This practice note gives an overview of direct taxes in the UK tax regime. It covers income tax, corporation tax and capital gains tax. It discusses the principles of calculation, rates, payment and compliance, and reliefs (such as capital allowances and research and development (R&D) relief).
NOTE: This resource is being reviewed in light of the 2013 Autumn Statement. For more information, see Legal update, 2013 Autumn Statement: business tax implications.