Draft legislation on taxation of companies in liquidation or administration published for consultation

On 22 August 2008, HM Revenue & Customs published for public consultation draft clauses (and accompanying explanatory notes), which rewrite sections 342 and 342A of the Income and Corporation Taxes Act 1988 on the rules about the taxation of companies in liquidation or administration. Comments on the draft clauses are invited by 14 November 2008.

Issues covered by the draft clauses include:

1) The corporation tax rates that are to be applied in the final or penultimate year of the liquidation or administration of a company.

2) The ability of a liquidator or administrator to make a corporation tax self-assessment for an accounting period that has not finished.
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