parliament, otherwise there is no authority to collect it. The charge for the financial year (beginning 1 April each year) was imposed by the Finance Act passed in that calendar year. The Finance Act 1998 changed this, imposing the charge for the 1998 and 1999 financial years, with the Finance Act 1999 then imposing the charge for the 2000 financial year, and so on. The tax is charged in respect of the company's accounting period, which is normally the 12-month period for which the company prepares its accounts. Corporation tax is administered by Her Majesty's Revenue and Customs (HMRC), which was formed from a merger of the Inland Revenue (which previously administered corporation tax) and Her Majesty's Customs and Excise on 18 April 2005.
Read more about this topic: United Kingdom Corporation Tax
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