The Compendium

Corporation Tax

In the United Kingdom Corporation Tax must be paid, to HMRC, on profits from doing business as:

• a limited company (private limited or PLC);
• any foreign company with a UK branch or office;
• a club, co-operative or other unincorporated association; for example, a community group or sports club.

The company’s accounting period is usually the same 12 months as the financial year covered by its annual accounts.

The normal rate of Corporation Tax is 19% for the financial year beginning 1 April 2021, and will be maintained at this rate for the financial year beginning 1 April 2022. Where the taxable profits can be attributed to the exploitation of patents, a lower effective rate of tax applies. The rate is 10%.

Corporation Tax is paid by all UK limited companies. Sole traders and partnerships do not pay; instead they have to fill out a tax return and apply income tax to their earnings.

[See ‘HMRC’, Limited’ and ‘PLC’.]

Correspondence

Voting by correspondence is a Qualifying Decision Procedure under section 246ZE Insolvency Act 1986. There is no definition of it in the Insolvency Act or the Insolvency Rules 2016.

Effectively, correspondence (in either actual or, more likely, electronic form, such as an email), is gathered by the Insolvency Practitioner before the ‘decision date’.

[See ‘Qualifying Decision Procedure’, ‘Insolvency Act’, ‘Insolvency Rules’, ‘Insolvency Practitioner’ and ‘Decision Date’.]

Court of Appeal

The Court of Appeal is the second most senior court in England and Wales. The most senior is the Supreme Court or the House of Lords. The Court of Appeal