1.2 Residence Flashcards
1
Q
When is a company resident in the UK? x2
A
When it is:
- incorporated in the UK (ie registered at Companies House in either England, Wales, Scotland or Northern Ireland); or
- centrally managed and controlled in the UK.
2
Q
What are companies resident in the UK liable to?
A
They are liable to tax on their worldwide income and gains.
3
Q
What is a question of fact? (determining what?)
A
Determining a company’s place of central management and control.
4
Q
Are non-resident companies liable to corporation tax?
A
Yes
5
Q
As non-resident companies are still liable to corporation tax, what is the corporation tax on? x3
A
Liable to corporation tax on:
- trading profits,
- UK property income and chargeable gains of UK permanent establishment; and
- UK property income and chargeable gains from disposals of UK land and buildings.
